Obtaining financing is a crucial component when investing in a condominium. In Singapore, there are various mortgage choices available, but it is vital to consider the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the loan amount that a borrower can take based on their income and current debt commitments. Being familiar with the TDSR and seeking guidance from financial advisors or mortgage brokers can assist investors in making sound choices regarding their financing options, preventing excessive borrowing. Singapore Projects should also be taken into consideration during this process.
by private treatyFar East Consortium International’s managing director, Angus Henderson, points out Aurea’s location offers an appealing blend of the old and new. “We are delighted to present Aurea, which is not just primed to be the focal point of the Icon on Beach Road, but also part of the larger urban transformation happening in the vicinity. Our intention was to create a harmonious juxtaposition of the old and the new, the historical and the modern,” he says.Aurea, a luxury residential project located in Singapore’s Core Central Region (CCR), was launched for sale on March 8. This development, a joint venture between Far East Organization and Perennial Holdings, comprises a total of 188 units across 45 storeys. The joint developers released 78 units for sale in phase one, which consists of a mix of two- to four-bedroom apartments from levels 4 to 16. The first phase proved to be a success, with 23 units sold at an average price of $3,005 per square foot (psf).This translates to a sales rate of 30% based on the 78 units released in phase one. The majority of the buyers at Aurea are Singaporeans, making up 83% of the total sales, with Malaysian permanent residents (PRs) accounting for the remaining 17%. The sales percentage based on the total of 188 units sold is approximately 12.2%.According to experts in the real estate industry, the sales performance of Aurea is impressive, considering the current market conditions for luxury properties in the CCR. Since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023, sales for luxury properties in the CCR have been lacklustre. In fact, developers only sold 378 new private homes in the CCR in 2024, which is a significant decrease of 74% from the 1,454 units sold in 2023.The success of Aurea can also be attributed to its prime location and unique design. The project, designed by DP Architects, boasts a “hanging garden concept” and is the first new private condominium connected to a mixed-use development that was sold en bloc and conserved. It is now known as Golden Mile Singapore, adding to its appeal.According to the joint venture, the two- and three-bedroom apartments in the Prestige Collection were the best sellers, accounting for 74% of the total sales. These apartments were particularly attractive to buyers due to their well-designed spaces, functionality, and potential as an investment opportunity. The four-bedroom units in the Signature Collection also garnered attention, with their expansive balconies that offer sweeping views of both the Marina Bay and Kallang Basin.The Sky Villa Collection, which consists of 18 five-bedroom apartments of up to 3,251 square feet and two exclusive six-bedroom penthouses of up to 8,816 square feet, was also in demand. According to Shaw Lay See, COO of Far East Organization’s sales & leasing group, the large-format homes in the downtown area are hard to find, making them highly attractive to potential buyers. She also notes that the project’s unique blend of heritage and modern sophistication has captured the attention of many buyers, with its magnificent views and prime location being significant selling points.Aurea’s success can also be attributed to Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades in the surrounding precincts. The revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor are set to enhance accessibility, connectivity, and vibrancy in this key city district. This transformation is expected to benefit Aurea, further adding to its appeal as a luxury residence.Angus Henderson, managing director of Far East Consortium International, points out that Aurea’s location offers a perfect blend of the old and new, making it a unique and highly desirable place to live. “We are delighted to present Aurea, which is not just primed to be the focal point of the Icon on Beach Road, but also part of the larger urban transformation happening in the vicinity,” he says. “Our intention was to create a harmonious juxtaposition of the old and the new, the historical and the modern.”Overall, Aurea’s successful launch and sales rate are indicative of the strong demand for luxury properties in the CCR and the potential for growth in this segment. With the gap between private residential properties in the CCR and the RCR narrowing in recent years and more new luxury homes expected to be launched in 2025, experts believe that CCR properties will once again become a top choice for savvy investors who seek to enjoy the “finer things in life”.