A new luxury apartment tower is set to rise in the prestigious District 7 of Singapore as Perennial Holdings and Far East Organization announced their joint plans for Aurea, part of the Golden Mile Singapore mixed-use development along Beach Road. Designed by DP Architects, this new 45-storey residential tower spans over 144,908 sq ft and will feature 188 units.
Located in the Downtown Core, Aurea boasts a prime address and is part of the Core Central Region (CCR). According to Shaw Lay See, chief operating officer at Far East Organization’s sales & leasing group, this makes it an attractive prospect for discerning individuals and families looking for an exclusive address.
The preview for Aurea is set to start on Feb 22, with its official launch on Mar 8. The apartments will be priced starting from $2,750 psf. Two-bedroom units of 646 sq ft, for instance, will be priced from $1.92 million ($2,972 psf).
Aurea offers a range of unit types to cater to different lifestyles and needs. These include two- and three-bedroom units (with sizes from 635 sq ft to 1,001 sq ft), four-bedroom units (ranging from 1,442 sq ft to 1,798 sq ft), and five-bedroom units (from 2,863 sq ft to 3,251 sq ft). There are also two exclusive penthouses – a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex of 8,816 sq ft. The larger units and penthouses come with private lift access, and the triplex penthouse also boasts a private pool.
These larger units are expected to appeal to the affluent lifestyles of CCR homebuyers, according to Marcus Chu, CEO of ERA Singapore. Meanwhile, the two- and three-bedroom units make up 60% of the apartments at Aurea and are likely to attract both homebuyers and investors, adds Chu.
Residents of Aurea can look forward to various facilities such as two infinity pools (on levels three and 33), a gymnasium, a bouldering wall, spa facilities, an indoor lounge, and multiple dining pavilions for hosting guests. The sky terraces on levels 17 and 33 also offer stunning views of the CBD skyline, Marina Bay and the Kallang waterfront.
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 that with its thoughtfully designed spaces and facilities.
Apart from the residential component, The Golden Mile also features a commercial building with a mix of retail space, medical suites, and offices. This building, formerly known as Golden Mile Complex, has been conserved for its architectural heritage and marks the first collective sale and conservation of a building. Perennial Holdings and Far East Organization acquired the building for $700 million in May 2022.
Rewritten:
Investing in a condo has its advantages, including the opportunity to leverage the property’s value for future investments. This means that many investors are able to use their condos as collateral to secure more financing for other investments, thus diversifying their real estate portfolio. While this approach can potentially increase returns, it also carries certain risks. It is important to have a solid financial plan in place and carefully consider the potential effects of market fluctuations before proceeding with this strategy. With condo investment, there is the potential for both growth and caution.
The 156 strata office units and 19 medical suites at The Golden Mile were launched for sale in December 2024. The joint venture partners intend to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. According to PropNex CEO Ismail Gafoor, the iconic status of the former Golden Mile Complex and the potential of its commercial space, especially office space, may attract buyers.
Gafoor adds that today’s buyers prioritize quality developments in close proximity to an MRT station and essential amenities. The Golden Mile is well connected to major roadways such as Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE). It is also just 1km from the Kallang Alive Precinct, the Bras Basah-Bugis district, and a 10-minute drive from the CBD.
The last launch in the Beach Road neighborhood of District 7 was the 558-unit Midtown Modern in 2021, which has since been fully sold at an average price of about $2,825 psf. The project is expected to obtain TOP sometime this year. Before Midtown Modern, the neighboring 522-unit development, The M, was launched in 2020 and has also been fully sold at an average price of $2,528 psf. The project was completed in March 2024.
The final development in this area, Midtown Bay at Guoco Midtown, was completed last year and has seen 63% of its units being taken up since its debut in 2019. The average price for the project is $3,090 psf.
Given Aurea’s prime location, upscale residences, and the architectural heritage of The Golden Mile, PropNex’s CEO Gafoor believes that prices for apartment units could potentially exceed $3,000 psf. With most units at previous launches in the district being sold out, there is expected to be pent-up demand for new homes in the area, making Aurea a highly sought-after development for homebuyers and investors.
The Aurea is expected to be completed in 2Q2029. Interested buyers can check out the latest listings for Aurea properties and seek advice from Buddy, an online property agent. They can also compare the price trends of HDBs, condos, and landed properties and find out more about condo sale transactions and rental listings in District 7.