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Condominiums in Singapore - The Different Categories

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A Singapore condominium or 'condo' in short, is usually a complex project in which folks units are sold. When you get a unit within a condominium, you may have person ownership of anything inside the walls of your unit. Simultaneously you might have shared ownership together with the other owners on the frequent house including the elevators, club home, swimming pool, gymnasium, tennis courts and also other communal facilities.

A condominium is one of the most common types of housing in Singapore. But not all condominiums in Singapore will be the exact same. There's a wide range of options offered to cater to different market place segments of purchasers.

In the higher finish, there is the luxury class of Waterwoods Singapore that cater to those with extremely deep pockets. Normally these are situated in the prime districts of Singapore, in locations like Orchard Road, Keppel Bay and Sentosa. They appeal to very sophisticated and discerning buyers who're not merely trying to invest in a residence but exclusive life-style ideas that befit their status.

Developers of luxury condos spare no efforts to make sure the home owners will take pleasure in the finest high quality with regards 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 make distinctive architectural styles and themes that bring up the uniqueness of their projects.

Then you will find condominiums belonging towards the mid-tier variety. These are ordinarily positioned near the city fringes, in places like Newton Novena and Tanjong Rhu. These projects are common as a consequence of their close proximity to the city centre where the enterprise and entertainment hubs are and complete facilities they supply. In addition they come with numerous kinds of themes that appeal to prosperous specialists and yuppies.

After which, you will discover the mass-market condominiums mainly positioned in suburban locations as well as come with superior communal facilities. Such condos usually have entry-level pricing to cater to several buyers who aspire to upgrade from public housing to private home.

Singapore includes a distinctive feature here. Below the mass marketplace Waterwoods Singapore category, there's a sub-set of condominiums named Executive Condominiums (EC). An EC is really a hybrid of public and private housing introduced by the government. They're priced reduce than private properties to cater towards the affordability of those Singaporeans, in particular young professionals, who aspire for private housing but locate costs of private home beyond their attain.

But there are specific guidelines and restrictions governing the ECs, like a 5-year minimum occupancy period by the owner just before they are allowed to sell it inside the resale industry. And they're able to only sell to foreigners soon after ten years.

Understanding the different categories of condominiums in Singapore can help you narrow down your look for the condominium property that suits you most. You can not must waste time hunting at these projects that don't meet your wants. For anyone who is trying to buy a brand new condominium, it really is generally simple to tell which category it belongs to by its designated place as well as the way the developer promote the project.

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Subrata Das

Saved by Subrata Das

on Sep 03, 13