When contemplating an investment in a condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the yearly rental income as a percentage of the property’s purchasing price. In Singapore, the rental yields for condos can greatly vary depending on factors such as location, property condition, and market demand. Regions with high demand for rentals, such as those situated near business hubs or educational institutions, tend to offer more favorable rental yields. To gain a better understanding of the rental potential of a specific condo, it is essential to conduct thorough market research and seek guidance from real estate agents. Additionally, for more information on condo projects in Singapore, one can visit Singapore Projects.
Perennial Holdings and Far East Organization have announced their plans for Aurea, a luxurious apartment tower located within the Golden Mile Singapore mixed-use development on Beach Road. Designed by DP Architects, Aurea will consist of 188 units spread across 45 storeys, covering a site area of 144,908 sq ft. A link bridge will connect the tower to the neighbouring commercial building, The Golden Mile, which features a mix of retail space, medical suites, and offices.
Previously known as Golden Mile Complex, The Golden Mile holds significance as the first building in Singapore to be successfully conserved through a collective sale. It was purchased en bloc by Perennial Holdings and Far East Organization for $700 million in May 2022. With its prime location in District 7, which falls within the Core Central Region (CCR) of the Downtown Core, Aurea and The Golden Mile are expected to attract discerning individuals and families who appreciate the exclusivity of a prime address.
Aurea’s preview is set to begin on February 22, with the official launch on March 8. Prices for the apartments will start from $2,750 psf, with two-bedroom units of 646 sq ft starting at $1.92 million ($2,972 psf). The residential units at Aurea offer a range of sizes, with 112 two- and three-bedroom apartments ranging from 635 sq ft to 1,001 sq ft, 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. There are also two exclusive penthouses, a six-bedroom duplex spanning 5,608 sq ft, and a six-bedroom triplex of 8,816 sq ft. The larger units will feature private lift access, and the triplex penthouse will include a private pool, catering to the affluent lifestyles of CCR homebuyers, according to Marcus Chu, CEO of ERA Singapore.
The CEO of SRI, Ken Low, adds that today’s homebuyers are looking for more than just a great location; they want homes that enhance their daily lives, are thoughtfully designed, and offer inspiring facilities and spaces. Aurea aims to deliver on all these aspects with two infinity pools, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions, as well as sky terraces on levels 17 and 33 with panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront.
The Golden Mile also offers 156 strata office units and 19 medical suites, which were launched for sale in December 2024. Perennial and Far East have decided to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. PropNex CEO Ismail Gafoor notes that the iconic Golden Mile Complex and the potential of the commercial space, especially the office space, may attract buyers. In today’s market, buyers prioritize quality projects near MRT stations and essential amenities, and The Golden Mile offers easy access to major roadways such as Nicoll Highway, East Coast Parkway, and Kallang-Paya Lebar Expressway, as well as proximity to the Kallang Alive Precinct, the Bras Basah-Bugis district, and the CBD.
The last launch in the Beach Road neighbourhood of District 7 was the 558-unit Midtown Modern in 2021. All units have been sold at an average price of $2,825 psf, and the project is expected to obtain TOP sometime this year. This was preceded by the neighbouring 522-unit The M in 2020, which is also 100% sold at an average price of $2,528 psf and was completed in March 2024. Midtown Bay, a 219-unit project at Guoco Midtown, was completed last year and has sold about 63% of its units, with an average price of $3,090 psf.
Gafoor estimates that Aurea’s prime location, upscale residences, and the conservation of Golden Mile’s architectural heritage could result in prices exceeding $3,000 psf. With the successful sales of past launches in the district and the pent-up demand for new homes in the area, Aurea is expected to attract healthy interest from homebuyers and investors. The development is scheduled for completion in the second quarter of 2029.