One key factor to keep in mind when investing in condos in Singapore is the government’s property cooling measures. In an effort to promote a stable real estate market and deter speculative buying, the Singaporean government has implemented various measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may have a short-term impact on the profitability of condo investments, they also contribute to the long-term stability of the market, creating a safer investment environment. When considering Singapore Projects, it is important to take these cooling measures into account.
Perennial Holdings and Far East Organization have announced their exciting plans for Aurea, a luxury apartment tower that will be part of the Golden Mile Singapore mixed-use development along Beach Road. The Aurea tower, designed by DP Architects, will stand at 45 storeys tall and offer 188 units on a spacious site area of 144,908 sq ft. One of the highlights of this development is the link bridge connecting Aurea to the neighbouring The Golden Mile, a commercial building that includes retail space, medical suites, and offices.
The Golden Mile was formerly known as Golden Mile Complex and is a significant part of Singapore’s architectural heritage. It is also known as the first collective sale and conservation of a building in the country. Back in May 2022, Perennial Holdings and Far East Organization purchased the building en bloc for $700 million, setting the stage for this remarkable development.
Aurea and The Golden Mile’s prime location on Beach Road places them in District 7, a highly coveted area in the Downtown Core and part of the Core Central Region (CCR). Shaw Lay See, Far East Organization’s chief operating officer of the sales and leasing group, expects a significant amount of interest from discerning individuals and families who appreciate the exclusivity of a prime Downtown Core address.
The exclusive preview of Aurea, available by appointment only, will begin on Feb 22, with the official launch set for Mar 8. The apartments are priced from $2,750 psf, with two-bedroom units starting from $1.92 million ($2,972 psf).
The units at Aurea offer a range of sizes and layouts to cater to different preferences. There are 112 two- and three-bedroom units, ranging from 635 sq ft to 1,001 sq ft, and 56 four-bedroom units ranging from 1,442 sq ft to 1,798 sq ft. Additionally, there are 18 five-bedroom units measuring between 2,863 sq ft to 3,251 sq ft. Two exclusive penthouses top off the luxurious offerings, including a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex measuring 8,816 sq ft. The larger four-bedroom units and penthouses will also feature private lift access, with the triplex penthouse boasting a private pool.
These larger units are designed to cater to affluent CCR homebuyers, as noted by Marcus Chu, the CEO of ERA Singapore. On the other hand, the two- and three-bedroom units, making up 60% of the apartments at Aurea, are expected to appeal to both homebuyers and investors, adds Chu.
In addition to its prime location, Aurea also boasts a range of exclusive facilities for residents, 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 panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront. According to Ken Low, managing partner at SRI, today’s homebuyers are looking for more than just a great location – they want homes that enhance their daily lives, with easy accessibility, thoughtful design, and inspiring facilities and spaces. Aurea delivers on all these fronts.
The commercial units at The Golden Mile, with 156 strata office units and 19 medical suites, were launched for sale in December 2024. The joint venture partners, Perennial and Far East Organization, plan to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. The iconic Golden Mile Complex has immense potential, particularly in terms of office space, which may attract buyers, according to PropNex CEO Ismail Gafoor. He also notes that buyers today prioritize quality projects near MRT stations and with convenient access to essential amenities. The existing overhead bridge connecting The Golden Mile to the Nicoll Highway MRT Station on the Circle Line adds to its appeal.
Golden Mile Singapore is also conveniently located near major roadways such as Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE). It is also 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 Beach Road neighborhood of District 7 was the 558-unit Midtown Modern in 2021, with all units sold as of Dec 2024 at an average price of $2,825 psf. Its neighboring 522-unit development, The M, was launched in 2020 and is now fully sold at an average price of $2,528 psf. The 219-unit Midtown Bay at Guoco Midtown was completed last year, with 63% of its units sold as of Feb 5 at an average price of $3,090 psf.
Given Aurea’s prime location, upscale residences, and The Golden Mile’s architectural heritage, PropNex CEO Gafoor estimates that prices for the apartment units could cross $3,000 psf. He adds that as most units from previous launches in the district have been sold, there could be pent-up demand for new homes in the area, making Aurea an attractive option for prospective homebuyers and investors.
Aurea is expected to be completed in the second quarter of 2029. For more information on this exciting development, visit Ask Buddy.