Aurea Condo Review: Reimagining Iconic Golden Mile Complex

Why Invest In Aurea Condo?

• Reputable Developers: Jointly developed by Perennial Holdings, Sino Land and Far East Organisation.
• An Iconic Landmark: A distinctive “terraced” building style that resembles a ziggurat.
• Panoramic Views: Enjoy unobstructed sea views and the city skyline.
• Transport Connectivity: Easy access to the Nicoll Highway MRT station (a 5-minute walk away) and multiple bus services.
• Central Business District Proximity: A short commute to Singapore's premier business and financial district.
• Diverse Shopping and Dining Options: Convenient access to a wide range of retail and dining experiences.
• Healthcare Access: A 15-minute walk to Raffles Hospital and Medical Centre.
• Leisure and Recreation: A plethora of outdoor activities nearby, such as Kallang Riverside Park, Singapore Sports Hub, and the Marina Bay area.
• Vibrant Neighbourhood: An 8-minute walk to Kampong Glam, one of Singapore’s four historic districts.
• 24/7 City Living: Experience the excitement of a dynamic city that never sleeps.
• Educational Access: Convenient access to top schools and educational institutions.
• Promising Investment Prsopects: Strong rental and housing demand due to choice and convenient location.

Aurea’s Design Features

Aurea stands as a testament to Singapore's architectural heritage. Redeveloped from the former Golden Mile Complex built in 1973, it has become a distinctive landmark in the city's skyline.

Its "terraced" building style, is reminiscent of a ziggurat - a stepped pyramid characteristic of ancient Mesopotamian architecture. This helps to set it apart from the sleek, modern skyscrapers that dominate much of Singapore's urban landscape.

This design was not merely an aesthetic choice but also a functional one. The terraced structure allows for natural light and ventilation, creating an environment that blends form and function. The sloping façade also provides expansive views of the city skyline and the waterfront.

Alongside it is a new and modern 45-storey residential tower that will be connected to it via a link bridge.

The combined development of The Golden Mile and Aurea will encompass a total gross floor area of 79,577.17 sqm. This includes 20,457.77 sqm from bonus schemes, with 16,269.48 sqm being part of the conservation incentive package. The following is a breakdown of the site use:

• Total Gross Floor Area: 79,577.17 sqm
• Commercial Purposes: 52,062.98 sqm
• Offices: Approximately 70%
• Retail Spaces and Medical Units: Remaining 30%
• Residential Use: 25,191.96 sqm
• Architectural Centre: 2,322.23 sqm

This redevelopment project promises a comprehensive mix of commercial, residential, and architectural spaces, enhancing its appeal and functionality.

Who are the Developers for Aurea Condo?

Aurea Condo will be jointly development by Perennial Holdings, Sino Land, and Far East Organisation. Their stake in the project is 50%, 25% and 25% respectively.

All three are prominent real estate developers in Asia who are known for their high-quality projects and numerous accolades.

• Perennial Holdings: A Singapore-based company with a strong track record in integrated developments. Their portfolio includes iconic projects like Capitol Singapore and Chijmes.
• Sino Land: A Hong Kong-based developer, it has won multiple awards for sustainability and design. Notable projects include One Holland Village in Singapore and Fullerton Ocean Park Hotel in Hong Kong.
• Far East Organisation: Singapore's largest private property developer, it received over 100 BCA Awards. Their developments include One Holland Village and The Reserve Residences.

What are the Prices for Aurea?

The prices for Aurea condo are not available at the moment. However, given its excellent location at the fringe of the Central Business District (CBD), proximity to the Nicoll Highway MRT station, convenient access to amenities, schools and leisure facilities, as well as being an iconic landmark, it is estimated to be launched at an average price of $2,500 psf to $2,600 psf.

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Where is Aurea Condo Located?

Aurea Location

Aurea Condo is located between Beach Road and Nicoll Highway, with the Nicoll Highway MRT station within a 5-minute walk. One station from either direction of the Nicoll Highway MRT station is the Promenade and Singapore Sports Hub.

Overlooking the Kallang Basin, the Singapore Sports Hub and Singapore Flyer are visible on the left and right sides of the development.

Nearby is the popular Beach Road Food Centre and well-known Army Market. Major shopping desitnations such as Bugis, Orchard Road and Marina Bay are just minutes' drive away.

A Vibrant Neighbourhood

Historical Sultan Mosque at Kampong Glam

Kampong Glam is one of Singapore’s four Historical Districts and is a mere 8-minute walk from Aurea. Its rich cultural heritage and historical significance contribute much to the vibrancy of the Beach Road area.

As a former hub for Malay royalty and Arab trade, it features iconic landmarks like the Sultan Mosque and the Malay Heritage Centre, which celebrate the area's cultural roots.

Its lively streets, such as Haji Lane and Arab Street, are filled with independent boutiques, cafes, and food stalls, creating a dynamic atmosphere. This blend of history, culture, and modernity attracts locals and tourists, enhancing the overall dynamism of the area.

