Get a glimpse of beachfront living at Amber Park’s show suitesSource: EdgeProp ResearchLaunched for sale on Mar 8, Aurea is among the first few luxury residential projects offered in Singapore’s Core Central Region (CCR) in the first quarter of the year 2025. Developed as a joint venture between Far East Organization and Perennial Holdings, the project has already sold 23 units at an average price of $3,005 per square foot (psf).Phase one of the development includes 78 units that feature a mix of two- to four-bedroom apartments, located on levels 4 to 16. This translates to a sales rate of 30% based on the 78 units that were released in this phase. Aurea boasts a total of 188 units spread across 45 storeys, and was designed by DP Architects with a unique “hanging garden concept.” It is 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 are locals, while the remaining 17% are permanent residents from Malaysia.In terms of total units, the sales rate stands at approximately 12.2%. Mark Yip, CEO of Huttons Asia, notes that CCR projects usually sell between 10% to 30% of their units during the launch weekend, as they do not attract HDB upgraders like suburban projects. PropNex CEO Ismail Gafoor considers Aurea’s sales “encouraging,” given the lacklustre sales of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. He notes that the doubling of the ABSD rate for foreigners to 60% has cooled interest for CCR homes, leading to the lowest number of new CCR private homes sold in 2024, at just 378 units – a 74% drop from the 1,454 units sold in 2023.However, Gafoor believes that the take-up for CCR homes will improve over time. He notes that CCR projects tend to gradually transact units over several months, as opposed to the blockbuster sales seen in some Rest of Central Region (RCR) and Outside Central Region (OCR) projects. He believes that CCR properties have a niche market of buyers seeking luxury homes and the finer things in life.According to the joint developers, the Prestige Collection – which features two- and three-bedroom apartments – accounted for 74% of the sales. The buyers were attracted to the apartments’ well-designed spaces, functionality, and investment potential. The four-bedroom units from the Signature Collection were also popular, thanks to their expansive balconies with views of Marina Bay and Kallang Basin. The Sky Villa Collection features 18 five-bedroom apartments and two six-bedroom penthouses, with the largest spanning 8,816 sq ft. With such large-format homes in the downtown area being scarce, they were well-received by buyers.In recent years, the price gap between private residential properties in the CCR and the Rest of Central Region has narrowed significantly. Ken Low, managing partner of SRI, notes that the difference averaged around 40% over the past decade, but has now closed to 20% across all properties regardless of tenure. Marcus Chu, CEO of ERA Singapore, notes that CCR price growth has lagged behind RCR and OCR in recent years due to fewer new home launches. He expects around nine CCR launches in 2025, which will drive up CCR home prices due to increased luxury property launches. He believes investors may shift their focus back to CCR due to the narrowing price gap between CCR and RCR properties.The prime location of Aurea also positions it for favourable growth, with ongoing urban renewal efforts in the surrounding areas. It will benefit from major infrastructural and lifestyle upgrades, such as the revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor. Huttons’ Yip also expects Aurea to benefit from the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project, which stretch across 120 kilometres of the southern coastline of Singapore.
It is crucial for international investors to be well-informed about the regulations and limitations surrounding property ownership in Singapore. While condos are generally more accessible for foreign purchasers, stringent ownership rules apply to landed properties. Additionally, foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD) at a rate of 20% for their initial property acquisition. However, the stability and potential for growth in the Singapore real estate market remain highly attractive to foreign investors, making Singapore Condo a desirable option.
When contemplating an investment in a condominium, it is imperative to also evaluate the potential rental yield. Rental yield refers to the annual rental income in relation to the property’s purchase price. In Singapore, condo rental yields can differ significantly based on factors such as location, property condition, and market demand. Generally, areas with a high demand for rentals, such as those near business districts or educational institutions, offer more attractive rental yields. Thoroughly researching the market and seeking advice from real estate agents can provide valuable insights into the rental potential for a specific condo. To further assist with this process, consider checking out some popular Singapore Projects.