, with food and beverage approval
Aurea, a luxurious residential project, was launched for sale on March 8. It marks one of the first luxury developments in the Core Central Region (CCR) to be launched in the first quarter of 2025. A total of 23 units were sold at an average price of $3,005 per square foot.
The joint developers, Far East Organization and Perennial Holdings, released 78 units for sale in the first phase. These units, located on levels 4 to 16, include a mix of two- to four-bedroom apartments. The 30% sales rate is based on the 78 units released in phase one.
Aurea consists of 188 units spread across 45 storeys. The project was designed by DP Architects with a unique “hanging garden concept.” It stands out as the first private condominium to be sold as part of a mixed-use development that was conserved and sold en bloc, now known as Golden Mile Singapore.
According to the joint venture, 83% of the buyers at Aurea are Singaporeans, with the remaining 17% being permanent residents from Malaysia. Based on the total of 188 units, the sales translate to about 12.2%. Mark Yip, CEO of Huttons Asia, notes that “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.”
Ismail Gafoor, CEO of PropNex, considers the sales at Aurea to be “encouraging” given the “mostly lacklustre sales” of CCR projects since the tightening of the Additional Buyer’s Stamp Duty (ABSD) measure in April 2023. “The doubling of the ABSD rate for foreigners to 60% has significantly cooled interest for CCR homes,” he explains. “In fact, developers only managed to sell 378 new CCR private homes in 2024 – a 74% decrease from the 1,454 units sold in 2023.”
However, Gafoor believes that the take-up in the CCR segment will improve gradually. “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 projects in the Rest of Central Region (RCR) and Outside Central Region (OCR),” he states. “CCR homes are targeted at a niche market where buyers seek a luxury home and enjoy the finer things in life.”
The joint developers reveal that 74% of the sales were for two- and three-bedroom apartments in the Prestige Collection. These units were popular for their well-designed spaces, functionality, and investment potential. The four-bedroom units in the Signature Collection, on the other hand, attracted buyers with their “expansive balconies that offer sweeping views of both the Marina Bay and Kallang Basin,” according to the joint venture.
The Sky Villa Collection consists of 18 five-bedroom apartments, ranging up to 3,251 square feet, and two exclusive six-bedroom penthouses up to 8,816 square feet. Shaw Lay See, COO of Far East Organization’s sales & leasing group, notes that “such large-format homes in the downtown area are hard to find.” She adds, “the encouraging response from buyers reflects their appreciation for the rare and exceptional opportunity to own a home in a luxurious development that beautifully blends heritage with modern sophistication.”
Investing in Singapore condos comes with its own set of considerations, one of which is the government’s property cooling measures. Over time, the Singaporean government has implemented several measures to regulate speculative buying and maintain a steady real estate market. These measures, which include the Additional Buyer’s Stamp Duty (ABSD), result in higher taxes for foreign buyers and those purchasing multiple properties. While they may impact the short-term profitability of condos, they ultimately contribute to the long-term stability of the market, making it a secure investment environment. It is important to keep these measures in mind when considering a Singapore Condo investment.
Shaw also mentions that many buyers were drawn to the magnificent views and the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct. The developer reveals that Aurea will benefit from Singapore’s ongoing urban renewal efforts, with significant infrastructural and lifestyle upgrades in the surrounding precincts. The revitalization 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.
Ken Low, Managing Partner of SRI, believes that Aurea will also benefit from the ongoing transformation efforts in Singapore, particularly the 120-km Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project. He also notes that the price gap between private residential properties in the CCR and the RCR has been narrowing in recent years. “Historically, the difference averaged around 40% in the last 10 years, but it has now closed to about 20% across all properties regardless of tenure,” says Low.
Marcus Chu, CEO of ERA Singapore, expects the CCR price growth to surpass that of the RCR and OCR in 2025 due to the anticipated nine CCR launches. “In 2025, we also expect to see some nine CCR launches, and we can expect the market dynamics to drive a notable rise in CCR home prices this year, driven by increased luxury project launches,” he says. Chu also adds that savvy investors may shift their focus back to the CCR since the gap between CCR and RCR prices has narrowed from 50% in 2018 to 10% in 2024. This trend is expected to continue as more new luxury homes debut.