Perennial Holdings and Far East Organization have recently announced their joint plans for Aurea, a premier luxury apartment tower that will be part of the Golden Mile Singapore mixed-use development located along Beach Road. Designed by DP Architects, the 45-storey residential tower will feature 188 units on a site area of 144,908 sq ft. It will also have a link bridge connecting it to the neighboring The Golden Mile, a commercial building that includes retail space, medical suites, and offices.
The Golden Mile, formerly known as the Golden Mile Complex, was recently conserved for its architectural heritage and marked the first ever collective sale and conservation of a building. In May 2022, Perennial Holdings and Far East Organization acquired the building en bloc for $700 million.
Located in the prime District 7 in the Downtown Core and part of the Core Central Region (CCR), Aurea and The Golden Mile are expected to attract a strong interest from discerning individuals and families who appreciate the exclusivity of a prime Downtown Core address, according to Shaw Lay See, chief operating officer at Far East Organization’s sales & leasing group. The preview for Aurea will begin on Feb 22, with its launch scheduled for Mar 8. Prices for the apartments start at $2,750 psf and units range from two-bedroom apartments of 646 sq ft starting at $1.92 million ($2,972 psf), to five-bedroom units of 2,863 sq ft to 3,251 sq ft.
The residences within Aurea comprise a wide range of unit types, including two- and three-bedroom apartments ranging from 635 sq ft to 1,001 sq ft, four-bedroom units from 1,442 sq ft to 1,798 sq ft, and five-bedroom units from 2,863 sq ft to 3,251 sq ft. There are also two exclusive penthouses – a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft. Larger units of four bedrooms and above will feature private lift access, and the triplex penthouse will have a private pool. According to Marcus Chu, CEO of ERA Singapore, these larger units cater to the affluent lifestyles of CCR homebuyers.
Golden Mile Singapore also comprises 156 strata office units and 19 medical suites, which were launched for sale in December 2024. The joint venture partners Perennial and Far East have decided to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. According to Ismail Gafoor, CEO of PropNex, the iconic former Golden Mile Complex and the potential of the commercial space, especially office space, may attract buyers. He adds that buyers today prioritize quality projects near an MRT station and convenient access to essential amenities. The Golden Mile is just 1km away from the Kallang Alive Precinct, the Bras Basah-Bugis district and a 10-min drive from the CBD.
The last launch in the Beach Road neighborhood of District 7 was the 558-unit Midtown Modern in 2021, which has been entirely sold at an average price of around $2,825 psf. The project is expected to obtain its TOP sometime this year. This launch was preceded by the neighboring 522-unit The M, which was entirely sold at an average price of $2,528 psf and was completed in March 2024. Another project, the 219-unit Midtown Bay at Guoco Midtown, was completed last year and has seen around 63% of its units taken up as of Feb 5 at an average price of $3,090 psf.
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Given the location of Aurea, its upscale residences, and the conservation of The Golden Mile, Ismail Gafoor estimates that the prices of the apartment units could surpass $3,000 psf. He believes that there may be pent-up demand for new homes in the area, and that Aurea could attract healthy interest from prospective homebuyers and investors. The Aurea is expected to be completed in 2Q2029.