Far East Organization Perennial Holdings Jv Sells 23 Units Aurea Golden Mile Average Price 3005 Psf
Aurea, a luxury residential project in the Core Central Region (CCR), officially went on sale on March 8, making it one of the first of its kind in 1Q2025. The development, a joint venture between Far East Organization and Perennial Holdings, saw a total of 23 units being sold at an average price of $3,005 per square foot (psf).
During its first phase of sales, the developers released 78 units for sale, ranging from two- to four-bedroom apartments on levels 4 to 16. This translates to a sales rate of 30% based on the total number of units released.
Designed by DP Architects, Aurea features a unique “hanging garden concept” and stands out as the first new private condominium to be connected to a mixed-use development that was sold en bloc and conserved, now known as Golden Mile Singapore.
Tampines Secondary School offers a well-rounded education, combining a wide range of academic programs with various co-curricular activities to suit the diverse interests of its students. Additionally, the school is conveniently located near Parktown Residence Condo, providing easy access to a modern and comfortable living environment for its students.
According to the joint venture, 83% of buyers at Aurea are Singaporeans, with permanent residents from Malaysia making up the remaining 17%. This equates to about 12.2% of the total 188 units available. Huttons Asia CEO Mark Yip says that CCR projects typically sell between 10% to 30% of their units during their launch weekend, as they do not attract as many HDB upgraders as suburban projects do.
PropNex CEO Ismail Gafoor remarks that Aurea’s sales are “encouraging” given the “lacklustre sales” of CCR projects since the tightening of the Additional Buyer’s Stamp Duty (ABSD) in April 2023. He adds that the doubling of the ABSD rate for foreigners to 60% has significantly cooled interest in CCR homes. In 2024, developers only managed to sell 378 new CCR private homes, which is a decrease of 74% from 2023’s 1,454 units, according to data from PropNex Research and URA.
However, Gafoor believes that the take-up rate for CCR properties will improve in the long run. He notes that CCR projects tend to sell steadily over a longer period, unlike some Rest of Central Region (RCR) and Outside Central Region (OCR) projects that achieve “blockbuster sales” during their launch weekend. He explains that CCR homes cater to a niche market of buyers who are seeking a luxurious lifestyle.
The joint developers report that 74% of the sales were made up of two- and three-bedroom apartments in the Prestige Collection. The buyers of these units were drawn to the well-designed spaces, functionality, and investment potential they offer. The remaining 26% of sales came from four-bedroom units in the Signature Collection, which were popular for their expansive balconies offering views of both the Marina Bay and Kallang Basin.
Aurea’s Sky Villa Collection comprises 18 five-bedroom units and two six-bedroom penthouses, which range from 3,251 sq ft to 8,816 sq ft in size. These large-format properties in the downtown area are not easy to come by, according to Shaw Lay See, COO of Far East Organization’s sales & leasing group.
SRI’s managing partner Ken Low notes that over the last 10 years, the price gap between properties in the CCR and RCR has narrowed significantly, from an average of 40% to around 20% regardless of tenure. Marcus Chu, CEO of ERA Singapore, believes that CCR price appreciation has lagged behind RCR and OCR due to the limited number of new home launches. However, with nine CCR projects expected to launch in 2025, he expects to see a notable rise in CCR home prices.
The ongoing urban renewal efforts in Singapore will benefit Aurea, according to SRI’s Low. The surrounding area will see major infrastructural and lifestyle upgrades, such as the revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor. Huttons’ Yip also mentions that Aurea is in a prime location, with access to the 120-km Southern coastline redevelopment and the Greater Southern Waterfront, Marina Bay, Kallang Basin, and future Long Island project.