Excellent Transport Connectivity

Nicoll Highway MRT Station

Residents of Aurea condo will enjoy excellent transport connectivity, making it an ideal choice for professionals, families, and investors alike. Just a 5-minute walk away is the Nicoll Highway MRT station on the Circle Line.

The Paya Lebar MRT station, an interchange for the Circle and East-West Lines, is four stops away. In the opposite direction and one direction away is the Promenade MRT station, an interchange for the Circle and Downtown Lines.

These excellent MRT networks will offer residents convenient commutes to many parts of Singapore, including Marina Bay, Raffles Place, Chinatown, and Dhoby Ghaut.

Meanwhile, the Singapore Sports Hub is just one stop from Nicoll Highway MRT station. As announced by Prime Minister Lawrence Wong during his National Day Rally speech on 18 August 2024, the area around it will be revitalised under the “Kallang Alive” master plan.

In addition to the MRT, Aurea is well-served by numerous bus routes that provide direct access to various parts of Singapore. These extensive public transport options make commuting convenient and efficient.

For those who drive, major expressways such as the East Coast Parkway (ECP) and the Central Expressway (CTE) are nearby, further enhancing accessibility.

Shopping Malls and Dining Options Near Aurea

Residents of Aurea will enjoy easy access to many shopping malls. These include Bugis Junction, Suntec City, Raffles City and Marina Square, all within a short walk, bus or train ride away.

Orchard Road, Singapore’s premier shopping belt, is also easily accessible by public transport. These areas offer a plethora of retail, dining, and entertainment options.

In addition, the Beach Road area is renowned for its food scene, with two hawker centres just a 5-8 minute walk from Aurea – Beach Road and North Bridge Road Food Centres. They offer a wide range of affordable local delights.

Residents can also find many other eateries nearby serving a variety of cuisines.

Healthcare and Other Amenities Nearby

Residents of Aurea will benefit from a variety of amenities located within a short walking distance, enhancing their everyday living experience. Some of these include:

• Raffles Hospital and Medical Centre: A premier healthcare facility offering comprehensive medical services, ensuring residents have quick access to quality healthcare.
• Tai Pei Childcare Centre: Located on Lavender Street, this childcare centre provides convenient options for families with young children, making it easier for parents to balance work and family commitments.
• North Bridge Road Wet Market: A local market where residents can purchase fresh produce, meats, and seafood for wholesome home-cooked meals.
• Beach Road Army Market: A well-known shopping destination for military gear and outdoor equipment, offering unique shopping experiences for residents interested in outdoor activities.
• Kampong Glam Community Club: It hosts various events and activities, fostering social connections and engagement among residents.

Leisure and Recreation

Aurea is not just about city living; it offers access to numerous leisure and recreational activities.

Just a short distance away is Kallang Riverside Park, a tranquil green space where residents can enjoy jogging, cycling, or simply relaxing by the waterfront. The park’s scenic views and peaceful ambience make it a perfect escape from the hustle and bustle of city life.

For sports enthusiasts, the Singapore Sports Hub is one MRT station away, offering a wide range of facilities including a stadium, swimming complex, and indoor sports arena. The Sports Hub hosts various national and international sporting events, making it a hub of activity for sports fans and athletes alike.

The area will be further revitalised under the “Kallang Alive” master plan (see more below).

The Marina Bay area is another popular destination for leisure and recreation. In the vicinity is the ArtScience Museum which displays immersive exhibitions blending art, science, culture, and technology, the Esplanade which hosts world-class concerts, and the Singapore Flyer, which offers panoramic views of Singapore.

Nearb is the world-famous Gardens by the Bay, a must-visit destination with its iconic Supertrees, Cloud Forest and Flower Dome.

“Kallang Alive” Master Plan

Kallang Alive Master Plan

During his National Day Rally speech, Prime Minister Lawrence Wong outlined key points about the revitalisation of Kallang under the "Kallang Alive" master plan. These include he following:

• New Indoor Arena: A new 18,000-seat indoor arena will replace the existing Singapore Indoor Stadium to host top-tier events.
• Training Facilities: Establishment of training centres for key sports to support Team Singapore athletes.
• Sports School Relocation: The Singapore Sports School will move from Woodlands to Kallang, fostering a hub for sports excellence.
• Community Boulevard: A pedestrianised community boulevard will be created that will promote accessibility to sports facilities and other amenities for all.
• Enhanced Sporting Culture: The plan aims to strengthen Singapore's sporting culture and encourage participation from all skill levels.

Schools and Educational Institutions Near Aurea

Many schools and educational institutions are found near Aurea. This provides residents with a wide choice of options, from primary schools to tertiary institutions, making it a family-friendly development.

