Educational institutions, commercial hubs, and recreational facilities are also in close proximity, including the upcoming Greater Marina Bay Sports Hub and MRT stations such as City Hall and Bugis, adds Yip. With its prime location and unique heritage-meets-modern design, Aurea is setting a new benchmark for luxury living in Singapore’s Downtown Core precinct. The project’s joint developers, Far East Organization and Perennial Holdings, have launched Aurea for sale on Mar 8, making it one of the first luxury residential developments to be introduced in the Core Central Region (CCR) in the first quarter of 2025. The project, which consists of 188 units across 45 storeys, reported a total of 23 units being sold at an average price of $3,005 psf during its initial phase. This represents a sales rate of 30% based on the 78 units released in phase one, indicating strong buyer interest. This is the result of the joint developers releasing a mix of two- to four-bedroom apartments from levels 4 to 16 in the first phase, comprising 78 units in total. The developers, Far East Organization and Perennial Holdings, chose DP Architects to design Aurea, bringing to life a “hanging garden concept” that sets it apart from other projects. One of the unique selling points is that it is the only new private condominium that has been connected to a mixed-use development, which was sold en bloc and conserved. This mixed-use development is now known as Golden Mile Singapore. Aurea’s joint venture has revealed that 83% of the buyers are Singaporean, while the remaining 17% are permanent residents (PRs) from Malaysia. The sales rate translates to about 12.2% based on the total of 188 units. Mark Yip, CEO of Huttons Asia, notes that typically, CCR projects sell around 10% to 30% of their units during the launch weekend as they do not attract the large pool of HDB upgraders that suburban projects do. Ismail Gafoor, CEO of PropNex, considers Aurea’s sales “encouraging” given the mostly underwhelming sales of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. He adds, “The increased ABSD rate of 60% for foreigners has significantly reduced interest in CCR homes. As a result, developers have sold the fewest new CCR private homes in 2024, with just 378 units sold – a 74% decrease from the 1,454 units sold in 2023.” However, Gafoor believes that the take-up rate in the CCR segment will improve progressively over time. He says, “Our observations indicate that CCR projects typically sell units steadily over a few months, as opposed to blockbuster sales over the launch weekend, which is more common for Rest of Central Region (RCR) and Outside Central Region (OCR) projects. CCR homes cater to a niche market, where buyers are seeking a luxurious home and the finer things in life.” The joint developers shared in a press release that the Prestige Collection, which comprises two- and three-bedroom apartments, accounted for 74% of the total sales. Buyers were drawn to these apartments because of the well-designed spaces, functionality and investment potential they offer. According to the joint developers, the buyers were enticed by the Prestige Collection’s mix of two- and three-bedroom apartments, which account for 74% of the sales (Photo: Samuel Isaac Chua/EdgeProp Singapore) The Signature Collection’s four-bedroom units also saw high sales rates because of their expansive balconies that offer stunning views of the Marina Bay and Kallang Basin. Buyers were also drawn to these units because of their size and exclusivity, with only 18 five-bedroom apartments and two exclusive six-bedroom penthouses available in the Sky Villa Collection. Shaw Lay See, COO of Far East Organization’s sales and leasing group, says, “The positive response from our buyers indicates their appreciation for this rare and exceptional opportunity to own a home in a luxurious development that seamlessly combines heritage with contemporary sophistication. We have received many comments from buyers who are captivated by the breath-taking views and the value of being part of the exciting transformation of the prime Downtown Core precinct.” Buyers were especially impressed with the expansive balconies and views of the Marina Bay and Kallang Basin (Photo: Samuel Isaac Chua/EdgeProp Singapore) Ken Low, managing partner of SRI, believes that the narrowing price gap between private residential properties in the RCR and CCR signals that the prices may be converging. He says, “Historically, the difference between the two areas averaged around 40% over the past 10 years. However, the gap has shrunk to around 20% in all properties, regardless of tenure.” Marcus Chu, CEO of ERA Singapore, believes that the growth of CCR home prices has not kept pace with those in the RCR and OCR over recent years due to the comparatively fewer new home launches. He says, “We expect to see about nine new CCR launches in 2025, and the market dynamics will promote a significant rise in CCR home prices this year due to the increased launch of luxury projects.” He adds, “Savvy investors may begin to shift their focus back to CCR, as the price gap between new non-landed homes in the RCR and CCR fell from 50% in 2018 to 10% in 2024. We anticipate that the gap may widen once again as more new luxury homes are introduced.” SRI’s Low believes that Aurea’s location will benefit from the ongoing efforts to renew Singapore’s urban landscape. There are major developments in the pipeline that will enhance the area’s accessibility, connectivity and vibrancy, such as the Beach Road revitalisation project, the Ophir-Road Corridor and the Kallang Alive Masterplan. Additionally, the completion of the North-South Corridor will further foster the area’s viability. “Aurea is situated at the doorstep of what could be the largest transformation project in Singapore,” says Low. Huttons’ Yip adds, “Aurea will benefit from being located in a prime district, where significant changes are underway. These include the redevelopment of the Southern coastline, which extends 120 km and comprises the Greater Southern Waterfront, Marina Bay, Kallang Basin and the upcoming Long Island project.” Other amenities that are close by Aurea include educational institutions, commercial hubs, and recreational facilities, such as the upcoming Greater Marina Bay Sports Hub and MRT stations like City Hall and Bugis. With a prime location and a unique heritage-meets-modern design, Aurea is helping to redefine luxury living in the Downtown Core precinct.
Investing in a condo offers many advantages, including the opportunity to leverage the property’s value for further investments. Numerous investors utilize their condo as security to secure additional funding for new investments, allowing them to expand their real estate portfolio. This approach has the potential to boost returns, but it also comes with inherent risks. It is essential to have a strong financial plan in place and carefully consider the potential effects of market changes. This is especially important for Singapore Projects, where the market can be volatile. Therefore, it is crucial to thoroughly evaluate the risks and rewards before using a condo as leverage for further investments. By strategically leveraging the value of a condo, investors can potentially increase their profits and build a diverse real estate portfolio. However, it is important to proceed with caution and seek professional advice to ensure a successful and secure investment journey.