SINGAPORE (EDGEPROP) – With its prime location in the heart of the Core Central Region (CCR), Aurea has quickly become one of the most coveted luxury residential projects in Singapore. Developed by Far East Organization and Perennial Holdings, Aurea offers 188 exclusive units across 45 storeys, making it one of the most highly sought-after developments in the area.Launched for sale on Mar 8, Aurea has already made a mark in the real estate market by selling 23 units at an average price of $3,005 psf in 1Q2025. This impressive sales rate was achieved from the release of a mere 78 units in phase one, comprising a mix of two- to four-bedroom apartments from levels 4 to 16. This translates to a sales rate of 30%, based on the 78 units released in phase one.Aurea stands out as one of the first luxury residential projects to be launched in the Core Central Region (CCR) in 1Q2025. The joint developers have released 78 units for sale in phase one, which includes a mix of two- to four-bedroom apartments from levels 4 to 16. The sales rate of 30% is based on the 78 units released in phase one.Aurea has 188 units across 45 storeys, designed by DP Architects with a unique “hanging garden concept”. It is also known as the first private condominium to be connected to a mixed-use development, which was sold en bloc and conserved, now known as Golden Mile Singapore.Read also: Aurea: Redefining luxury living in Singapore’s Downtown Icon on Beach Road According to the joint venture, 83% of the buyers at Aurea were Singaporeans while the remaining 17% were permanent residents (PRs) from Malaysia. Based on the total number of 188 units, the sales translate to approximately 12.2% of units sold. According to Mark Yip, CEO of Huttons Asia, “CCR projects usually sell around 10% to 30% of their units during the launch weekend as they tend to lack the pool of HDB upgraders that suburban projects attract”.PropNex CEO Ismail Gafoor has high praise for Aurea’s sales in light of the “mostly lacklustre sales” of CCR projects since the additional buyer’s stamp duty (ABSD) measure was tightened in April 2023. He notes that the doubling of the ABSD rate for foreigners to 60% has significantly reduced interest in CCR homes. In fact, developers sold the fewest new CCR private homes in 2024, at only 378 units, which is down by 74% from 1,454 units in 2023.Source: PropNex Research, URA dataHowever, Gafoor believes that the take-up rate in the CCR segment will improve progressively. “We have observed that CCR projects tend to transact units steadily over many months rather than achieve blockbuster sales over the launch weekend, unlike some Rest of Central Region (RCR) and Outside Central Region (OCR) projects,” he says. “CCR homes being more high-end and targeted at a niche market, where buyers seek a luxury home and the finer things in life.”The impressive sales rate at Aurea reflects the buyers’ appreciation for the rare and exceptional opportunity to own a home in a luxurious development that combines heritage with modern sophistication,” comments Shaw Lay See, COO of Far East Organization’s sales & leasing group. She further adds, “Many have also shared that they are captivated by the magnificent views and recognize the value of being part of the ongoing evolution of this prime Downtown Core precinct.”According to the developers, the two- and three-bedroom apartments in the Prestige Collection made up 74% of the sales. Buyers were drawn to these units for their well-designed spaces, practicality and investment potential. Meanwhile, the Signature Collection, which includes four-bedroom units, attracted buyers with its expansive balconies that offer sweeping views of both Marina Bay and Kallang Basin, according to the joint venture.Read also: With prices converging, is it time to buy into the Core Central Region?Units at Aurea also come with a Sky Villa Collection, which includes just 18 five-bedroom apartments of up to 3,251 sq ft and two exclusive six-bedroom penthouses that reach up to 8,816 sq ft. Shaw said, “Such large-format homes in the downtown area are rare.”Companies like SRI believe that Aurea will greatly benefit from the ongoing urban renewal and upgrades in the surrounding precincts. The revitalization of Beach Road and the Ophir-Road Corridor, the Kallang Alive masterplan, and the North-South Corridor’s completion will all help to enhance accessibility, connectivity, and vibrancy in this key city district. “Aurea is also situated at the doorstep of probably the largest transformation in Singapore,” notes Ken Low, managing partner of SRI.While a CCR