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

By co-creating Golden Mile Singapore, the joint venture has created a benchmark project that preserves the best of our city’s past, while fulfilling our vision of a sustainable and vibrant future,” says Pua Seck Guan, CEO of Perennial Holdings.Aurea, a luxurious residential project located in the Core Central Region (CCR), was launched for sale on March 8, making it one of the first to hit the market in 1Q2025. Developed by Far East Organization and Perennial Holdings, a total of 23 units were sold at an average price of $3,005 per square foot (psf).In the first phase, the joint developers released 78 units ranging from two- to four-bedroom apartments on levels 4 to 16. This translates to a sales rate of 30% based on the 78 units released.Aurea spans 45 storeys and features 188 units. The project, designed by DP Architects, boasts a unique “hanging garden concept.” It is also the first new private condominium to be connected to a mixed-use development that was sold en bloc and conserved, now known as Golden Mile Singapore.According to the joint venture, 83% of the buyers at Aurea are Singaporeans, with the remaining 17% being permanent residents (PRs) from Malaysia. With a total of 188 units, the sales rate amounts to about 12.2%.Speaking about the sales, Mark Yip, CEO of Huttons Asia, explained that CCR projects typically see a sales rate of 10% to 30% during the launch weekend. This is because they do not attract as many HDB upgraders as suburban projects. PropNex CEO Ismail Gafoor also noted that Aurea’s sales were “encouraging” in light of the “mostly lacklustre sales” seen in CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. Gafoor stated that the doubling of the ABSD rate for foreigners to 60% has significantly dampened interest for CCR homes. He added that in 2024, developers only managed to sell 378 new CCR private homes, a decline of 74% from the 1,454 sold in 2023.Source: PropNex Research, URA dataHowever, Gafoor believes that the CCR market will improve gradually. He stated that CCR projects tend to transact units steadily over the course of several months instead of achieving blockbuster sales during the launch weekend, unlike RCR and OCR projects. He added that CCR homes target a niche market of buyers seeking a luxury home and the finer things in life.According to the joint developers, the two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales. They noted that buyers were drawn to these units for their balance of well-designed spaces, functionality, and investment potential. The four-bedroom units in the Signature Collection were particularly attractive for their expansive balconies with views of both Marina Bay and Kallang Basin.In a statement, Shaw Lay See, COO of Far East Organization’s sales and leasing group, said that the positive response from buyers demonstrates their appreciation for the opportunity to own a home in a luxurious development that combines heritage with modern sophistication. She added that many were drawn to the magnificent views and the value of being part of the ongoing evolution of the prime Downtown Core precinct.Only 18 five-bedroom apartments, measuring up to 3,251 square feet each, are available in the Sky Villa Collection, along with two six-bedroom penthouses, measuring up to 8,816 square feet each. Shaw Lay See noted that these large-format homes are rare in the downtown area.Likewise, SRI’s managing partner Ken Low observed that the price gap between private residential properties in the CCR and RCR has been narrowing significantly in recent years. He stated that historically, the difference averaged about 40% over the past decade, but has now closed to about 20% for all properties, regardless of tenure.According to ERA Singapore CEO Marcus Chu, CCR price growth has lagged behind RCR and OCR in recent years due to fewer new launches. He stated that in 2025, nine CCR projects are expected to be launched, driving notable price rises. He stated that savvy investors may shift their focus back to CCR since the price gap between CCR and RCR narrowed from 50% in 2018 to 10% in 2024, with expectations that the gap will widen once more with more luxury projects.”Aurea is positioned to benefit from Singapore’s ongoing urban renewal efforts, including major infrastructure and lifestyle upgrades in the surrounding precincts,” said SRI’s Ken Low. He noted that initiatives such as the Beach Road revitalisation project, the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor will enhance accessibility, connectivity, and vibrancy in the key city district. He added that Aurea is situated at the doorstep of arguably the largest transformation in Singapore.Pua Seck Guan, CEO of Perennial Holdings, stated, “By co-creating Golden Mile Singapore, the joint venture has created a benchmark project that preserves the best of our city’s past while fulfilling our vision of a sustainable and vibrant future.” Shaw Lay See concluded by saying that the response to Aurea reflects the discerning buyer’s appreciation for a rare and exceptional opportunity to own a home in a luxurious development that blends heritage with modern sophistication. She added that many have been captivated by the exceptional views and the value of being a part of the exciting transformation of the prime Downtown Core precinct.