A Singapore condominium or 'condo' in short, is usually a complex project in which men and women units are sold. Whenever you get a unit within a condominium, you've person ownership of every little thing within the walls of your unit. At the same time you have shared ownership with all the other owners with the widespread home which include the elevators, club home, swimming pool, gymnasium, tennis courts and other communal facilities.
A condominium is amongst the most common types of housing in Singapore. But not all condominiums in Singapore would be the exact same. There is certainly a wide array of solutions available to cater to various industry segments of buyers.
At the high end, there is the luxury class of Waterwoods Singapore that cater to those with very deep pockets. Commonly they are located inside the prime districts of Singapore, in areas like Orchard Road, Keppel Bay and Sentosa. They appeal to hugely sophisticated and discerning buyers who're not basically trying to purchase a residence but exclusive life style concepts that befit their status.
Developers of luxury condos spare no efforts to make sure the homeowners will delight in the finest high quality when it comes to finishing, fittings and fixtures. Facilities and amenities are also top-end. Not too long ago some even engage the solutions of well-known architects to create distinctive architectural designs and themes that bring up the uniqueness of their projects.
Then you will discover condominiums belonging to the mid-tier variety. They are commonly positioned near the city fringes, in places like Newton Novena and Tanjong Rhu. These projects are well known because of their close proximity for the city centre exactly where the business and entertainment hubs are and complete facilities they supply. In addition they come with various sorts of themes that appeal to prosperous experts and yuppies.
Then, there are actually the mass-market condominiums mostly located in suburban places and also include fantastic communal facilities. Such condos typically have entry-level pricing to cater to several purchasers who aspire to upgrade from public housing to private home.
Singapore features a special function right here. Under the mass marketplace Waterwoods Singapore category, there's a sub-set of condominiums referred to as Executive Condominiums (EC). An EC is actually a hybrid of public and private housing introduced by the government. They are priced lower than private properties to cater to the affordability of these Singaporeans, in specific young experts, who aspire for private housing but locate rates of private house beyond their reach.
But you will find certain guidelines and restrictions governing the ECs, such as a 5-year minimum occupancy period by the owner ahead of they may be allowed to sell it within the resale market place. And they will only sell to foreigners right after ten years.
Understanding the different categories of condominiums in Singapore will help you narrow down your look for the condominium residence that suits you most. You may not have to waste time searching at these projects that don't meet your requirements. Should you be trying to obtain a brand new condominium, it can be usually simple to tell which category it belongs to by its designated location and also the way the developer promote the project.