Condominiums in Singapore - The Different Categories

A Singapore condominium or 'highpark residences condo' in brief, is a posh undertaking in which individuals units are sold. While you buy a unit in a condominium, you've particular person ownership of all the things throughout the walls of the unit. At the same time you could have shared possession with the opposite owners of the frequent property such because the elevators, club home, swimming pool, gymnasium, tennis courts and other communal facilities. A condominium is one of the most common sorts of housing in Singapore. However not all condominiums in Singapore are the same. There's a wide range of choices obtainable to cater to completely different market segments of buyers. On the high finish, there's the luxurious class of condominiums that cater to these with very deep pockets. Usually these are positioned in the prime districts of Singapore, in areas like Orchard Highway, Keppel Bay and Sentosa. They appeal to highly subtle and discerning consumers who should not simply trying to purchase a home but exclusive life-style ideas that befit their status. Developers of luxurious condos spare no efforts to make sure the householders will benefit from the best quality when it comes to ending, fittings and fixtures. Facilities and facilities are also prime-end. Not too long ago some even interact the companies of properly-recognized architects to create distinctive architectural designs and themes that bring up the uniqueness of their projects. Then there are condominiums belonging to the mid-tier range. These are usually situated near town fringes, in areas like Newton Novena and Tanjong Rhu. These projects are popular because of their close proximity to the town centre the place the business and entertainment hubs are and full amenities they provide. In addition they come with various sorts of themes that enchantment to successful professionals and yuppies. And then, there are the mass-market condominiums primarily located in suburban areas and in addition come with good communal facilities. Such condos often have entry-degree pricing to cater to many consumers who aspire to improve from public housing to non-public property. Singapore has a singular function here. Below the mass market condominium category, there's a sub-set of condominiums known as Govt Condominiums (EC). An EC is a hybrid of public and private housing introduced by the government. They are priced decrease than private properties to cater to the affordability of these Singaporeans, in particular young professionals, who aspire for personal housing but discover prices of private property beyond their reach. But there are particular guidelines and restrictions governing the ECs, including a 5-yr minimal occupancy interval by the proprietor before they're allowed to promote it within the resale market. And so they can only promote to foreigners after 10 years. Understanding the different categories of condominiums in Singapore will help you narrow down your seek for the condominium house that fits you most. You will not must waste time taking a look at those projects that do not meet your needs. In case you are trying to purchase a new condominium, it is usually straightforward to inform which category it belongs to by its designated location and the best way the developer promote the project.