Three primary schools are located within a 1-2 km radius of Aurea, which will provide priority admission for children entering Primary 1 under the Education Ministry’s distance-based allocation system. They are:

• Stamford Primary School.
• Bendemeer Primary School.
• Farrer Park Primary School.

Besides the schools mentioned above, many prestigious schools along the Bukit Timah/Dunearn Road school belt can be easily accessible by taking the MRT via the Downtown Line. These include:

• Singapore Chinese Girls’ School.
• Anglo-Chinese School, Primary.
• Methodist Girls' School.
• Raffles Girls' Primary School.
• National Junior College.
• Hwa Chong Institution.

Tertiary Institutions

In addition, several tertiary institutions are located near Aurea, offering a quality education for children. These include the following:

• Singapore Management University (SMU) at Victoria Street.
• Kaplan City Campus at Selegie Road.
• Glion Institute of Higher Education at Milennia Walk.
• University of Newcastle at Victoria Street.
• James Cook University at Sims Drive.

According to a study by the NUS Institute of Real Estate Studies, properties near good schools are highly desirable and command a price premium.

Review Conclusion: Aurea’s Investment Prospects

Aurea Condo presents an attractive investment opportunity, particularly given its strategic location right at the fringe of Singapore’s business district and financial centre, the third largest globally.

In addition, its iconic status and the ongoing transformation around the Beach Road area add to its appeal as an investment property.

As Aurea is smacked between two URA master plans – Ophir-Rochor Master Plan and the Kampong Bugis Master Plan - residents can look forward to a more vibrant living environment where new retail, commercial, recreational, and well-designed public spaces will be built.

Ophir-Rochor Master Plan

Ophir-Rochor Master Plan

The Ophir-Rochor Master Plan is set to enhance property values through several key initiatives:

• Mixed-use Development: Encourages a blend of commercial, residential, and retail spaces, fostering a vibrant, 24/7 district.
• Connectivity Improvements: Enhanced transportation links, including MRT lines and pedestrian networks, increase accessibility and appeal.
• Green and Open Spaces: The introduction of parks and public spaces improves the area's liveability.
• Iconic Architecture: Promotes high-quality, visually distinctive developments.
• Cultural and Heritage Integration: The preservation and celebration of cultural landmarks to enrich the district's identity and attractiveness.

Kampong Bugis Master Plan

Kampong-Bugis Master Plan

The Kampong Bugis Master Plan is a major urban development initiative to transform the Kampong Bugis area into a vibrant, sustainable waterfront precinct in Singapore. Some of its key highlights are:

• Sustainability and Innovation: The plan emphasises environmental sustainability, focussing on reducing carbon emissions and promoting green living. The area will feature smart technologies for energy efficiency, water management, and waste reduction.
• Integrated Planning and Design: The development will offer a mix of residential, commercial, and recreational spaces, all integrated within a pedestrian-friendly environment. The design aims to enhance connectivity, with easy access to public transport and cycling routes.
• Waterfront Living: Kampong Bugis will take advantage of its prime waterfront location along the Kallang River. The master plan includes the creation of new parks, promenades, and water-based recreational activities, offering residents and visitors a unique living experience close to nature.
• Community-Centric Development: The precinct will prioritise community engagement and social inclusivity, with plans for community spaces, amenities, and facilities that cater to diverse groups of residents and visitors.
• Phased Development: The project will be developed in phases, allowing for flexibility and adjustments over time to meet the needs of future residents and changing environmental conditions.

Capital Appreciation and Rental Demand

Due to Aurea’s iconic status, strategic location, and significant urban transformation taking place in the surrounding areas, it has the potential to reap strong capital appreciation over time.

In addition, its location near the CBD and excellent connectivity will attract rental demand from expatriates working in the business district, professionals seeking a central location, and families looking for convenience and amenities.

Comparative Market Analysis

To analyse the investment potential of Aurea, let’s examine how three nearby 99-year leasehold residential properties have performed (refer to the chart below).

Comparative Market Analysis

1. Midtown Bay: +19.97% (launched in October 2019).
2. Concourse Skyline: +23.13% (launched September 2008).
3. City Gate: +15.26% (launched July 2014).

The capital appreciation rates of Concourse Skyline and City Gate have not been particularly impressive since they were launched. However, their tepid performances can largely be attributed to significant events such as the Lehman Brothers financial crisis in 2008, followed by a series of property cooling measures implemented by the Singapore government.,

But since then, the outlook of the market has changed dramatically. A notable example is Midtown Bay, which has seen an impressive average price appreciation of 19.97% since its launch in October 2019.

This remarkable strong price appreciation highlights the investment potential in the area, especially given the Urban Redevelopment Authority's (URA) master plans aimed at revitalising the surrounding districts.

Such developments are expected to enhance the attractiveness and value of properties in the vicinity, making it an opportune moment for investors to consider investing in an iconic development such as Aurea.

I hope this review of Aurea has provided you with important insights. To receive the latest project information or arrange a show flat viewing, please Whatsapp me.

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