Perennial And Far East Preview 188 Unit Aurea Golden Mile Singapore Feb 22
Perennial Holdings and Far East Organization have recently announced their joint development of Aurea, a new luxury apartment tower set to be a part of the Golden Mile Singapore mixed-use development along Beach Road. Spanning across a 45-storey residential tower designed by DP Architects, the new development will house 188 units on a site area of 144,908 sq ft. A link bridge will also connect the tower to the neighboring commercial building, The Golden Mile, which features a mix of retail space, medical suites, and offices.
The Golden Mile, formerly known as Golden Mile Complex, has been conserved for its architectural heritage and marked the first collective sale and conservation of a building. In May 2022, Perennial Holdings and Far East Organization acquired the building through en bloc for $700 million.
According to Shaw Lay See, the Chief Operating Officer of the sales & leasing group at Far East Organization, Aurea’s prime location in District 7 within the Downtown Core and Core Central Region (CCR) is expected to attract strong interest from discerning individuals and families who value exclusivity.
The exclusive preview for Aurea, which is by appointment only, is scheduled to start on February 22. The launch is set to take place on March 8, with apartment prices starting from $2,750 psf. For example, a two-bedroom apartment with 646 sq ft at Aurea will begin at $1.92 million ($2,972 psf).
Aurea will feature various types of units, including two- and three-bedroom apartments ranging from 635 sq ft to 1,001 sq ft, making up 112 units. There will also be 56 four-bedroom units from 1,442 sq ft to 1,798 sq ft and 18 five-bedroom units from 2,863 sq ft to 3,251 sq ft. In addition, the development includes two penthouses, a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex measuring 8,816 sq ft. The four-bedroom and larger units will have private lift access, with the triplex penthouse featuring a private pool.
Located at the heart of Marina Bay along Marina Gardens Lane, One Marina Gardens is a brand-new development by Kingsford Development. The prime site was highly sought after, with four proposals being submitted for the Marina Gardens Lane property. In the end, a partnership between Kingsford Huray Development (a subsidiary of Kingsford Group), Obsidian Development, and Polarix Cultural & Science Park Investment secured the top bid of $1.034 billion. This bid translates to a rate of $1,402 per square foot per plot ratio (psf ppr) for the exclusive One Marina Gardens at Marina Gardens Lane.
According to ERA Singapore CEO Marcus Chu, these larger units cater to the affluent lifestyles of CCR homebuyers. On the other hand, Chu believes that the two- and three-bedroom apartments, which account for 60% of the units at Aurea, will appeal to both homebuyers and investors.
Amenities at Aurea include two infinity pools on levels three and 33, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions to entertain guests. The sky terraces on levels 17 and 33 offer panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront.
Ken Low, Managing Partner at SRI, notes that today’s homebuyers are not just looking for an excellent location but also a home that enhances their daily lives. In this aspect, Aurea delivers with its easy accessibility, thoughtful design, and inspirational facilities and spaces.
The commercial component of Golden Mile Singapore, comprising 156 strata office units and 19 medical suites, were launched for sale in December 2024. The joint venture partners, Perennial and Far East, intend to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. Ismail Gafoor, CEO of PropNex, believes that the former Golden Mile Complex’s iconic status and the potential for commercial space, particularly office space, will attract buyers.
Gafoor adds that homebuyers today prioritize quality projects near an MRT station and easy access to essential amenities. The Golden Mile is connected to the Nicoll Highway MRT Station on the Circle Line via an overhead bridge. In terms of location, Golden Mile Singapore is also conveniently situated near major roadways such as Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE).
The last launch in District 7’s Beach Road neighborhood was the 558-unit Midtown Modern in 2021, with all units sold out as of December 2024 at an average price of $2,825 psf. The project is expected to obtain TOP sometime this year. The neighboring 522-unit The M was launched in 2020, and all units have been fully sold at an average price of $2,528 psf. It was completed in March 2024. The 219-unit Midtown Bay at Guoco Midtown was completed last year, with about 63% of the units sold since its debut in 2019 at an average price of $3,090 psf.
Given Aurea’s prime location, upscale residences, and the architectural heritage of Golden Mile, Ismail Gafoor from PropNex estimates that the apartment units’ prices could exceed $3,000 psf. He also believes that Aurea may enjoy a pent-up demand for new homes in the area and attract healthy interest from potential homebuyers and investors.
Aurea is expected to be ready for occupancy in 2Q2029. Interested buyers can check out the latest listings for Aurea or compare price trends of new sale condos and executive condominiums (ECs) or look at completed projects that obtained TOP recently. Those looking for condo rental listings in District 7 can also find them here.