unit may have previously cost 40% more than one in the RCR in the last decade, the gap has now closed to about 20% regardless of tenure for all properties, according to Low. Marcus Chu, CEO of ERA Singapore, notes that CCR price growth has been slower than RCR and OCR in recent years due to fewer new home launches. However, he expects the market dynamics to drive a significant rise in CCR home prices in 2025, with the expected launch of nine CCR projects. “Savy investors may shift their focus back to CCR once again since the non-landed new homes price gap between CCR and RCR narrowed from 50% in 2018 to 10% in 2024, with the expectation that the gap could widen once again as more new luxury homes debut,” says Chu.Read also: Perennial Holdings wins SLA tender for Jervois Road propertySource: EdgeProp LandlensSRI’s Low believes that Aurea will benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades in the surrounding precincts. The revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan and the completion of the North-South Corridor are set to enhance accessibility, connectivity, and vibrancy in this key city district, he observes.”Aurea is also situated at the doorstep of probably the largest transformation in Singapore,” notes Huttons’ Yip. He sees Aurea benefitting from the 120-km Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin and the future Long Island project.
Aurea, a luxury residential project, has quickly become one of the most sought-after developments in Singapore’s Core Central Region (CCR). Developed by Far East Organization and Perennial Holdings, Aurea offers 188 exclusive units across 45 storeys with a unique “hanging garden concept” designed by DP Architects.
When it comes to investing in condos in Singapore, there is another crucial factor to consider – the government’s property cooling measures. Throughout the years, the Singaporean government has implemented various measures to control speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the short-term profitability of condo investments, they also contribute to the long-term stability of the market, creating a more secure investment environment. This is especially true when considering Singapore Projects as potential investments.
Since its launch on Mar 8, Aurea has sold 23 units at an average price of $3,005 psf in 1Q2025. This translates to a sales rate of 30%, based on the release of 78 units in phase one. The joint developers have released a mix of two- to four-bedroom apartments from levels 4 to 16. With only 188 units, the sales rate is a notable 12.2%.
Comprising a mix of two- to four-bedroom apartments, Aurea has released 78 units for sale in phase one. The sales rate of 30% is based on the 78 units released in phase one. Notably, the two and three-bedroom apartments in the Prestige Collection make up 74% of the sales, with the remaining 17% made up of buyers who are permanent residents (PRs) from Malaysia. The two- and three-bedroom units from the Prestige Collection have well-designed spaces, practicality and investment potential, which is what attracted buyers.
According to Ismail Gafoor, CEO of PropNex, Aurea’s sales are impressive, especially in the face of the “mostly lacklustre sales” of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. Gafoor notes that the doubling of the ABSD rate for foreigners to 60% has significantly cooled interest for CCR homes.
In light of this, Aurea’s sales, which is a joint venture between Far East Organization and Perennial Holdings, is noteworthy. According to Mark Yip, CEO of Huttons Asia, “CCR projects usually sell around 10% to 30% of their units during the launch weekend as they lack the large pool of HDB upgraders that suburban projects attract.”
The joint developers behind Aurea attribute the success to the “hanging garden concept” designed by DP Architects. Additionally, Aurea is the first new private condominium connected to a mixed-use development that was sold en bloc and conserved, which is now known collectively as Golden Mile Singapore.
According to the developers, 83% of the buyers at Aurea are Singaporeans, with permanent residents (PRs) from Malaysia making up the remaining 17% while the total units sold equal 12.2%. Very encouraging numbers for a project that has only recently launched. In contrast, Gafoor compares the sales rate for private homes in CCR in 2024, which was only 378 units compared to 1,454 units in 2023 – a 74% decline. This was due to the tightening of the ABSD measures. However, Gafoor believes that CCR sales will improve steadily over time, attributing it to