Aurea is among the first luxury residential developments to be launched in the Core Central Region (CCR) in 1Q 2025 and manged to sell 23 units overall at an average price of $3,005 psf, 83% of the purchasers are Singaporeans and that the remaining 17% are permanent residents from Malaysia.
Far East Organization and Perennial Holdings, as the joint developers, launched 78 units for sale in phase one, a mix of two- to four-bedroom units from floors 4 to 16. Given the 78 units issued in phase one, the sales rate thus comes to 30%.
Aurea is 45 floors tall with 188 units. DP Architects planned the building using a “hanging garden concept.” Now known as Golden Mile Singapore, it is unique as the first newly built private condominium linked to a mixed-use complex sold en bloc and preserved.
Given the 188 units overall, the sales come to around 12.2%. “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,” Mark Yip, CEO of Huttons Asia, said.
Given the “mostly lacklustre sales” of CCR projects since the tightening of the extra buyer’s stamp duty (ABSD) policy in April 2023, PropNex CEO Ismail Gafoor finds Aurea’s sales “encouraging”. “The doubling of the ABSD rate for foreigners to 60% has greatly cooled interest for CCR homes,” he notes. “In fact, developers sold the fewest new CCR private homes on record in 2024, at just 378 units – down by 74% from 1,474 units in 2023.”
Gafoor, nevertheless, thinks the CCR segment’s take-up will gradually increase. Unlike certain Rest of Central Region (RCR) and Outside Central Region (OCR) developments, CCR projects prefer to transact units consistently over several months rather than make blockbuster sales during the opening weekend, he notes. “CCR homes being more high-end and targeted at a niche market, where buyers seek a luxury home and enjoy the finer things in life.”
Aurea’s two and three bedroom apartments in the Prestige Collection accounted for 74% of sales. These flats’ mix of well-designed areas, utility, and investment possibilities reportedly attracted the purchasers.
Aurea’s four-bedroom Signature Collection homes expansive balconies that open out to sweeping views of both the Marina Bay and Kallang Basin.
“The positive response from buyers reflects their appreciation for the rare and exceptional opportunity to own a home in a luxurious development that wonderfully blends heritage with modern sophistication,” says Shaw Lay See, COO of Far East Organization.
“Many have shared that they are particularly enthralled with the amazing views and understand the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct,” says Shaw.
The five-bedrooms of up to 3,251 square feet and two unique six-bedroom penthouses of up to 8,816 square feet make up the Sky Villa Collection’s units “Such large-format homes in the downtown area are hard to find,” notes Shaw.
“We have seen the price difference between private residential properties in the CCR and the RCR closing rather dramatically in recent years,” says SRI managing partner Ken Low. “Historically, the difference averaged around 40% in the last 10 years; but, today it has closed to roughly 20% across all properties regardless of tenure.”
Marcus Chu, CEO of ERA Singapore, claims that because of significantly less new property releases, CCR price increase has trailed behind RCR and OCR in past years. “We expect some nine CCR launches in 2025, and we can expect the market dynamics to drive a notable increase in CCR home prices this year, driven by increasing luxury project launches,” he adds.
With the anticipation that the non-landed new houses pricing disparity between CCR and RCR would expand once again when more new luxury residences open, “savy investors may shift their focus back to CCR once again,” notes Chu.
With considerable infrastructure and lifestyle improvements in the surrounding precincts, SRI’s Low thinks Aurea would gain from Singapore’s continuous urban regeneration initiatives. He notes that the completion of the North-South Corridor, the revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, would improve accessibility, connection, and vitality in this important city region.
“Aurea is also located at the doorstep of most likely the biggest change in Singapore,” says Yip of Huttons. From the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the forthcoming Long Island project, he envisions Aurea gaining from the 120-km Southern shoreline reconstruction.
