Aurea, a luxury apartment tower, was recently announced as part of the Golden Mile Singapore mixed-use development along Beach Road. On Feb 6, the joint venture partners Perennial Holdings and Far East Organization unveiled the plans for this 45-storey, 188-unit tower, which is designed by DP Architects and occupies a site area of 144,908 sq ft.
The Golden Mile, formerly known as Golden Mile Complex, has been conserved for its architectural heritage and is a commercial building with a mix of retail space, medical suites and offices. Perennial Holdings and Far East Organization purchased the building en bloc for $700 million in May 2022, marking the first collective sale and conservation of a building.
According to Shaw Lay See, chief operating officer at Far East Organization’s sales & leasing group, Aurea, with its prime address in District 7 and the Downtown Core, is expected to attract strong interest from individuals and families who appreciate the exclusivity of a prime location.
The preview for Aurea, which will be by appointment only, is set to begin on Feb 22, with the official launch on Mar 8. Prices for the apartments will start from $2,750 psf, with two-bedroom units of 646 sq ft starting at $1.92 million ($2,972 psf).
The apartments at Aurea consist of a variety of unit types, including two- and three-bedroom apartments (from 635 sq ft to 1,001 sq ft), four-bedroom units (from 1,442 sq ft to 1,798 sq ft), five-bedroom units (from 2,863 sq ft to 3,251 sq ft), and two exclusive penthouses (a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft). The four-bedroom units and penthouses will have private lift access, and the triplex penthouse will also come with a private pool. These larger units are expected to appeal to affluent buyers in the Core Central Region (CCR), according to Marcus Chu, CEO of ERA Singapore.
The majority of the apartments at Aurea (60%) consist of two- and three-bedroom units, which are expected to appeal to both homebuyers and investors, says Chu.
Residents at Aurea will have access to various facilities, such as two infinity pools (located on levels three and 33), a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions. Sky terraces on levels 17 and 33 will also offer panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront.
When it comes to investing in Singapore’s real estate, it is crucial for foreign investors to be knowledgeable about the regulations and limitations surrounding property ownership. In general, foreigners have more leeway when purchasing condos compared to landed properties, which have stricter ownership criteria. However, foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD), currently set at 20%, for their first property purchase. Despite this extra expense, the stability and promising growth potential of the Singapore real estate market continue to attract foreign investments, making it an attractive option for those interested in owning a Singapore condo.
Ken Low, managing partner at SRI, believes that today’s homebuyers are looking for more than just a great location; they want a home that enhances their daily lives. Aurea offers just that with its well-designed units, convenient location, and top-notch facilities.
The commercial space at The Golden Mile, comprising 156 strata office units and 19 medical suites, was launched for sale in December 2024. The joint venture partners plan to retain ownership of the two-storey retail atrium to curate the tenant mix.
According to PropNex CEO Ismail Gafoor, the iconic Golden Mile Complex has a lot of potential, especially for the office space. He adds that today’s buyers prioritize quality projects with convenient access to essential amenities and an MRT station. The Golden Mile is conveniently linked to the Nicoll Highway MRT Station through an existing overhead bridge.
The last launch in the Beach Road neighborhood of District 7 was Midtown Modern, a 558-unit development that is now completely sold at an average price of $2,825 psf. Its neighbor, The M, a 522-unit development, was launched in 2020 and had a 100% sell-out rate at an average price of $2,528 psf. Midtown Bay, a 219-unit development at Guoco Midtown was completed recently, with about 63% of the units taken up at an average price of $3,090 psf since its launch in 2019.
Given its location, upscale residences, and iconic heritage, PropNex’s CEO Gafoor predicts that Aurea’s units could cross the $3,000 psf mark. He believes that the project will attract healthy interest among homebuyers and investors, given the high demand for new homes in the area.
Aurea is expected to be completed in 2Q2029.