Aurea, the luxurious residential project in the Core Central Region (CCR), was launched for sale on Mar 8, making it one of the first of its kind in the area to be launched in 1Q2025. The project’s joint developers, Far East Organization and Perennial Holdings, sold a total of 23 units at an average price of $3,005 per square foot (psf).
In phase one, 78 units were released for sale, consisting of a mix of two- to four-bedroom apartments from levels 4 to 16. The sales rate for this phase was around 30%, based on the 78 units released.
Designed by DP Architects, Aurea boasts 188 units spread over 45 storeys, with a unique “hanging garden concept.” It stands out as the first new private condominium to be connected to a mixed-use development that was sold en bloc and conserved, which is now known as Golden Mile Singapore.
Out of the buyers at Aurea, 83% were Singaporeans while the remaining 17% were permanent residents (PRs) from Malaysia. With a total of 188 units, the sales translate to about 12.2%.
According to Mark Yip, CEO of Huttons Asia, CCR projects typically sell around 10% to 30% of their units during the launch weekend, as they lack the large pool of HDB upgraders that suburban projects attract.
When looking into investing in a condominium, it is crucial to also evaluate the potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary greatly depending on factors such as location, property condition, and market demand. Areas with a high demand for rentals, such as those near business districts or educational institutions, typically offer more attractive rental yields. It is essential to conduct thorough market research and seek advice from real estate agents for valuable insights into the rental potential of a specific condo. Keeping an eye on new condo launches on platforms like Siteismi can also provide valuable information on potential rental opportunities.
PropNex CEO Ismail Gafoor considers the sales at Aurea to be “encouraging,” especially given the mostly lacklustre sales of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measures in April 2023. Gafoor notes that the doubling of the ABSD rate for foreigners to 60% has significantly reduced interest in CCR homes. In fact, developers only sold 378 units of new CCR private homes in 2024, a 74% decrease from 2023’s 1,454 units.
However, Gafoor believes that the take-up in the CCR segment will gradually improve. He explains that CCR projects tend to sell units steadily over several months, instead of achieving large sales over the launch weekend, unlike RCR and OCR projects. CCR homes target a niche market where buyers seek luxury and enjoy the finer things in life.
Aurea’s joint developers revealed that 74% of sales were for two- and three-bedroom Prestige Collection apartments. These units were appreciated for their well-designed spaces, functionality, and investment potential.
The Signature Collection’s four-bedroom units also attracted buyers for their “expansive balconies that open out to sweeping views of both the Marina Bay and Kallang Basin,” according to the joint venture.
The Sky Villa Collection comprises 18 five-bedroom apartments of up to 3,251 sq ft and two exclusive six-bedroom penthouses of up to 8,816 sq ft. Shaw Lay See, the COO of Far East Organization’s sales & leasing group, notes that such large-format homes in the downtown area are rare and hard to find.
Ken Low, managing partner of SRI, points out that there have been significant price decreases between private residential properties in the CCR and RCR in recent years. The gap has shrunk from an average of 40% in the last decade to about 20% across all properties regardless of their tenure.
Marcus Chu, CEO of ERA Singapore, says that CCR price growth has lagged behind RCR and OCR in recent years due to fewer new home launches. However, with an expected nine CCR launches in 2025, he anticipates a notable rise in CCR home prices driven by increased luxury project launches.
According to Huttons’ Yip, Aurea will benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades in the surrounding areas. The revitalization of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor are set to enhance accessibility, connectivity, and vibrancy in this key city district.
“Aurea is also located in the heart of one of the largest transformations in Singapore,” notes SRI’s Low. He points out that Aurea will benefit from the 120-km Southern coastline redevelopment, stretching from the Greater Southern Waterfront to Marina Bay, Kallang Basin, and the future Long Island project.