It is crucial for international investors to have a clear understanding of the laws and limitations surrounding property ownership in Singapore. In comparison to landed properties, foreigners are typically granted more leniency when purchasing condos. However, there are still regulations in place, such as the Additional Buyer’s Stamp Duty (ABSD) which currently stands at 20% for first-time property buyers. Despite this extra expense, the reliability and potential for growth in the Singapore real estate market remains alluring to foreign investors. For more opportunities in the market, New Condo Launches are also available to consider.
On Feb 6, luxury residential developers Perennial Holdings and Far East Organization announced their joint plans for Aurea, a new luxury apartment tower as part of the Golden Mile Singapore mixed-use development along Beach Road.
Designed by DP Architects, the 45-storey tower will offer 188 units on a site area of 144,908 sq ft. The development will also feature a link bridge connecting it to the neighboring The Golden Mile – a commercial building with a mix of retail space, medical suites, and offices. The Golden Mile is a conserved building with significant architectural heritage, making it the first collective sale and conservation of its kind. In May 2022, Perennial Holdings and Far East Organization acquired the building en bloc for $700 million.
Situated in prime District 7 of the Downtown Core – part of the Core Central Region (CCR) – Aurea and The Golden Mile offer a desirable address on Beach Road. According to Shaw Lay See, Chief Operating Officer of Far East Organization’s sales & leasing group, the developers anticipate strong interest from discerning individuals and families who appreciate the exclusivity of a prime Downtown Core address.
The preview for Aurea, which is by appointment only, will begin on Feb 22, with the official launch set to start on Mar 8. The apartments will be priced from $2,750 psf. Based on absolute price, two-bedroom apartments of 646 sq ft at Aurea will start from $1.92 million ($2,972 psf).
Aurea offers a range of unit types, including two- and three-bedroom apartments (from 635 sq ft to 1,001 sq ft), four-bedroom units (from 1,442 sq ft to 1,798 sq ft), and five-bedroom units (from 2,863 sq ft to 3,251 sq ft). Additionally, there are two exclusive penthouses – a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft. Four-bedroom and larger units will feature private lift access, and the triplex penthouse will also come with a private pool. These larger units cater to affluent CCR homebuyers, according to Marcus Chu, CEO of ERA Singapore.
Moreover, two- and three-bedroom units make up 60% of the apartments at Aurea, appealing to both homebuyers and investors, adds Chu.
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 for hosting guests. 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, states, “Today’s homebuyers are looking for more than just a great location. They want a home that enhances their daily lives – one that is easy to get around, thoughtfully designed and features or spaces that inspire. Aurea delivers on all this.”
The Golden Mile also offers 156 strata office units and 19 medical suites, which were launched for sale in December 2024. The developers, Perennial and Far East, intend to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. According to PropNex CEO Ismail Gafoor, the iconic nature of the former Golden Mile Complex may attract buyers, especially for the commercial space, including office space. He also adds that today’s buyers prioritize quality projects near an MRT station with convenient access to essential amenities. Additionally, an overhead bridge connects The Golden Mile to the Nicoll Highway MRT Station on the Circle Line.
Nearby, the last launch in the Beach Road neighborhood of District 7 was the 558-unit Midtown Modern in 2021. As of Dec 2024, the project has sold all its units at an average price of about $2,825 psf and is expected to obtain TOP sometime this year. Prior to Midtown Modern, The M, a neighboring development with 522 units, was launched in 2020 and has also sold all its units at an average price of $2,528 psf. Guoco Midtown’s Midtown Bay, a 219-unit development, was completed last year, with about 63% of its units sold as of Feb 5 at an average price of $3,090 psf.
Given Aurea’s prime location, upscale residences, and Golden Mile’s Singapore architectural heritage, PropNex’s CEO Gafoor estimates that apartment unit prices could cross $3,000 psf. “As most of the units at past launches in the district have been sold, we believe Aurea may enjoy pent-up demand for new homes in the area and could attract healthy interest among prospective homebuyers and investors,” says Gafoor.
Aurea is expected to be completed in 2Q2029. For more information on available listings and prices, visit AskBuddy.com.