A Singapore condominium or 'condo' in short, is a complex project in which individuals units are sold. When you buy one inside a condominium, you have individual ownership of everything inside walls of the unit. At the same time you have shared ownership with all the other people who just love the most popular property including the elevators, club house, swimming pool, gymnasium, tennis courts along with other communal facilities.
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A condominium is among the most frequent forms of housing in Singapore. But not all condominiums in Singapore are the same. There is a great deal of possibilities to cater to different niches of buyers.
At the top quality, you have the luxury type of condominiums that appeal to people that have very deep pockets. Typically they are found in the prime districts of Singapore, in areas like Orchard Road, Keppel Bay and Sentosa. They appeal to highly sophisticated and discerning clients who are not merely wanting to purchase a property but exclusive lifestyle concepts that befit their status.
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Developers of luxury condos spare no efforts to ensure the homeowners will enjoy the best quality in terms of finishing, fittings and fixtures. Facilities and amenities will also be top-end. Recently incidents where engage the services of well-known architects to create distinctive architectural designs and themes that mention the distinctiveness of these projects.
There are condominiums belonging to the mid-tier range. These are typically located near the city fringes, in areas like Newton Novena and Tanjong Rhu. These projects are popular because of the close proximity to the city centre where the business and entertainment hubs are and full facilities they offer. In addition they have a variety of themes that attract successful professionals and yuppies.
And then, you can find the mass-market condominiums mainly located in suburban areas and also include good communal facilities. Such condos usually have entry-level pricing to focus on many clients who aspire to upgrade from public housing to non-public property.
Singapore has a unique feature here. Under the store bought condominium category, there exists a sub-set of condominiums called Executive Condominiums (EC). An EC is a hybrid of private and non-private housing created by the us government. They're priced below private properties to appeal to the affordability of these Singaporeans, particularly young professionals, who aspire web hosting housing but find prices of non-public property beyond their reach.
But there are particular rules and restrictions governing the ECs, together with a 5-year minimum occupancy period by the owner before they are allowed to market it inside the resale market. And so they are only able to target foreigners after 10 years.
