The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Offering a combination of opulence and convenience, condos are a sought-after choice for both locals and foreigners due to their prime locations. These residential complexes boast a variety of facilities including swimming pools, fitness centers, and 24-hour security services, elevating the standard of living and making them highly desirable for potential renters and buyers. Additionally, for investors, these amenities result in greater rental returns and a steady appreciation in condo values over time.
On February 6, Perennial Holdings and Far East Organization announced plans for Aurea, a high-end residential tower located within the Golden Mile Singapore mixed-use development on Beach Road. The impressive 45-story tower, designed by DP Architects, will feature 188 units spanning a site area of 144,908 square feet. A link bridge will connect the tower to the neighboring The Golden Mile, a commercial building with a combination of retail spaces, medical suites, and offices.
The Golden Mile, formerly known as the Golden Mile Complex, is a conserved building that holds significant architectural heritage. It was also the first building to undergo a collective sale and conservation in Singapore. In May of 2022, Perennial Holdings and Far East Organization acquired the building en bloc for $700 million.
The Aurea is situated in prime District 7 within the Downtown Core, making it part of the Core Central Region (CCR). “Based on its location on Beach Road, we expect strong demand from discerning individuals and families who appreciate the exclusivity of a prime downtown address,” says Shaw Lay See, Chief Operating Officer of Far East Organization’s sales and leasing group.
One major factor to take into account when considering investing in condos in Singapore is the government’s property cooling policies. In order to maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on both foreign buyers and those purchasing multiple properties. While these policies may have an impact on the immediate profitability of condo investments, they also contribute to the long-term stability of the market, creating a more secure Condo investment environment.
The preview for Aurea, which is by appointment only, will begin on February 22, with the official launch set for March 8. The apartments will have a starting price of $2,750 per square foot. This translates to a starting price of $1.92 million (or $2,972 per square foot) for the two-bedroom units, which have a size of 646 square feet.
The residences within Aurea consist of various unit types, including 112 two- and three-bedroom apartments ranging between 635 to 1,001 square feet, 56 four-bedroom units between 1,442 and 1,798 square feet, and 18 five-bedroom units ranging between 2,863 and 3,251 square feet. Additionally, there are two exclusive penthouses, a six-bedroom duplex spanning 5,608 square feet, and a six-bedroom triplex of 8,816 square feet. The larger four-bedroom units and the penthouses will feature private lift access, with the triplex penthouse also boasting a private pool. Marcus Chu, CEO of ERA Singapore, comments that these larger units are in line with the affluent lifestyles of CCR homebuyers.
On top of the luxurious residences, Aurea will offer a range of facilities for its residents, including two infinity pools on the third and 33rd floors, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions for hosting guests. The sky terraces on the 17th and 33rd floors promise panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront. “Nowadays, homebuyers are looking for more than just an excellent location,” notes Ken Low, Managing Partner of SRI. “They want a home that enhances their daily lives – one that is well-designed, easy to navigate, and offers facilities or spaces that inspire. Aurea ticks all these boxes.”
Meanwhile, The Golden Mile also boasts 156 strata office units and 19 medical suites, which were launched for sale in December 2024. Perennial and Far East, the joint-venture partners, intend to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. According to PropNex CEO Ismail Gafoor, “The former Golden Mile Complex is iconic, and the potential of the commercial space, particularly the office space, may attract buyers.” He adds that buyers are now prioritizing quality projects located near an MRT station with convenient access to essential amenities. Fortunately, The Golden Mile is just 1km from the Kallang Alive Precinct, the Bras Basah-Bugis district, and a 10-minute drive from the CBD. Additionally, it has easy access to major roadways such as Nicoll Highway, East Coast Parkway, and Kallang-Paya Lebar Expressway.
The last launch in the District 7 Beach Road neighborhood was the Midtown Modern, which featured 558 units and was fully sold with an average price of $2,825 per square foot. Its completion is expected to take place sometime this year. The M, a neighboring 522-unit project, was launched in 2020 and is now also fully sold, with an average price of $2,528 per square foot. It was completed in March 2024. Another project, Midtown Bay at Guoco Midtown, featuring 219 units, was completed last year. As of February 5, 63% of the units have been taken up at an average price of $3,090 per square foot.
Given Aurea’s prime location, high-end residences, and The Golden Mile’s historical significance, PropNex CEO Gafoor estimates that the apartment units’ prices could exceed $3,000 per square foot. “As most of the units in past launches in the district have been sold, we believe Aurea may experience pent-up demand for new homes in the area and attract considerable interest from prospective homebuyers and investors,” he adds.
The Aurea is expected to be completed in the second quarter of 2029, and interested buyers can check out the latest listings for Aurea properties online.