Condominium in Singapore
Living in a condominium is different from landed living. Its a piece of real estate that is individually owned, but connected to a group of housing units via land. Although the homeowner will retain ownership of the unit itself, there will be shared ownership of the space within the group of houses or apartments. The primary difference between owning a condominium and a regular house is that there is no single ownership of the land that the units are built on. Residents of condominium and apartment will usually get to enjoy and use different types of lifestyle facilities that landed owner dont have.
The main reason why there are so many condominium residences in Singapore is because of the limited amount of land that is available for building. This means that normal free-standing houses are much more in demand, and therefore come at a price.
As a condominium is a privately-developed apartment that contains luxury features that most residential houses don’t offer, it is not uncommon for a Singapore condominium to contain a selection of facilities, such as; swimming pools, tennis courts, gyms and a concierge services.
Types of Condominiums Available
Most condominium units in Singapore are apartments within high rise buildings. Again, this is due to the small amount of land mass that is available for purchase. These are typically classified into three different categories:
1. Mass-Market Condos
Most mass-market condominiums are located in the suburbans area. They usually pricing at an affordable quantums and feature very basic facilities such as; Clubhouse, Swimming Pools, Jacuzzi, BBQ areas, Car Parking and Security
2. Mid-Market Condos
Mid-market condos are usually located on the outskirts of the prime districts. They commonly have much better transport connections and a greater selection of on-site facilities, such as: tennis and squash courts, sauna, function rooms and basement car parking.
3. High-End Condos
The high-end condos are located inside the prime districts area. Prices usually heavily depend on the facilities and exclusivity of the buildings. High-end condos usually contain additional facilities. Many of them will have yacht docks, private lifts and luxury fittings. They are also located closer to shopping areas, good schools and city centres.
Eligibility to Buy a Singapore Condominium
Unlike properties that require the ownership of land, which need approval from the Singapore Land authority; a condominium can be purchased by anyone. Since 2005 foreigners are allowed to buy condo properties in Singapore without any approval from authorities. When buying a condominium 5% of the overall price is usually taken up front, whilst another 15% is usually due within the first 8 weeks of reserving the unit. Proof of earnings will also be required if the individual plans on paying the property off over time.
Renting a Condominium in Singapore
Condominiums can make great holiday homes, especially due to the security services that most buildings offer. Because of this many homeowners will rent out their condominiums to holiday makers when they are not living there. Rentals be arranged from anything from one night to a year. This can be a great option for holiday makers, or workers that would prefer to stay in an apartment instead of a hotel.