Aurea, the newest luxury residential project in the Core Central Region (CCR), was launched for sale on March 8, making it one of the first of its kind to enter the market in the 1st quarter of 2025. Developed jointly by Far East Organization and Perennial Holdings, a total of 23 units have been sold at an average price of $3,005 per square foot.
The first phase of the project, consisting of 78 units ranging from two- to four-bedroom apartments on levels 4 to 16, was released for sale. The sales rate stands at 30%, based on the 78 units released in this phase.
Designed by DP Architects, Aurea boasts a unique “hanging garden concept” and stands out as the first new private condominium in a mixed-use development that was sold en bloc and conserved, now known as Golden Mile Singapore.
According to the developers, 83% of the buyers at Aurea are Singaporeans, with permanent residents (PRs) from Malaysia making up the remaining 17%. This translates to a sales rate of around 12.2% based on the total of 188 units.
Huttons Asia CEO, Mark Yip, notes that “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 Aurea’s sales “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. “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 improve progressively. “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.”
The Prestige Collection of Aurea, comprising two- and three-bedroom apartments, accounted for 74% of the sales, according to the joint developers in their release. These units were especially sought after for their well-designed spaces, functionality, and investment potential. The Signature Collection, consisting of four-bedroom units, also attracted buyers for their expansive balconies and views of both the Marina Bay and Kallang Basin.
Shaw Lay See, COO of Far East Organization’s sales & leasing group, says, “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.” She adds that many buyers were drawn to the magnificent views and the value of being part of the exciting ongoing transformation of the prime Downtown Core precinct.
Aurea also offers the Sky Villa Collection, comprising 18 five-bedroom apartments and two six-bedroom penthouses boasting expansive balconies and views of Marina Bay and Kallang Basin. “Such large-format homes in the downtown area are hard to find,” says Shaw.
Ken Low, managing partner of SRI, observes that in recent years, the price gap between private residential properties in the CCR and RCR has narrowed significantly. “Historically, the 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 also notes that CCR price growth has lagged behind RCR and OCR in recent years due to comparatively fewer new home launches. “In 2025, we expect to see some nine CCR launches, and we can expect the market dynamics to drive a notable rise in CCR home prices this year, driven by increased luxury project launches,” he says.
“Savvy investors may shift their focus back to CCR once again since the non-landed new homes price gap between CCR and RCR narrowed from 50% in 2018 to 10% in 2024, with the expectation that the gap could widen once again as more new luxury homes debut,” adds Chu.
SRI’s Low believes that Aurea will benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades in the surrounding precincts. “The revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor are set to enhance accessibility, connectivity, and vibrancy in this key city district,” he observes.
He adds, “Aurea is also situated at the doorstep of probably the largest transformation in Singapore.” He refers to the 120-km Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project.