Aurea, a luxurious residential project in the Core Central Region (CCR), made its highly-anticipated debut on Mar 8. The joint development by Far East Organization and Perennial Holdings has successfully sold 23 units at an average price of $3,005 per square foot (psf) since its launch in 1Q2025.This is one of the first luxury projects to be launched in the CCR this year and marks a significant milestone in the real estate market. A total of 78 units were released for sale in phase one, comprising a mix of two- to four-bedroom apartments from levels 4 to 16. With 23 units sold, the sales rate stands at about 30% based on the units released in phase one.Aurea boasts 188 units across 45 storeys and was designed by DP Architects with a “hanging garden concept”. It stands out as the first new private condominium connected to a mixed-use development that was sold en bloc and conserved, which is now known collectively as Golden Mile Singapore.According to the developers, 83% of the buyers at Aurea are Singaporeans, with permanent residents (PRs) from Malaysia making up the remaining 17%. This translates to a sales rate of about 12.2% based on the total of 188 units. Mark Yip, CEO of Huttons Asia, notes that “CCR projects usually sell around 10% to 30% of their units during the launch weekend as they lack the large pool of HDB upgraders that suburban projects attract”.However, PropNex CEO Ismail Gafoor considers the sales at Aurea as “encouraging”, especially in light of the “mostly lacklustre sales” of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. “The doubling of the ABSD rate for foreigners to 60% has significantly cooled interest for CCR homes,” he explains. “In fact, developers sold the fewest new CCR private homes on record in 2024, at just 378 units – down by 74% from 1,454 units in 2023.”However, Gafoor believes that the take-up rate in the CCR segment will gradually improve. “We have observed that CCR projects tend to transact units steadily over many months rather than achieve blockbuster sales over the launch weekend, unlike some Rest of Central Region (RCR) and Outside Central Region (OCR) projects,” he says. “CCR homes are targeted at a niche market of buyers seeking a luxurious home and the finer things in life.”In terms of unit types, the two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales, highlighting the appeal of these units’ well-designed spaces, functionality and investment potential. The four-bedroom units from the Signature Collection were also popular among buyers for their “expansive balconies that open out to sweeping views of both the Marina Bay and Kallang Basin”, says the joint venture.”The positive response from buyers reflects their appreciation for the rare and exceptional opportunity to own a home in a luxurious development that beautifully blends heritage with modern sophistication,” comments Shaw Lay See, COO of Far East Organization’s sales & leasing group. “Many have shared that they are especially captivated by the magnificent views and recognise the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct,” she adds.The Sky Villa Collection comprises 18 five-bedroom apartments of up to 3,251 sq ft and two exclusive six-bedroom penthouses of up to 8,816 sq ft. “Such large-format homes in the downtown area are hard to find,” says Shaw.Low notes that the price gap between private residential properties in the CCR and the Rest of Central Region (RCR) has been narrowing in recent years. According to him, the historical average difference between the two regions over the past 10 years was approximately 40%. However, it has since narrowed to about 20% across all properties, regardless of tenure. This indicates that buyers are increasingly willing to pay a premium for the prime location of CCR properties and the luxury lifestyle that comes with it.Marcus Chu, CEO of ERA Singapore, adds that CCR price growth has lagged behind other regions such as RCR and OCR in recent years due to comparatively fewer new home launches. However, with an expected nine CCR launches this year, Chu predicts that the high-end segment will see a notable rise in home prices. The increased launches would attract more high-end buyers, thus driving up prices.”Savvy investors may shift their focus back to CCR properties once again since the price gap between CCR and RCR has narrowed from 50% in 2018 to 10% in 2024. As more luxury projects enter the market, we can also expect the gap to widen,” says Chu.”Aurea is primed to benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades in the surrounding precincts,” notes SRI’s Low. These include the revitalisation of the Beach Road and Ophir-Road Corridor, the Kallang Alive masterplan and the upcoming completion of the North-South Corridor, aimed at enhancing accessibility, connectivity, and vibrancy in the prime city district.”The condominium is also situated at the doorstep of one of the largest transformation projects in Singapore,” he adds. Huttons’ Yip echoes this sentiment, noting that Aurea will also benefit from the 120-km Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin and the future Long Island project.