Perennial Holdings and Far East Organization have announced the development of Aurea, a new luxury apartment complex located at Golden Mile Singapore on Beach Road. The project, which is part of the mixed-use development, will feature 188 units spread across a 45-storey residential tower. Designed by DP Architects, the tower occupies a site area of 144,908 sq ft and is slated to be completed in 2Q2029.
Aurea will be connected to the neighboring The Golden Mile – a commercial building featuring a mix of retail space, medical suites, and offices – via a link bridge. The Golden Mile, formerly known as Golden Mile Complex, has been conserved for its architectural heritage, making it the first collective sale and conservation of a building. The joint venture partners, Perennial Holdings and Far East Organization, had acquired the building en bloc for $700 million in May 2022.
Located in the prime District 7 of the Downtown Core and the Core Central Region, the project is expected to attract strong interest from discerning individuals and families who appreciate a prime Downtown Core address. Far East Organization’s chief operating officer, Shaw Lay See, highlights this as a key factor in the project’s potential success.
The preview for the appointment-only preview of Aurea is set to begin on Feb 22, followed by the launch on Mar 8. The apartments will have a starting price of $2,750 psf, with two-bedroom units measuring 646 sq ft starting from $1.92 million ($2,972 psf).
Aurea will offer a variety of unit types, including two- and three-bedroom units ranging from 635 sq ft to 1,001 sq ft (112 units), four-bedroom units from 1,442 sq ft to 1,798 sq ft (56 units), and five-bedroom units from 2,863 sq ft to 3,251 sq ft (18 units). The development will also include two exclusive penthouses: a six-bedroom duplex spanning 5,608 sq ft and a six-bedroom triplex spanning 8,816 sq ft. The larger four-bedroom and penthouse units will feature private lift access, with the triplex penthouse also coming with a private pool. The luxurious options are expected to complement the lifestyles of affluent homebuyers in the Core Central Region, according to Marcus Chu, CEO of ERA Singapore.
In December 2024, Perennial Holdings and Far East Organization launched 156 strata office units and 19 medical suites for sale at The Golden Mile. The joint venture partners plan to retain ownership of the revamped two-storey retail atrium to curate the tenant mix. The project’s potential for commercial space, especially office space, may also attract buyers, notes PropNex CEO Ismail Gafoor. He adds that today’s buyers prioritize quality projects in close proximity to an MRT station and convenient access to essential amenities. The Golden Mile is connected to the Nicoll Highway MRT station on the Circle Line via an existing overhead bridge.
Apart from the convenient location and easy access to major roadways like Nicoll Highway, East Coast Parkway (ECP), and Kallang-Paya Lebar Expressway (KPE), Golden Mile Singapore is also situated 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. All units at Midtown Modern have been sold as of Dec 2024, with an average price of about $2,825 psf. The project is scheduled for TOP sometime this year. The M, a neighboring 522-unit project, was launched in 2020 and is also 100% sold at an average price of $2,528 psf. Completed in March 2024, Midtown Modern precedes The M development.
The 219-unit Midtown Bay at Guoco Midtown was completed last year, with about 63% of the units sold since its debut in 2019 at an average price of $3,090 psf.
Given Aurea’s location, upscale residences, and Singapore’s architectural heritage at the Golden Mile, PropNex’s CEO Gafoor estimates that apartment unit prices could exceed $3,000 psf. He predicts that Aurea will attract healthy interest among prospective homebuyers and investors, given the pent-up demand for new homes in the area.
The project is expected to be completed in 2Q2029, offering a variety of luxurious facilities for residents, including two infinity pools on levels three and 33, a gymnasium, a bouldering wall, and spa facilities. There will also be an indoor lounge and multiple dining pavilions for hosting guests. Moreover, sky terraces on levels 17 and 33 are expected to provide panoramic views of the CBD skyline, Marina Bay, and the Kallang waterfront.
The demand for condominiums in Singapore continues to thrive due to the limited availability of land in this densely populated country. As the population continues to grow, Singapore faces the difficult challenge of finding suitable land for development. To address this issue, strict regulations have been put in place to manage land usage, creating a fiercely competitive real estate market. As a result, the prices of condominiums have steadily increased, making them a highly sought-after investment opportunity with the potential for significant value appreciation.
Ken Low, managing partner at SRI, notes that today’s homebuyers seek more than just a great location; they want a home that enhances their daily lives and is easy to get around. Besides, they also look for thoughtfully designed facilities and spaces that inspire, all of which the Aurea project offers, according to Low.