A Singapore condominium usually referred to as ‘condo’, is a multifaceted project involving the construction and sales of individual housing units. When you purchase a unit in a condo such as the amazing Leedon Green Freehold Condo, individual right to everything inside the walls of the housing unit is vested in you. Concurrently, you and other unit owners have shared ownership of common property like swimming pool, elevators, tennis courts, gymnasium, clubhouse, as well as other communal facilities.
The condominium is one of the most popular types of housing units in Singapore. However, not all condos are similar. There is a wide variety of options available to meet the needs of the diverse market segments of buyers.
High-end buyers have access to the luxury class of condos available only to those with huge pockets. These are usually located in the highbrow districts of Singapore. They appeal to buyers who are astute and highly sophisticated who are not just looking to acquire a home but the elite lifestyle that befit their status.
Luxury condo developers go all out to ensure that owners of these luxury units enjoy the best quality finishing, fixtures, and fittings. Facilities and amenities are also top class. Lately, some have engaged the services of top architects to create unique architectural designs and themes to accentuate the uniqueness of their building projects.
Then there are mid-tier range condominiums. These are usually situated on the outskirts of the city. These projects are well-loved because of their closeness to the city centre which is usually the business and entertainment hub. They also come with different types of themes that cater to young and successful professionals.
The mass-market condominiums make up the third class of condos. These are mainly situated in suburban areas and they also come with great communal facilities. Typically, their pricing is entry-level to meet the needs of many buyers who aim to make the move from public housing to private property.
Singapore has an exceptional feature here. The mass-market category includes a subset of condos known as the Executive Condominiums (EC). These are a hybrid of private and public housing introduced by the government. Their prices are lower than those of private properties. This makes them affordable for young professional Singaporeans who want private housing but cannot afford the prices of private property.
Executive Condominiums are governed by certain rules and restrictions; an owner must stay in the property for a minimum of 5 years before they can go on the resale market. Plus they are only allowed to sell to foreigners after 10 years.
Having an understanding of the different classes of Singapore condominiums should assist you in narrowing down your search for the condo that meets your needs and plans. You wouldn’t have to waste precious time checking out projects that do not cater to your needs. So, if you want to buy a new condo, its designated location and the type of advertising from the developer will give you an inkling of the category it belongs to.