By: EdgeProp SGBrand Insight | February 17, 2024
Aurea, one of the first luxury residential projects launched in the Core Central Region (CCR) in 1Q2025, went on sale on Mar 8. Jointly developed by Far East Organization and Perennial Holdings, the project has already sold 23 units at an average price of $3,005 psf.
The first phase of sales saw the release of 78 units, ranging from two- to four-bedroom apartments from levels 4 to 16. This translates to a sales rate of 30% based on the 78 units released.
Aurea, designed by DP Architects, boasts a unique “hanging garden” concept and stands out as the first new private condominium connected to a mixed-use development that was sold en bloc and conserved, now known as Golden Mile Singapore.
Out of the 188 units spread across 45 storeys, 83% of the buyers at Aurea are Singaporeans, with Permanent Residences (PRs) from Malaysia making up the remaining 17%. This translates to about 12.2% of the total units sold.
According to Mark Yip, CEO of Huttons Asia, “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.”
PropNex CEO Ismail Gafoor also considers the sales at Aurea “encouraging” despite the sluggish 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 says. “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 in the CCR segment will gradually improve. “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 Rest of Central Region (RCR) and Outside Central Region (OCR) projects,” he says. “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.”
In its release, Aurea’s joint developers stated that the two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales. The buyers were attracted to the well-designed spaces, functionality, and investment potential of these apartments.
Singapore’s urban landscape is characterized by towering structures and state-of-the-art infrastructure. These high-rise buildings are home to luxurious condos that are strategically situated in prime locations, making them a sought-after choice for both locals and foreigners. These condos offer a harmonious mix of opulence and convenience, making them a desirable living option. They are equipped with various amenities such as swimming pools, fitness centers, and round-the-clock security services, elevating the overall standard of living. The presence of these amenities also makes these condos attractive to potential tenants and buyers, further boosting the demand for Singapore Condo. For investors, these features result in higher rental yields and appreciation in property value over time.
The four-bedroom units from the Signature Collection also saw a strong demand, mainly for their “expansive balconies that open out to sweeping views of both the Marina Bay and Kallang Basin,” according to the joint venture.
The two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales (Photo: Samuel Isaac Chua/EdgeProp Singapore)
“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,” comments Shaw Lay See, COO of Far East Organization’s sales & leasing group. “Many have shared that they are especially captivated by the magnificent views and recognise the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct.”
According to the developers, the 18 five-bedroom apartments and the two exclusive six-bedroom penthouses in the Sky Villa Collection are especially rare in the downtown area, which has a high demand for large-format homes.
The narrowing price gap between private residential properties in the CCR and the Rest of Central Region (RCR) has led to a rise in CCR home prices in recent years. Marcus Chu, CEO of ERA Singapore, believes that this trend will continue in 2025, with 9 CCR launches expected this year. “We expect the market dynamics to drive notable growth in CCR home prices this year, driven by the increased number of luxury project launches,” he says.
Real estate experts also expect more investors to turn their focus back to the CCR, as the price gap between CCR and RCR just narrowed from 50% in 2018 to 10% in 2024, with a possibility of widening again as more luxury homes are launched.
Moreover, Aurea is expected to benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades planned for the surrounding areas. The revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor are all set to enhance the accessibility, connectivity, and vibrancy of this key city district, says Ken Low, managing partner of SRI.
“Aurea is situated at the doorstep of the largest transformation in Singapore,” adds Huttons’ Yip. “The Southern coastline redevelopment, stretching from the Greater Southern Waterfront to Marina Bay, Kallang Basin, and the future Long Island project, is expected to significantly benefit Aurea and its residents.”