Arising as one of the most prestigious and exclusive luxury residential projects, Aurea was officially launched for sale on March 8. Located in the highly sought-after Core Central Region (CCR), it presents an unparalleled opportunity for homebuyers looking for a refined and sophisticated living experience.
Developed jointly by Far East Organization and Perennial Holdings, Aurea offers a total of 188 residential units spread across 45 storeys. The first phase of sales, which comprised 78 units from levels 4 to 16, saw a strong take-up rate of 30%, with 23 units sold at an average price of $3,005 per square foot (psf).
Designed by DP Architects, Aurea stands out for its unique “hanging garden concept”, making it the first new private condominium to be connected to a mixed-use development that was sold en bloc and conserved. The mixed-use development is now collectively known as Golden Mile Singapore.
In order to make an investment in a condo, financing plays a crucial role. Singapore has multiple mortgage options available, but it is vital to have knowledge about the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that a borrower can take based on their income and current debt obligations. To make wise financing decisions and avoid over-leveraging, it is imperative to understand the TDSR and seek guidance from financial advisors or mortgage brokers. Additionally, checking out new condo launches can also be beneficial while exploring financing options.
Out of the buyers at Aurea, 83% were Singaporeans while the remaining 17% were permanent residents (PRs) from Malaysia. This translates to a sales rate of about 12.2%, based on the total units available.
According to Mark Yip, CEO of Huttons Asia, CCR projects typically sell between 10% to 30% of their units during the launch weekend, as they do not attract a large pool of HDB upgraders like suburban projects. However, Aurea’s sales rate falls within this range and is considered healthy.
Ismail Gafoor, CEO of PropNex, also considers Aurea’s sales performance “encouraging” given the mostly lacklustre sales of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. He explains that the doubling of the ABSD rate for foreigners to 60% has significantly cooled interest in CCR homes.
In fact, developers sold the fewest new CCR private homes on record in 2024, at just 378 units – down by 74% from 1,454 units in 2023. However, Gafoor believes that the take-up rate in the CCR segment will improve progressively.
He observes that CCR projects typically continue to sell units steadily over a period of months, instead of achieving blockbuster sales over the launch weekend like some Rest of Central Region (RCR) and Outside Central Region (OCR) projects. This is because CCR homes are targeted at a niche market of buyers seeking a luxury lifestyle.
The joint developers of Aurea announced that 74% of the sales were for the 2- and 3-bedroom apartments in the Prestige Collection. These units attracted buyers with their well-designed spaces, functionality and investment potential.
The Signature Collection, which consists of 4-bedroom units, was also popular among buyers for its expansive balconies offering panoramic views of both Marina Bay and Kallang Basin.
The two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales at Aurea (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Shaw Lay See, COO of Far East Organization’s sales & leasing group, attributes the positive response to the project to buyers’ appreciation for the rare opportunity to own a home in a luxurious development that beautifully combines heritage with modern sophistication.
She adds that many buyers were attracted by the magnificent views and recognise the value of being part of the vibrant and ongoing transformation of the prime Downtown Core precinct.
The Sky Villa Collection comprises 18 five-bedroom apartments spanning up to 3,251 sq ft, and two exclusive six-bedroom penthouses averaging 8,816 sq ft. According to Shaw, it is hard to find such large-format homes in the downtown area.
Ken Low, managing partner of SRI, notes that in recent years, the price gap between private residential properties in the CCR and RCR has significantly narrowed. While the historical difference averaged around 40% in the last ten years, it is now only 20% across all properties regardless of tenure.
On the other hand, RCR has seen higher price growth in recent years, partly due to the higher number of new launches. However, Geylang, Kallang and Marine Parade fared well due to their central location, he adds. These areas also enjoy good connectivity and have a relatively large land area where developers can build more units, leading to a lower average price per sq ft.
According to Marcus Chu, CEO of ERA Singapore, the CCR has lagged behind RCR and OCR in terms of price growth because of the lack of new launches. This year, however, nine upcoming luxury projects in the CCR are expected to drive up demand and prices for high-end homes.
Chu adds that savvy investors may shift their focus back to CCR, as the price gap between CCR and RCR has narrowed from 50% in 2018 to 10% in 2024. With more new luxury projects expected to launch, it is possible that the gap could widen again, presenting a good opportunity for investment.
Aurea will also benefit from Singapore’s ongoing urban renewal efforts, which will see major infrastructural and lifestyle upgrades in the surrounding precincts. This includes the revitalisation of Beach Road and the Ophir-Road Corridor, the development of Kallang Alive, and the completion of the North-South Corridor, which will enhance accessibility, connectivity, and vibrancy in the key city district.
“In recent years, we have seen the price gap between private residential properties in the CCR and the RCR narrowing significantly,” says Ken Low, managing partner of SRI. “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.” (Photo: Samuel Isaac Chua/EdgeProp Singapore)
According to Huttons’ Yip, Aurea is also well-positioned to benefit from the 120-km Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project.
With its strategic location and surrounding developments, Aurea stands out as one of the most prestigious and exclusive luxury residential projects in Singapore, presenting a perfect opportunity for buyers seeking a refined and sophisticated living experience.