Aurea, a new luxury development located in the Core Central Region (CCR), officially went on sale on March 8, 2025. This highly anticipated project, jointly developed by Far East Organization and Perennial Holdings, has set a new standard for luxury living in the CCR. Despite only 23 units being sold in the first quarter at an average price of $3,005 per square foot (psf), the response has been impressive.
The developers released a total of 78 units for sale in the first phase, which included a mix of two- to four-bedroom apartments from floors 4 to 16. This translates to a sales rate of 30% based on the 78 units released. Aurea features a total of 188 units spread across 45 storeys and was designed by renowned firm DP Architects with a unique “hanging garden concept.” It is also the first new private condominium connected to a mixed-use development that was sold en bloc and conserved, now known as Golden Mile Singapore.
Out of the 188 units, 83% of the buyers were Singaporeans, with permanent residents (PRs) from Malaysia making up the remaining 17%. This translates to a sales rate of about 12.2%. According to Mark Yip, CEO of Huttons Asia, this is within the expected range for CCR projects, which typically see a sales rate of 10% to 30% during launch weekends due to the lack of HDB upgraders compared to suburban projects.
While CCR projects have seen lackluster sales since the tightening of the Additional Buyer’s Stamp Duty (ABSD) measure in April 2023, PropNex CEO Ismail Gafoor considers Aurea’s sales to be encouraging. He notes that the ABSD rate for foreigners has doubled to 60%, significantly cooling interest for CCR homes. In fact, 2024 saw the lowest number of CCR private homes sold on record, at just 378 units, a 74% decline from 2023’s 1,454 units.
However, Gafoor believes that the CCR segment will see a gradual improvement in sales. He explains that unlike RCR and OCR projects, which see a high number of sales during launch weekends, CCR projects tend to have a steady number of transactions over several months due to their niche market targeting buyers seeking luxury living.
According to the developers, the Prestige Collection, which features two- and three-bedroom apartments, accounted for 74% of the sales. Buyers were drawn to the well-designed spaces, functional layout, and investment potential of these units. The Signature Collection, which includes four-bedroom units, also attracted buyers with their expansive balconies and sweeping views of Marina Bay and Kallang Basin.
The Sky Villa Collection, with 18 five-bedroom apartments and two six-bedroom penthouses, has also seen strong interest, with buyers impressed by the rare opportunity to own such large-format homes in the downtown area. With property prices in the CCR and RCR converging, Ken Low, managing partner of SRI, notes that the price gap has narrowed significantly from an average of 40% in the last 10 years to just 20% across all properties regardless of tenure.
Marcus Chu, CEO of ERA Singapore, believes that the slower price growth in the CCR in recent years can be attributed to fewer new home launches. However, with an expected nine CCR launches in 2025, he predicts a notable rise in CCR home prices due to increased luxury project launches. He adds that savvy investors may shift their focus back to the CCR, as the price gap between CCR and RCR has narrowed from 50% in 2018 to just 10% in 2024, with expectations for it to widen again with the launch of more luxury homes.
SRI’s Low believes that Aurea is well-positioned to benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades in the surrounding precincts. The revitalization of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor will enhance accessibility, connectivity, and vibrancy in this key city district. He notes that Aurea also sits at the doorstep of the largest transformation in Singapore, with the 120-km Southern coastline redevelopment covering the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project.