[New Launch] Aurea Makes Strong Debut: New CCR Luxury Icon Launches at Average $3,005 PSF

Aurea Achieves Strong Debut with 23 Units Sold at an Average Price of $3,005 psf

Jointly developed by Far East Organization and Perennial Holdings, the luxury residential development Aurea officially launched on 8 March. Out of the 78 units released in the initial phase, 23 were successfully sold—translating to a 30% take-up rate at an average price of $3,005 psf, demonstrating a commendable performance in the Core Central Region (CCR) luxury market.

Project Highlights: A Rare Blend of Prime Location and Conserved Heritage

Designed by DP Architects, the 45-storey Aurea comprises 188 units and embraces a "sky garden" concept. It is Singapore's first private residential development integrated with a conserved mixed-use site (the former Golden Mile Complex), with the overall landmark development named "Golden Mile Singapore".

The initial launch featured two- to four-bedroom units spanning the 4th to 16th floors from the Prestige Collection and Signature Collection.

Buyer Profile: Dominated by Local Buyers for Both Investment and Own-Stay

Singapore Citizens accounted for 83% of the buyers, with the remaining 17% being Permanent Residents (PRs) from Malaysia.

Overall sales reached 12.2% of the total 188 units, consistent with typical launch performances in the CCR market (which usually see 10% to 30% sold on launch weekend).

Since the tightening of the Additional Buyer's Stamp Duty (ABSD) in 2023—which raised the rate for foreign buyers to 60%—the CCR market has generally moderated. In 2024, only 378 new private residential units were sold in the CCR, marking a sharp year-on-year drop of 74%.

Nevertheless, Aurea's performance is deemed "encouraging", with CCR project sales expected to grow steadily in the coming months.

Key Sales Drivers: Two- and Three-Bedroom Units Most Popular

The joint developers of Aurea shared that 74% of the units sold were two- and three-bedroom units from the Prestige Collection, favoured by buyers for their functional layouts, high liveability, and strong investment potential.

Meanwhile, the four-bedroom units in the Signature Collection attracted homebuyers with their generous balconies and panoramic views of Marina Bay and the Kallang Basin.

According to the developers, buyers were particularly drawn to the project's unique blend of heritage and modern elegance, as well as the rarity of its position at the centre of city rejuvenation.

Aurea's exclusive Sky Villa Collection features just 20 penthouses, comprising 18 five-bedroom units (up to 3,251 sq ft) and two six-bedroom duplex penthouses (up to 8,816 sq ft, complete with private pools), offering utmost exclusivity.

Emerging Price Advantage: Price Gap Between CCR and RCR Narrows to Around 20%

In recent years, the price gap between private homes in the CCR and the Rest of Central Region (RCR) has continued to narrow, shrinking from a 10-year average of around 40% to approximately 20% today.

With limited supply in recent years, price growth in the CCR has lagged behind both the RCR and Outside Central Region (OCR). However, with up to nine new CCR projects expected to launch in 2025, overall price levels are poised for an uplift.

For non-landed private homes, the price gap between the CCR and RCR narrowed from 50% in 2018 to just 10% in 2024. As more luxury developments enter the market, investors may refocus on the CCR, which could widen the price gap once again and present lucrative upside potential.

Location Advantages: Urban Transformation Fuels Long-Term Potential

Strategically sited at the junction of Beach Road and Nicoll Highway, Aurea lies within the downtown expansion zone designated for major government rejuvenation. Key future initiatives include the Kallang Alive precinct, the Ophir-Rochor Corridor, and the North-South Corridor (NSC).

Aurea is also positioned at the forefront of the upcoming 120km southern coastline redevelopment belt—spanning strategic nodes such as Marina South, Kallang Basin, Tuas, and the future "Long Island" project—promising tremendous future upside.