Condominiums in Singapore - Different Categories
A Singapore condominium or 'condo' in a nutshell, is really a complex project in which individuals units are sold. When you buy one in the condominium, you have individual ownership of all things within the walls with the unit. At the same time you've shared ownership with the other those who own the normal property including the elevators, club house, pool area, gymnasium, tennis courts and other communal facilities.
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A condominium is probably the most frequent types of housing in Singapore. But not all condominiums in Singapore are identical. There is a number of possibilities to appeal to different niches of buyers.
In the top end, you have the luxury type of condominiums that focus on people that have very deep pockets. Typically these are based in the prime districts of Singapore, in areas like Orchard Road, Keppel Bay and Sentosa. They attract highly sophisticated and discerning clients who are not wanting to purchase a house but exclusive lifestyle concepts that befit their status. LAKEVILLE SINGAPORE
Developers of luxury condos spare no efforts to guarantee the homeowners will like the best quality when it comes to finishing, fittings and fixtures. Facilities and amenities will also be top-end. Recently in which hire the services of well-known architects to make distinctive architectural designs and themes that bring up the individuality of the projects.
You can also find condominiums of the mid-tier range. These are typically located nearby the city fringes, in areas like Newton Novena and Tanjong Rhu. These projects are popular because of the proximity for the city centre where the business and entertainment hubs are and full facilities they offer. They also have various kinds of themes that interest successful professionals and yuppies.
And then, you will find the mass-market condominiums mainly located in suburban areas and in addition include good communal facilities. Such condos normally have entry-level pricing to appeal to many buyers who desire to upgrade from public housing to personal property.
Singapore includes a unique feature here. Beneath the shop bought condominium category, there is a sub-set of condominiums called Executive Condominiums (EC). An EC can be a hybrid of private and non-private housing created by the federal government. They're priced less than private properties to appeal to the affordability of these Singaporeans, particularly young professionals, who aspire form of hosting housing but find prices of private property beyond their hands.
But there are certain rules and restrictions governing the ECs, together with a 5-year minimum occupancy period by the owner before they are able to market it inside the resale market. And they can only target foreigners after Ten years.