It is crucial for international investors to have a solid understanding of the rules and limitations surrounding property ownership in Singapore. While the purchase of condos is generally less restricted for foreigners, landed properties have stricter regulations in place. Moreover, foreign buyers must also be aware of the Additional Buyer’s Stamp Duty (ABSD) of 20% that applies to their first property purchase. Despite these added expenses, the consistently stable and promising growth of the Singapore real estate market remains a major draw for foreign investment. With the inclusion of Singapore Projects, this country continues to be a highly sought-after destination for international investors.
Perennial Holdings and Far East Organization have just announced their latest project, Aurea, on Feb 6. This luxury apartment tower will be part of the Golden Mile Singapore mixed-use development situated along Beach Road.
Designed by DP Architects, Aurea boasts a total of 188 units spread across its 45-storey new residential tower. Occupying a site area of 144,908 sq ft, the development is also connected to The Golden Mile, a commercial building that features a mix of retail space, medical suites, and offices, through a link bridge.
Formerly known as Golden Mile Complex, The Golden Mile is a conserved building that holds great architectural heritage. It has the distinct honor of being the first collective sale and conservation of a building. The building was purchased en bloc for a whopping $700 million in May 2022 by Perennial Holdings and Far East Organization.
Given its prime location in District 7 in the Downtown Core and part of the Core Central Region (CCR), Aurea and The Golden Mile are expected to attract a lot of interest from discerning individuals and families who prioritize exclusivity.
The preview for Aurea, which will be by appointment only, is scheduled to start on Feb 22, with the official launch on Mar 8. The apartments are priced from $2,750 psf. For example, a two-bedroom unit with 646 sq ft will start from $1.92 million (equivalent to $2,972 psf).
Aurea offers a variety of unit types, including two- and three-bedroom apartments (112 units) ranging from 635 sq ft to 1,001 sq ft, four-bedroom units (56 units) ranging from 1,442 sq ft to 1,798 sq ft, and five-bedroom units (18 units) ranging from 2,863 sq ft to 3,251 sq ft. Additionally, there are two exclusive penthouses – a six-bedroom duplex of 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft. The larger units and penthouses will have private lift access, and the triplex penthouse will also have a private pool.
Marcus Chu, CEO of ERA Singapore, believes that these larger units and penthouses are perfect for CCR homebuyers who lead affluent lifestyles. On the other hand, 60% of the units at Aurea are two- and three-bedroom units, which are expected to appeal to both homebuyers and investors.
Residents at Aurea will have access to a range of facilities, including two infinity pools on levels three and 33, a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions. The sky terraces on levels 17 and 33 offer breathtaking views of the CBD skyline, Marina Bay, and the Kallang waterfront.
According to Ken Low, managing partner at SRI, homebuyers today are looking for more than just a great location. They want a home that enhances their daily lives, is thoughtfully designed, and offers inspiring facilities and spaces – and Aurea delivers on all these fronts.
The Golden Mile also has a lot to offer, with 156 strata office units and 19 medical suites launched for sale in December 2024. The joint venture partners – Perennial and Far East – plan to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. Ismail Gafoor, CEO of PropNex, believes that the iconic heritage of the former Golden Mile Complex, coupled with the potential of the commercial space, especially office space, will attract buyers.
Gafoor adds that buyers today prioritize quality projects located near MRT stations and 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. The development also has easy access to major roadways such as Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE).
The last launch in the Beach Road neighborhood of District 7 was Midtown Modern, a 558-unit development, in 2021. All units at Midtown Modern were sold as of Dec 2024, with an average price of around $2,825 psf, and the project is set to obtain TOP (Temporary Occupation Permit) sometime this year. Prior to Midtown Modern, The M, a neighboring 522-unit development, was launched in 2020 and is now 100% sold at an average price of $2,528 psf. The 219-unit Midtown Bay at Guoco Midtown was completed last year, and about 63% of the units have been sold since its launch in 2019, at an average price of $3,090 psf.
Gafoor estimates that prices of the apartment units at Aurea will exceed $3,000 psf due to its prime location, upscale residences, and the architectural heritage of Golden Mile Singapore. He also believes that the development will receive a lot of interest from prospective homebuyers and investors due to the previous launches in the district being sold out.
The expected completion date for Aurea is 2Q2029. Interested buyers can check out the latest listings for Aurea properties and get in touch with Ask Buddy for more information.…