Far East Organization Perennial Holdings Jv Sells 23 Units Aurea Golden Mile Average Price 3005 Psf

Conservation shophouses, boutique hotels and luxury condominium projects in the Core Central Region (CCR) have been popular with buyers in recent years. Among these, is Aurea, a luxury residential project that was launched for sale on Mar 8.This joint project between Far East Organization and Perennial Holdings boasts cutting-edge design and the coveted “hanging garden” concept by DP Architects. It is also the first private condominium to be connected to a mixed-use development, now known as Golden Mile Singapore, which was sold en bloc and conserved.The first phase of Aurea’s sales saw a total of 23 units sold at an average price of $3,005 psf. This is an impressive 30% sales rate, considering that only 78 units were released in this phase. With a total of 188 units across 45 storeys, this translates to a sales rate of 12.2%.Aurea stood out amongst other CCR projects due to its unique location and design. Developed by trusted developers, it was no surprise that 83% of the buyers were Singaporeans, with permanent residents (PRs) from Malaysia making up the remaining 17%.Mark Yip, CEO of Huttons Asia, believes that the sales rate of CCR projects usually falls between 10% to 30% during launch weekend. This is because these projects do not attract as many HDB upgraders compared to suburban projects.However, PropNex CEO Ismail Gafoor highlights that Aurea’s sales were encouraging in the light of lacklustre sales in the CCR market since the additional buyer’s stamp duty (ABSD) measures were tightened in April 2023. This is due to the doubling of the ABSD rate for foreigners to 60%, which has cooled the interest of foreigners in CCR homes. In 2024, developers only managed to sell 378 new CCR private homes, the lowest recorded amount, down by 74% from the 1,454 units in 2023.Despite this, Gafoor believes that CCR sales will gradually improve over time. It is observed that CCR projects tend to sell steadily over a few months, unlike RCR and OCR projects which sometimes experience blockbuster sales over a launch weekend. As CCR homes are high-end and targeted at a niche market, buyers are willing to spend more for the finer things in life.According to the joint developers, the Prestige Collection, which comprises two to three-bedroom apartments, accounted for 74% of the sales. These apartments are popular due to their well-designed spaces, functionality and investment potential. Buyers were also attracted to the four-bedroom units in the Signature Collection due to their spacious balconies and views of the Marina Bay and Kallang Basin.The Sky Villa Collection, which consists of 18 five-bedroom apartments and two six-bedroom penthouses, stand out as unique and rare homes in the downtown area. Shaw Lay See, COO of Far East Organization’s sales & leasing group, comments that the magnificent views and being a part of the exciting ongoing evolution of this prime Downtown Core precinct were among the main factors that attracted buyers.Ken Low, managing partner of SRI, believes that the narrowing gap between private residential properties in the CCR and RCR in recent years is what made Aurea more attractive to buyers. The average price difference over the last 10 years has shrunk from 40% to 20% regardless of tenure.ERA Singapore CEO Marcus Chu also mentions that CCR price growth has fallen behind RCR and OCR due to fewer new home launches. However, with the expected launch of nine CCR projects in 2025, Chu believes that this will drive a notable rise in CCR home prices this year.Savvy investors are likely to shift their focus back to CCR properties since the gap between CCR and RCR narrowed from 50% in 2018 to 10% in 2024. This gap is expected to widen again with the debut of more new luxury homes in CCR.SRI’s Low also comments on Aurea’s favourable location, benefiting from the ongoing urban renewal efforts by the government. The planned rejuvenation of Beach Road, Ophir-Road Corridor, Kallang Alive and the North-South Corridor will enhance accessibility, connectivity and vibrancy within the area. Low believes that Aurea is also situated at the doorstep of Singapore’s largest transformation, which spans 120km along the Southern coastline stretching from Greater Southern Waterfront, Marina Bay, Kallang Basin to the future Long Island.As one of the most sought-after residential projects in the CCR, Aurea’s sales are a testament to its unique location and design, coupled with the trust placed in its developers. With prices converging between CCR and RCR, now may just be the right time to invest in luxury living in Singapore’s Core Central Region (CCR).

Tenet’s success in sales last year has undoubtedly boosted the confidence of developers in the potential of the area. This is evident in the impressive uptake of 616 units within Parcel B, at an average price of $1,382 psf as of October 10. Moreover, the location of the site in a mature estate, with close proximity to Tampines North MRT Station and future mixed-use development at Tampines Avenue 11, further enhances its appeal. As seen on Aurelle of Tampines Showflat, the strategic positioning of the development adds to its attractiveness for potential buyers.