Perennial Holdings and Far East Organization have recently announced their joint plans for Aurea, a luxurious apartment tower that will be a part of the Golden Mile Singapore mixed-use development on Beach Road. The tower, designed by DP Architects, will have 188 units spread over a 45-storey new residential tower. With a site area of 144,908 sq ft, the tower will also have a link bridge connecting it to the neighboring The Golden Mile, a commercial building that offers a mix of retail space, medical suites, and offices.
The Golden Mile was formerly known as the Golden Mile Complex and has been conserved for its architectural heritage. It was the first collective sale and conservation of a building, when it was purchased en bloc by Perennial Holdings and Far East Organization for $700 million in May 2022.
The location of Aurea and The Golden Mile in prime District 7 of the Downtown Core and Core Central Region (CCR) is expected to attract strong interest from discerning individuals and families who value the exclusivity of a prime Downtown Core address. According to Shaw Lay See, Chief Operating Officer at Far East Organization’s sales & leasing group, this makes Aurea a highly desirable property.
The preview for Aurea is scheduled to begin on Feb 22, with the launch set for Mar 8. Prices for the apartments will start from $2,750 psf. The two-bedroom apartments at Aurea, spanning 646 sq ft, will be priced from $1.92 million ($2,972 psf). The residences at Aurea offer a range of unit types, with 112 two- and three-bedroom apartments ranging from 635 sq ft to 1,001 sq ft, 56 four-bedroom units from 1,442 sq ft to 1,798 sq ft, and 18 five-bedroom units from 2,863 sq ft to 3,251 sq ft. The development also features two exclusive penthouses: a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft. The larger four-bedroom units and penthouses come with private lift access, and the triplex penthouse also has a private pool. According to Marcus Chu, CEO of ERA Singapore, these larger units cater to the affluent lifestyles of CCR homebuyers.
It is essential for foreign investors to have a thorough understanding of the laws and limitations surrounding property ownership in Singapore. When it comes to purchasing property, condos are typically less restricted for foreigners compared to landed properties. Nevertheless, it is crucial to keep in mind that foreign buyers are subject to the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first condo purchase. Despite this extra cost, the reliability and potential for growth in the Singapore real estate market make condos a highly desirable option for foreign investors. Condos are a great choice for foreign buyers due to their less restrictive nature and the promising potential of the Singapore real estate market.
There is also a strong focus on facilities for residents at Aurea, with two infinity pools on levels three and 33, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and several dining pavilions for hosting guests. The sky terraces on levels 17 and 33 also offer breathtaking views of the CBD skyline, Marina Bay, and the Kallang waterfront. Ken Low, Managing Partner at SRI, states that today’s homebuyers are looking for more than just a great location. They want a home that enhances their daily lives, and Aurea delivers on all fronts.
The commercial space at The Golden Mile, comprising 156 strata office units and 19 medical suites, was launched for sale in December 2024. The two-storey retail atrium will be retained by joint venture partners Perennial and Far East Organization to curate the tenant mix. According to PropNex CEO, Ismail Gafoor, the former Golden Mile Complex is an iconic building, and the potential of its commercial space, especially office space, may attract plenty of buyers. He adds that modern buyers prioritize quality projects near an MRT station and convenient access to essential amenities. The Golden Mile Singapore is just 1km from the Kallang Alive Precinct, the Bras Basah-Bugis district, and a 10-minute drive from the CBD.
The last launch in the neighborhood was the 558-unit Midtown Modern in 2021, which is 100% sold with an average price of $2,825 psf and expected to obtain TOP this year. Its launch was preceded by the neighboring 522-unit The M in 2020, which is also completely sold at an average price of $2,528 psf and was completed in March 2024. Guoco Midtown’s 219-unit Midtown Bay, launched in 2019, also boasts an impressive 63% of units sold as of Feb 5 at an average price of $3,090 psf.
Considering Aurea’s prime location, upscale residences, and Golden Mile’s architectural heritage, PropNex’s CEO Gafoor predicts that prices of the apartment units could cross $3,000 psf. He believes that with most units from past launches in the district sold, there may be pent-up demand for new homes in the area, making Aurea a highly sought-after property for homebuyers and investors. Aurea is expected to be completed in 2Q2029.