On March 8, Aurea was launched for sale, marking one of the first luxury residential projects to be launched in the Core Central Region (CCR) in the first quarter of 2025. The joint developers, Far East Organization and Perennial Holdings, successfully sold 23 units at an average price of $3,005 per square foot.
The first phase of sales saw 78 units released, comprising a mix of two- to four-bedroom apartments from levels 4 to 16. This translates to a sales rate of 30% based on the 78 units released in phase one. Aurea consists of 188 units across 45 storeys, and was designed by renowned DP Architects with a unique “hanging garden concept”. It holds the distinction of being the first new private condominium connected to a mixed-use development that was sold en bloc and conserved, now known as Golden Mile Singapore.
According to the joint developers, 83% of the buyers at Aurea are Singaporeans, with the remaining 17% being permanent residents (PRs) from Malaysia. Based on the total of 188 units, the sales translate to approximately 12.2%. According to Mark Yip, CEO of Huttons Asia, “CCR projects typically sell between 10% to 30% of their units during the launch weekend, as they lack the large pool of HDB upgraders that suburban projects tend to attract.”
PropNex CEO Ismail Gafoor 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 in CCR homes,” he says. “In fact, developers sold the fewest new CCR private homes on record in 2024, at just 378 units – a decline of 74% from 1,454 units in 2023.”
However, Gafoor believes that the take-up rate 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 are geared towards a niche market of buyers who seek a luxury home and appreciate the finer things in life.”
The Prestige Collection, comprising two- and three-bedroom apartments, accounted for 74% of the sales, according to the joint developers in their release. The buyers were attracted to the well-designed spaces, functionality, and investment potential of these apartments. The Signature Collection, which consists of four-bedroom units, was highly sought after for their “expansive balconies that offer sweeping views of both Marina Bay and Kallang Basin,” adds the joint venture.
“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,” says Shaw Lay See, COO of Far East Organization’s sales and leasing group. “Many have shared that they are especially captivated by the magnificent views and recognize the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct.”
Aurea’s Sky Villa Collection comprises 18 five-bedroom apartments of up to 3,251 square feet and two exclusive six-bedroom penthouses of up to 8,816 square feet. Shaw adds, “Such large-format homes in the downtown area are hard to find.”
“In recent years, we have seen a significant narrowing of the price gap between private residential properties in the CCR and the RCR,” says Ken Low, managing partner of SRI. “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.”
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According to Marcus Chu, CEO of ERA Singapore, 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 noticeable 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.”
According to SRI’s Low, Aurea will benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural 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 are set to enhance accessibility, connectivity, and vibrancy in this key city district, he observes.
“Aurea is also situated at the doorstep of probably the largest transformation in Singapore,” notes Huttons’ Yip. He sees Aurea benefiting from the 120-kilometer Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project.