Launched for sale on 8 March 2025, Aurea at Golden Mile saw 23 units sold out of the 78 released in the first phase. With an average price psf of S$3,005, the launch sales translate to nearly a 30% take-up rate. However, the units sold only represent around 12% of the total 188 units in the development.
This performance is starkly more modest compared to Lentor Central Residences and Aurelle of Tampines which launched on the same weekend. With these two other projects selling out rapidly, Aurea’s 12% take-up rate raises important questions about the state of Singapore’s high-end property market.
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A tough market for luxury homes
Aurea is located in the Core Central Region (CCR), a prime district where demand has been sluggish for some time. Since April 2023, the increased Additional Buyer’s Stamp Duty (ABSD) for foreigners to 60% has significantly dampened interest in the CCR high-end properties.
The transaction trend for new sales in the CCR has been decreasing over time, with 2024 alone recording only 434 sales. This number is around 70% lower than new sales recorded in 2023, where 1,507 new units changed hands.
The first quarter of 2025, however, has seen some signs of market recovery. Apart from Aurea launch sales, a total of 215 new sales have been recorded to date.
In Aurea’s case, the low take-up rate is not necessarily a sign of trouble. Unlike some properties in the Rest of Central Region (RCR) and Outside Central Region (OCR), luxury homes in the CCR tend to move at a different pace. Analysts pointed out that CCR projects usually sell around 10% to 30% of their units during the launch weekend.
Buyers in Aurea’s segment are often more selective and take longer to decide, focusing on quality, prestige, and long-term value rather than rushing in at launch. The 558-unit Midtown Modern, for instance, was launched in 2021 and only sold out in late 2024.
Disclaimer: Only certain parts of District 7 are considered within the CCR, and some may argue that Aurea is located in the RCR instead of CCR. But practically speaking, this project is close enough to the CCR to be advertised as such.
How Aurea stands out
Despite the low performance on launch weekend, Aurea’s unique selling points could drive demand over time. The project is part of the mixed-use Golden Mile Singapore within the conserved Golden Mile Complex.
Its proximity to Nicoll Highway MRT and key business districts, as well as panoramic views of Marina Bay and Kallang Basin, adds to its appeal. The “hanging garden” design by DP Architects also sets it apart from other high-end condos in the area.
According to the developer, 83% of the buyers at Aurea’s launch are Singaporeans, with permanent residents (PRs) from Malaysia making up the remaining 17%.
Unlike the usual CCR market, which is dominated by foreign buyers, Aurea’s compact units with relatively lower pricing appeal more to local buyers. It provides an accessible entry point into the region’s private property landscape.
The unit sold during the launch leans heavily towards 2- and 3-bedroom apartments, which made up over 70% of the sales. These units likely attracted those looking for functional living spaces with investment potential.
Read more: Is the 2-bedder at Aurea condo worth your S$1.92 million?
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Comparing performances with other new launches
Over the same weekend, the new launches in less central locations saw a flurry of activity. Both Lentor Central Residences and Aurelle of Tampines had stellar launch sales with over 90% take-up rates. These projects benefit from strong demand among HDB upgraders, a buyer pool that CCR properties largely miss out on.
While mass-market and executive condos remain highly sought after, the luxury segment faces a more cautious buyer pool. This is not entirely surprising, given that affordability remains a key concern for many buyers, and those purchasing high-end properties are likely weighing other investment options as well.
Looking ahead, will sales pick up for Aurea?
Despite the slow start, Aurea is expected to improve the take-up progressively. There is limited new supply in District 7, which could work in its favour as more buyers turn their attention to city-centre homes. Additionally, Singapore’s ongoing urban renewal projects, including upgrades to Beach Road and the Ophir-Rochor Corridor, could enhance the area’s attractiveness.
The narrowing price gap between CCR and RCR properties could also drive more interest in high-end homes. With more luxury launches expected this year, potential buyers may re-evaluate the long-term value of CCR properties compared to those in city-fringe locations.
Waiting for another condo launch this year? Check the full list of 12 new launches in the first quarter of 2025 for more options!
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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