The launch of Aurea, a luxury residential project in the Core Central Region (CCR), has received an encouraging response since its launch on Mar 8. Situated in the prime Downtown Core precinct and jointly developed by Far East Organization and Perennial Holdings, this development offers 188 units across 45 storeys.DP Architects has created a unique concept for Aurea, with a “hanging garden” design that sets it apart from other developments. The project’s prime location also gives residents access to a vibrant mixed-use development, Golden Mile Singapore, which was previously sold en bloc and has been conserved.Aurea’s phase one release included 78 units, consisting of a range of two- to four-bedroom apartments from levels 4 to 16. An impressive 23 units were sold, with an average price of $3,005 per square foot (psf). This translates to a sales rate of 30% based on the units released in this phase.The majority of buyers at Aurea are Singaporeans, making up over 83% of the buyers, with Malaysian permanent residents (PRs) making up the remaining 17%. With a total of 188 units, the sales translate to roughly 12.2%. According to Mark Yip, CEO of Huttons Asia, this is a strong sales rate, considering that CCR projects typically only sell around 10% to 30% of units during their launch weekend. This is due to CCR projects typically targeting a more niche market, compared to suburban projects that attract a larger pool of HDB upgraders.Considering the current market conditions, it is even more impressive that Aurea has achieved these sales figures. According to Ismail Gafoor, CEO of PropNex, the doubling of the additional buyer’s stamp duty (ABSD) rate for foreigners to 60% has had a significant effect on cooling interest in CCR homes. In fact, only 378 new private CCR homes were sold in the whole of 2024, a decrease of 74% from 1,454 units in 2023.Despite this, Gafoor believes that sales in the CCR segment will continue to improve over time. CCR projects tend to achieve steady sales over several months rather than large sales numbers during the launch weekend, unlike developments in the Rest of Central Region (RCR) and Outside Central Region (OCR). He believes this is due to CCR homes being more targeted towards buyers seeking luxury homes and the finer things in life, rather than those looking for more affordable options.The Prestige Collection, which consists of two- and three-bedroom apartments, was the most popular with buyers, accounting for 74% of sales. According to the developers, these apartments offer a perfect balance of well-designed spaces, functionality, and investment potential. The Signature Collection, consisting of four-bedroom units, also attracted buyers with its expansive balconies that offer sweeping views of both Marina Bay and Kallang Basin.Eighteen of the Sky Villa Collection’s five-bedroom apartments, which range up to 3,251 sq ft, have balconies with stunning views. There are also two six-bedroom penthouses that range up to 8,816 sq ft, making it one of the few developments offering such large-format homes in the downtown area.Ken Low, managing partner of SRI, notes that in recent years, the price gap between private residential properties in the CCR and the RCR has significantly narrowed. This gap has averaged around 40% in the last 10 years but has now closed to about 20% across all properties, regardless of tenure. He also believes that with nine CCR launches set to take place in 2025, the market dynamics will drive a notable increase in CCR home prices this year.The narrowing price gap has led to increased interest from investors, and Marcus Chu, CEO of ERA Singapore, expects this trend to continue. With the expectation that the gap will widen again as more luxury developments debut and a more significant number of new launches in the CCR in 2025, savvy investors may shift their focus back to the region.Aurea is set to benefit from ongoing urban renewal efforts in Singapore, with major infrastructural and lifestyle upgrades planned for the surrounding precincts. The Beach Road and Ophir-Road Corridor revitalisation projects, the Kallang Alive masterplan, and the completion of the North-South Corridor are all set to enhance accessibility and connectivity in this key city district. Huttons’ Yip also believes that Aurea will benefit from the ongoing 120-km Southern coastline redevelopment project. This project, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project, will transform the area and make it even more desirable for residents.In conclusion, with its prime location in the Downtown Core precinct and its exceptional design, Aurea has already received a strong response from buyers. With the surrounding area undergoing significant rejuvenation, it’s clear that this development offers an excellent investment opportunity for those seeking luxury homes in the CCR.
