Types of Condominiums in Singapore
A condominium is a housing complex where individuals are able to purchase real estate. It can be New Launch Property in Singapore or Resale property. When someone buys a condominium they will have ownership of everything that is inside the walls of the particular unit. Everything outside of the unit walls that is part of the overall housing complex is jointly owned between everyone within the complex itself. This means that the facilities that are included within the unit are communal.
There are primarily three different types of condominium in Singapore. Most of them are situated inside high-rise buildings. This is mainly because house prices on individual plots of land is very expensive. Each type of condominium will cater to different types of people.
Mass-market condos in Singapore are the most popular choice of real estate. This is because they are the cheapest option for buyers and a worthwhile investment for people interested in owning assets. Mass- market condominiums are generally situated on the outskirts of cities. Most of them are very basic and contain a small selection of facilities that all of the residents share. Because the owner of a condominium doesn’t own the land itself they will have to pay fees to contribute to the upkeep of the environment in which the building is built on. This fee will ensure that all of the facilities and the features of the establishment is kept in order. Common facilities that are included in mass-market condominiums include; a communal swimming pool, security service and resident parking area. Mass market condos are perfect for people that wish to jump onto the real estate ladder and become homeowners.
Mid-range condominiums are usually situated on the outskirts of prime areas. This means that they will have decent transport links to the inner cities, but without the hefty price tag. These types of condo are very popular among professionals that work in the city. A mid-market condominium in Singapore will have more facilities than the lower range condos, however they wont be as high as the quality of the high-end condos. Typically they will have a gym, swimming pool, sport hall, underground parking and 24 hour security.
A high-end condominium will typically cater for wealthy people. They are usually located in central city areas and have excellent transport links to everything within a city. The high-end condo isn’t just designed to suit buyers that want a nice home, but are designed to suit people that are looking for a luxurious lifestyle. Developers of high-end condos will ensure that they make a special effort to make their properties of the highest quality. Everything from the fittings and furnishings will be of the utmost quality. The facilities that are included within the housing complexes will also be very high range. Usual facilities include; yacht docking, gyms, swimming pools, saunas, 24 hour security, squash courts, tennis courts, room service and private underground parking.
By understanding the different types of condominium that are available, people that are interested in purchasing property in Singapore will be able to make a more educated choice on what to buy, and what will suit their specific needs.