Far East Organization Perennial Holdings Jv Sells 23 Units Aurea Golden Mile Average Price 3005 Psf
Aurea, the luxurious residential project in the Core Central Region (CCR), was launched for sale on March 8, 2025. Developed by Far East Organization and Perennial Holdings, the project boasts of 188 units spread across 45 storeys, with 23 units already being sold at an average price of $3,005 psf.
The first phase of sales, comprising of 78 units ranging from two to four bedrooms on levels 4 to 16, saw a sales rate of 30%. This translates to a total of 12.2% of the units in the project being sold. Design by DP Architects, the project features a unique “hanging garden concept,” making it the first new private condominium connected to a mixed-use development that was sold en bloc and conserved. The project is now known as Golden Mile Singapore.
The joint developers have reported that the majority of buyers at Aurea are Singaporeans, with Malaysian permanent residents making up the remaining 17%. According to Mark Yip, CEO of Huttons Asia, the sales of CCR projects during their launch weekends usually range between 10% to 30%, as they attract a smaller pool of HDB upgraders compared to suburban projects.
PropNex CEO Ismail Gafoor sees the sales at Aurea as “encouraging” in light of the “mostly lacklustre sales” of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. He notes that the doubling of the ABSD rate for foreigners to 60% has significantly decreased interest in CCR homes. In 2024, developers sold the lowest number of new CCR private homes on record – just 378 units, down by 74% from 1,454 units in 2023.
However, Gafoor predicts that the take-up in the CCR segment will improve gradually. He states that CCR projects tend to sell units steadily over a longer period of time, unlike some projects in the Rest of Central Region (RCR) and Outside Central Region (OCR) that see blockbuster sales over the launch weekend. He believes that CCR homes cater to a niche market of buyers looking for luxury homes and the finer things in life.
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The joint developers reported that the two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales. These apartments were popular among buyers for their well-designed spaces, functionality, and potential for investment. The four-bedroom units in the Signature Collection also attracted buyers for their sweeping views of Marina Bay and Kallang Basin from the expansive balconies.
According to Shaw Lay See, COO of Far East Organization’s sales and leasing group, the positive response from buyers reflects their appreciation for the opportunity to own a home in a luxurious development that seamlessly blends heritage with modern sophistication. She adds that many buyers were captivated by the magnificent views and the chance to be part of the ongoing evolution of this prime Downtown Core precinct.
The Sky Villa Collection, which comprises of 18 five-bedroom apartments and two exclusive six-bedroom penthouses, offers large-format homes in the downtown area, making them highly sought after by buyers.
According to Ken Low, managing partner of SRI, the price gap between private residential properties in the CCR and the RCR has significantly reduced in recent years. Historically, this difference averaged around 40% in the last 10 years, but it has now closed to about 20% across all properties regardless of tenure.
ERA Singapore CEO Marcus Chu believes that the relatively lower price growth in the CCR in recent years is due to fewer new home launches compared to the RCR and OCR. However, with an expected nine CCR launches in 2025, Chu predicts a notable rise in CCR home prices driven by increased luxury project launches. He notes that savvy investors may shift their focus back to the CCR, as the price gap between CCR and RCR new homes has narrowed significantly from 50% in 2018 to 10% in 2024 and is expected to widen again with more luxury homes entering the market.
SRI’s Low believes that Aurea will benefit from Singapore’s ongoing urban renewal efforts, with major infrastructure 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 will enhance accessibility, connectivity, and vibrancy in this key city district. He adds that Aurea is situated at the doorstep of one of the largest transformations in Singapore, with developments like the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project set to boost the area’s attractiveness.