When considering investing in a condo, it is essential to also evaluate its potential rental yield. This refers to the annual income from renting the property as a percentage of its purchase price. In Singapore, the rental yield for condos can vary significantly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, like those near business districts or educational institutions, tend to offer better rental yields. Therefore, conducting thorough market research and seeking advice from real estate agents can provide valuable insights into the rental potential of a particular condo. For information on the latest condo launches, visit New Condo Launches.
Perennial Holdings and Far East Organization have recently announced their plans for Aurea, a high-end residential tower located in the prime district of Downtown Core, Singapore. It is part of the Golden Mile Singapore mixed-use development along Beach Road. Designed by the renowned DP Architects, the 45-storey tower boasts 188 luxurious units and occupies a site area of 144,908 sq ft. The tower will be linked to the neighboring The Golden Mile, a commercial building that offers a mix of retail spaces, medical suites, and offices.
The Golden Mile was formerly known as the Golden Mile Complex and is notable for its architectural heritage. It was also the first building to be collectively sold and conserved. In May 2022, Perennial Holdings and Far East Organization acquired the building for $700 million, making it a significant milestone in the history of Singapore.
Aurea’s exclusive appointment-only preview will begin on Feb 22, and the official launch will be on Mar 8. The apartments will be priced at $2,750 per square foot. The two-bedroom units, which have a floor area of 646 sq ft, will start from $1.92 million, or $2,972 per square foot. The units in Aurea come in different types, including two and three-bedroom apartments ranging from 635 sq ft to 1,001 sq ft, four-bedroom apartments from 1,442 sq ft to 1,798 sq ft, and five-bedroom apartments from 2,863 sq ft to 3,251 sq ft. There are also two penthouses – a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft.
The larger units and penthouses offer private lift access, and the triplex penthouse comes with a private pool. These features cater to the affluent lifestyle of the Core Central Region (CCR) homebuyers, according to Marcus Chu, the CEO of ERA Singapore.
Meanwhile, the two and three-bedroom units make up 60% of the apartments in Aurea and are expected to appeal to both homebuyers and investors, says Chu.
The residents of Aurea can enjoy a range of exclusive facilities, including two infinity pools on levels three and 33, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions for hosting guests. The sky terraces on levels 17 and 33 offer breathtaking views of the Central Business District (CBD) skyline, Marina Bay, and Kallang waterfront.
According to Ken Low, the managing partner of SRI, homebuyers today are looking for more than just a great location. They want a home that enhances their daily lives and provides easy access to essential amenities. Aurea aims to fulfill these needs, making it a highly desirable residential development.
The 156 strata office units and 19 medical suites at The Golden Mile were launched for sale in December 2024. Perennial Holdings and Far East Organization plan to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. Ismail Gafoor, the CEO of PropNex, believes that the prime location and potential of the commercial space, especially the office units, could attract buyers.
Aurea’s location offers easy access to major roadways such as Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE). It is also within 1km of the Kallang Alive Precinct, the Bras Basah-Bugis district, and just a 10-minute drive from the CBD. The last launch in the Beach Road neighborhood of District 7 was the 558-unit Midtown Modern in 2021, which has been completely sold at an average price of about $2,825 per square foot. The project is expected to obtain TOP sometime this year. The M, a neighboring 522-unit development, was launched in 2020 and is also completely sold at an average price of $2,528 per square foot. The project was completed in March 2024. The 219-unit Midtown Bay at Guoco Midtown was completed last year, and 63% of the units have been taken up as of Feb 5 at an average price of $3,090 per square foot.
Given Aurea’s location, upscale residences, and Golden Mile’s Singapore architectural heritage, Gafoor estimates that the apartment units could fetch more than $3,000 per square foot. He also believes that the project could attract a strong demand from homebuyers and investors due to the scarcity of newly launched properties in the area.
Aurea is expected to be completed in the second quarter of 2029. For more information on Aurea properties, please check out the latest listings. Other helpful resources include the property’s TOP status, the comparison between HDB, condo, and landed homes’ prices, condo sale transactions in District 7, and other relevant projects in the area. If you are interested in renting a condo in District 7, there are also available listings for your reference.