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Singapore’s cityscape is characterized by towering skyscrapers and state-of-the-art infrastructure. Condominiums, strategically located in highly sought-after areas, offer a perfect combination of opulence and convenience that appeals to both locals and foreigners. These luxurious residences are equipped with various facilities including swimming pools, fitness centers, and round-the-clock security services, enhancing the overall living experience and making them a desirable choice for potential tenants and buyers alike. Moreover, for investors, these amenities translate into higher rental returns and steadily appreciating property values over time. With the addition of Singapore Projects, the condominium scene in Singapore is set to become even more dynamic and attractive.
Aurea, a luxury residential project located in the Core Central Region (CCR), was launched for sale on Mar 8, making it one of the first of its kind in the region’s real estate market for 1Q2025. The first phase of the project was released by joint developers Far East Organization and Perennial Holdings, comprising 78 units ranging from two to four bedrooms, located on levels 4 to 16. The results of the sales launch were significant, with a total of 23 units sold at an impressive average price of $3,005 psf.
Aurea boasts a total of 188 units, spanning across 45 storeys, with its unique and standout feature being its “hanging garden concept” designed by DP Architects. This development is the first private condominium to be connected to a mixed-use property, which was former sold en bloc and now known as Golden Mile Singapore.
The joint venture between Far East Organization and Perennial Holdings has reported that an impressive 83% of buyers were Singaporeans, with another 17% being permanent residents from Malaysia. The total sales percentage, based on the 188 units, is roughly 12.2%. According to Huttons Asia CEO Mark Yip, it is common for CCR projects to experience a sales rate between 10% to 30% during the launch weekend, as they generally do not attract the large pool of HDB upgraders that suburban projects do.
Ismail Gafoor, CEO of PropNex, also believes that the sales rates for Aurea are encouraging, especially considering the mostly lacklustre sales of other CCR properties since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. As stated by Gafoor, the doubling of the ABSD rate for foreigners to 60% has led to a significant decrease in interest for CCR homes, ultimately resulting in the sale of new units dropping by 74% from 2023 to 2024, with a mere 378 units sold.
However, Gafoor remains confident that the take-up for CCR properties will eventually improve, stating that these types of properties generally tend to sell at a steady pace over a longer period, in comparison to some RCR and OCR projects that may achieve quick sales over the launch weekend. This is because CCR homes are typically high-end and cater to a more niche market, where buyers are searching for luxurious homes and a lifestyle that offers a higher level of comfort and luxury.
The joint developers of Aurea also reported that the majority of the sales came from the two- and three-bedroom apartments in the Prestige Collection, accounting for a whopping 74% of sales. Buyers were drawn to these units for their well-designed spaces and functionality, along with the potential for a good return on investment. Additionally, the four-bedroom units from the Signature Collection garnered attention for their breathtaking views of both the Marina Bay and Kallang Basin.
Shaw Lay See, COO of Far East Organization’s sales and leasing group, believes that the buyers’ response to Aurea is a testament to their appreciation for the unique opportunity to own a home in a luxurious development that combines heritage with modern sophistication. According to Shaw, many buyers have been captivated by the stunning views and recognise the value of being a part of the rapidly evolving Downtown Core precinct.
The Sky Villa Collection, which comprises of 18 five-bedroom units and two six-bedroom penthouses, was also a hit amongst buyers. According to Shaw, these types of large-format properties in the downtown area are almost impossible to come by, making them an attractive choice for buyers.
Ken Low, managing partner of SRI, also believes that there has been a significant decrease in the price gap between CCR and RCR properties in recent years. Historically, the gap averaged around 40% over the past ten years, but it has now decreased to just 20% across all property types, regardless of tenure. Marcus Chu, CEO of ERA Singapore, believes that this decrease is because of the relatively low number of new launches in the CCR region. However, he anticipates that this will change in 2025, with the expected launch of nine new CCR properties. This could also lead to a notable increase in CCR prices, driven by an increase in demand for luxury properties in the area.
Leading up to the launch of Aurea, the gap in prices between CCR and RCR homes had narrowed from 50% in 2018 to just 10% in 2024, which according to Chu, is an indication that savvy investors may once again start considering investing in CCR properties. In fact, he anticipates that the price gap could widen once again as more luxury properties come on the market.
According to SRI’s Low, Aurea stands to benefit from Singapore’s urban renewal efforts, with major upgrades planned for the surrounding precincts. This includes the revitalisation of Beach Road, the Kallang Alive master plan, and the completion of the North-South Corridor, which will all contribute to enhancing accessibility, connectivity, and vibrancy in this key city district.
Aurea is situated at the forefront of one of the most extensive transformation projects in Singapore’s history, observes Low. He believes that buyers will also be drawn to Aurea because of the 120-km Southern coastline redevelopment, which will stretch from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project.