On February 6th, Perennial Holdings and Far East Organization revealed their plans for Aurea, a luxurious apartment tower as part of the Golden Mile Singapore mixed-use development. The development, designed by DP Architects, will feature 188 units spread across 45 storeys with a site area of 144,908 sq ft. It will also have a link bridge connecting it to the neighboring commercial building, The Golden Mile, which has been conserved for its architectural significance. This marked the first collective sale and conservation of a building in Singapore when it was purchased by Perennial Holdings and Far East Organization for $700 million in May 2022.
Located in the prime District 7 in the Downtown Core, Aurea and The Golden Mile are part of the Core Central Region (CCR). According to Shaw Lay See, Chief Operating Officer of Far East Organization’s sales & leasing group, the exclusive address is expected to attract discerning individuals and families who appreciate the exclusivity of a prime Downtown Core address.
The preview for Aurea, which is by appointment only, will start on February 22nd with the official launch on March 8th. Prices for the apartments start at $2,750 psf, with two-bedroom units at 646 sq ft starting from $1.92 million ($2,972 psf).
The units in Aurea consist of a variety of layouts, 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, five-bedroom units from 2,863 sq ft to 3,251 sq ft, and two exclusive penthouses – a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft. The larger units will feature private lift access, and the triplex penthouse will also have a private pool, catering to the affluent lifestyles of CCR homebuyers, according to Marcus Chu, CEO of ERA Singapore.
On the other hand, the smaller two- and three-bedroom units make up 60% of the apartments in Aurea, which are expected to appeal to both homebuyers and investors, adds Chu.
Residents of Aurea can enjoy the various facilities such as two infinity pools, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions to host guests. The sky terraces on levels 17 and 33 will offer stunning views of the CBD skyline, Marina Bay, and Kallang waterfront.
According to Ken Low, Managing Partner at SRI, today’s homebuyers are looking for more than just a great location – they want a home that enhances their daily lives with thoughtful design and inspiring facilities. Aurea aims to cater to these needs and more.
The 156 strata office units and 19 medical suites at The Golden Mile were launched for sale in December 2024. Perennial and Far East Organization, the joint venture partners, plan to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. According to PropNex CEO Ismail Gafoor, the iconic former Golden Mile Complex has the potential to attract buyers, especially for its office space. He adds that buyers today prioritize quality projects with convenient access to essential amenities and an MRT station. The Golden Mile is linked to the Nicoll Highway MRT Station via an overhead bridge.
The last launch in the Beach Road neighborhood of District 7 was Midtown Modern, a 558-unit development in 2021, with all units sold at an average price of $2,825 psf. The project is expected to obtain TOP sometime this year. Its launch was preceded by the neighboring 522-unit The M in 2020, also 100% sold at an average price of $2,528 psf and completed in March 2024. Another development in the area, Midtown Bay at Guoco Midtown, was completed last year, with about 63% of its 219 units taken up as of February 5th, at an average price of $3,090 psf.
When considering investing in Singapore condos, it is crucial to take into account the government’s property cooling measures. In an effort to maintain a stable real estate market and deter speculative buying, the Singaporean government has implemented various measures over the years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may have a short-term impact on the profitability of condo investments, they also contribute to the long-term stability of the market, creating a safer investment environment. It is essential to be aware of these measures when considering investing in Singapore condos.
Given Aurea’s location, upscale residences, and The Golden Mile’s iconic status, PropNex’s CEO Gafoor predicts that the apartment units could see prices exceed $3,000 psf. He also believes that there will be a high level of interest from prospective homebuyers and investors due to the pent-up demand for new homes in the area.
Aurea is expected to be completed in the second quarter of 2029. Interested buyers can check out the latest listings for Aurea properties or ask Buddy for more information.