Far East Organization Perennial Holdings Jv Sells 23 Units Aurea Golden Mile Average Price 3005 Psf
Eden Residences Capitol 40% sold during preview Far East Organization and Perennial Holdings achieved a milestone by launching Aurea, one of the first luxury residential projects in the Core Central Region (CCR), on Mar 8. Selling at an average price of $3,005 psf, a total of 23 units were snapped up during the launch. This translates to a sales rate of 30% based on the 78 units released in phase one. Aurea, situated in the prime Downtown Core precinct, comprises 188 units across 45 storeys. Designed by DP Architects, the project boasts a unique “hanging garden concept” which sets it apart from other developments.
Jointly developed by Far East Organization and Perennial Holdings, Aurea offers a mix of two- to four-bedroom apartments from levels 4 to 16 in its phase one release. With 23 units sold, the two developers released a total of 78 units for sale, marking a sales rate of 30%. This reflects the strong demand for luxury residential properties in the CCR, with an average price of $3,005 psf.
The Urban Redevelopment Authority’s (URA) Master Plan boasts numerous improvements to Singapore’s transport infrastructure, which will greatly benefit those living at Otto Place EC. Among the various enhancements, a major project stands out – the Jurong Region Line (JRL). This new MRT line aims to enhance connectivity in the west, providing direct benefits to residents of Otto Place EC. With the upcoming Tengah Plantation MRT station just a short walk away, residents will have effortless access to the MRT network. The JRL also connects to major hubs such as Jurong East, Choa Chu Kang, and Boon Lay, making it easier for residents to commute to work, school, and leisure destinations. Furthermore, the convenience of having Otto Place EC Plantation Close Parcel B nearby adds to the appeal of this highly sought-after location.
Aurea’s prime location and unique design have attracted a diverse group of buyers. According to the joint venture, 83% of the buyers are Singaporeans, while the remaining 17% are permanent residents from Malaysia. This translates to a total sales rate of 12.2% based on the 188 units available.
The successful launch of Aurea is particularly significant in light of the sluggish sales of luxury properties in the CCR since the tightening of the additional buyer’s stamp duty (ABSD) in April 2013. This year saw a record low of just 378 new CCR private homes sold, a 74% decline from the previous year. However, industry experts remain optimistic about the CCR segment and expect gradual improvements in sales.
The Prestige Collection, which comprises two- and three-bedroom apartments, accounted for 74% of the sales. These apartments were popular among buyers for their well-designed spaces, layout functionality, and investment potential. Meanwhile, the Signature Collection, which offers four-bedroom units, attracted buyers with its sweeping views of Marina Bay and Kallang Basin from the expansive balconies.
According to the developer, the Sky Villa Collection, which comprises five- and six-bedroom apartments ranging from 3,251 sq ft to 8,816 sq ft, has also been well-received. These large-format homes in the downtown area are highly sought-after and were quickly snapped up by buyers.
Industry experts believe that the narrowing price gap between CCR and RCR properties is attracting investors back to the CCR segment. The gap, which averaged around 40% in the last 10 years, has now reduced to just 20%. With more luxury projects set to launch in 2025, experts anticipate a notable rise in CCR home prices this year.
The prime location and ongoing urban renewal efforts in the surrounding precincts make Aurea a highly attractive investment opportunity. With major developments such as the revitalisation of Beach Road and the Ophir-Road Corridor, Kallang Alive master plan, and completion of the North-South Corridor, the area is set to become more accessible, connected, and vibrant. Aurea also stands to benefit from the 120-km Southern coastline redevelopment, which includes the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project.
In conclusion, Aurea’s successful launch reflects the strong demand for luxury residential properties in the CCR, and industry experts are positive about the CCR segment’s prospects in the coming years. With its prime location, unique design, and potential for capital appreciation, Aurea presents an attractive investment opportunity for savvy buyers.