Aurea, the latest luxury residential project in Singapore’s Core Central Region (CCR), has officially launched for sale on March 8, 2025. Developed jointly by Far East Organization and Perennial Holdings, the project has already sold 23 units at an average price of $3,005 per square foot (psf).
The first phase of the project, which consists of 78 units ranging from two to four bedrooms on levels 4 to 16, has been met with a sales rate of 30%. This phase was just a fraction of the total 188 units available across 45 floors. Designed by DP Architects, Aurea stands out with its “hanging garden concept” and is the first private condominium built connected to a mixed-use development.
According to the developers, Singaporeans make up 83% of the buyers at Aurea, with the remaining 17% being permanent residents (PRs) from Malaysia. Considering the total of 188 units, this translates to a sales rate of about 12.2%. Mark Yip, CEO of Huttons Asia, explains that CCR projects typically sell between 10% and 30% of their units during the launch weekend, as they do not attract the large pool of HDB upgraders that suburban projects do.
PropNex CEO Ismail Gafoor also views Aurea’s sales as “encouraging”, given the largely underwhelming sales of CCR projects since the additional buyer’s stamp duty (ABSD) measure was tightened in April 2023. “The doubling of the ABSD rate for foreigners to 60% has significantly cooled interest for CCR homes,” he says. “In 2024, developers only managed to sell 378 new CCR private homes, a steep decline of 74% from the 1,454 units sold in 2023.”
However, Gafoor predicts that the sales in the CCR segment will pick up gradually. “We have observed that CCR projects tend to have steady unit transactions over several months, rather than blockbuster sales during the launch weekend, unlike some projects in the Rest of Central Region (RCR) and Outside Central Region (OCR),” he says. “CCR homes cater to a niche market that seeks luxurious living and the finer things in life.”
The Prestige Collection, consisting of two and three-bedroom apartments, accounted for 74% of the sales, according to the developers. These units were popular for their well-designed spaces, functionality, and investment potential. The Signature Collection, which includes four-bedroom units, was also highly sought-after for its sweeping views of Marina Bay and Kallang Basin from the expansive balconies, as noted by the joint venture.
“The great response from buyers reflects their appreciation for the unique opportunity to own a home in a luxurious development that seamlessly combines heritage and modern sophistication,” explains Shaw Lay See, COO of Far East Organization’s sales & leasing group. “Many have shared that they are especially captivated by the magnificent views and recognize the value of being part of the exciting transformation of this prime Downtown Core precinct.”
The Sky Villa Collection comprises 18 five-bedroom apartments, ranging up to 3,251 square feet, and two exclusive six-bedroom penthouses, ranging up to 8,816 square feet. “It is rare to find such spacious homes in the downtown area,” comments Shaw.
Ken Low, managing partner of SRI, points out that the price gap between private residential properties in the CCR and RCR has significantly reduced in recent years. “In the past 10 years, the difference averaged around 40%, but it has now decreased to about 20% across all properties, regardless of tenure.”
Marcus Chu, CEO of ERA Singapore, notes that CCR price growth has fallen behind RCR and OCR in recent years due to fewer new home launches. However, with nine CCR launches expected in 2025, he predicts a notable rise in CCR home prices this year due to market dynamics and an increase in luxury project launches.
Investing in condos in Singapore comes with its own set of considerations, one of them being the government’s property cooling measures. In order to ensure a stable real estate market, the Singaporean government has implemented various measures over the years to discourage speculative buying. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and those purchasing multiple properties. While they may have a temporary impact on the profitability of condo investments, these measures ultimately contribute to the long-term stability of the market, making it a more secure investment environment. Therefore, when considering a condo investment in Singapore, it is crucial to take into account the government’s regulations, such as the ABSD, to make an informed investment decision. To learn more about condos in Singapore, visit Condo.
“Savvy investors may once again focus on the CCR, as the gap in non-landed new homes prices between the CCR and RCR has shrunk from 50% in 2018 to 10% in 2024, with expectations that the gap may widen again with the introduction of more new luxury homes,” adds Chu.
SRI’s Low believes that Aurea will benefit from Singapore’s ongoing urban renewal efforts, with major infrastructure and lifestyle upgrades in the surrounding areas. “The rejuvenation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor will enhance accessibility, connectivity, and vibrancy in this key city district,” he observes.
“Aurea is also situated at the doorstep of probably the largest transformation in Singapore,” notes Huttons’ Yip. He believes that it will also benefit from the Southern coastline development, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project.