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On March 8, the luxurious Aurea residential project was launched for sale, making it one of the first in the Core Central Region (CCR) to do so in the first quarter of 2025. This preliminary release saw a total of 23 units being sold at an average price of $3,005 per square foot.
Joint developers Far East Organization and Perennial Holdings introduced 78 units in phase one for sale, consisting of a mix of two- to four-bedroom apartments from levels 4 to 16. This translates to a sales rate of approximately 30% based on the 78 units released.
Aurea boasts 188 units spanning across 45 storeys, designed by DP Architects with a unique “hanging garden concept.” It stands out as the first new private condominium connected to a mixed-use development that was sold en bloc and conserved, now collectively known as Golden Mile Singapore.
According to the joint developers, Singaporeans make up 83% of the buyers at Aurea, with permanent residents (PRs) from Malaysia taking up the remaining 17%. Based on the total of 188 units, the sales translate to an uptake of 12.2%. As explained by Mark Yip, CEO of Huttons Asia, “CCR projects usually 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.”
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PropNex CEO Ismail Gafoor finds the sales at Aurea “encouraging” amidst the “mostly lacklustre sales” of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April of 2023. “The doubling of the ABSD rate for foreigners to 60% has significantly cooled interest for CCR homes,” he notes. “In fact, developers sold the fewest new CCR private homes on record in 2024, at just 378 units – down by 74% from 1,454 units in 2023.”
However, Gafoor is confident that the take-up rate in the CCR segment will gradually improve. “We have observed that CCR projects tend to transact units steadily over many months rather than achieve blockbuster sales over the launch weekend, unlike some Rest of Central Region (RCR) and Outside Central Region (OCR) projects,” he adds. “CCR homes are targeted at a niche market, where buyers seek a luxury home and enjoy the finer things in life.”
The Prestige Collection, comprising two- to three-bedroom apartments, accounted for 74% of the sales, according to the joint developers in their release. These apartments have been popular among buyers for their smart spatial design, functionality, and investment potential.
The four-bedroom units from the Signature Collection were also a hit among buyers, primarily because of their “expansive balconies that open out to sweeping views of both the Marina Bay and Kallang Basin,” states the joint venture.
The Sky Villa Collection comprises only 18 five-bedroom apartments spanning up to 3,251 square feet and two exclusive six-bedroom penthouses covering 8,816 square feet. “Such large-format homes in the downtown area are hard to find,” remarks Shaw Lay See, COO of the Far East Organization’s sales and leasing group.
“Properties in the CCR have been recording higher prices than those in the Rest of Central Region (RCR) and the Outside Central Region (OCR) in recent years, with the gap between the regions closing significantly,” states Ken Low, managing partner of SRI. “Historically, the difference between CCR and RCR properties has averaged around 40% in the last 10 years, but it has now reduced to about 20% across all properties regardless of tenure.”
As per Marcus Chu, CEO of ERA Singapore, price growth in the CCR region has lagged behind that of RCR and OCR in recent years because of comparably fewer new home launches. “In 2025, we expect to see some nine CCR launches, which will drive a notable increase in CCR home prices this year due to changing market dynamics,” he says. “The doubling of ABSD for foreign buyers could encourage investors to shift their focus back to CCR, as the non-landed new homes price gap between CCR and RCR has narrowed from 50% in 2018 to 10% in 2024, with the likelihood of it widening again as more new luxury homes debut.”
Low of SRI believes that Aurea will benefit from Singapore’s ongoing efforts towards urban renewal, with major infrastructural and lifestyle upgrades planned for the surrounding area. The rejuvenation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor are all set to enhance accessibility, connectivity, and vibrancy in this prominent city district, he observes.
“Aurea is also situated at the doorstep of one of the largest transformation projects in Singapore,” adds Huttons’ Yip. He foresees the property benefiting from the 120-kilometre Southern coastline redevelopment, which spans from the Greater Southern Waterfront, Marina Bay, and Kallang Basin to the future Long Island project.