A condo or condominium in Singapore is more of a complex project, where the individual unit is up for sale. Whenever you buy a unit in the Parc Clematis Condo, you are entitled to everything that is within the confines of the unit. It is important you know that you share ownership with the other owners in terms of the common properties like the clubhouse, elevators, gym, swimming pool, tennis court, and other communal facilities.
A condo is without a doubt the most common housing type in Singapore. However, not all the condos in Singapore are the same. There is a wide variety of options to choose from and they cater to the various market segments of buyers.
With respect to the high end, you will find luxurious condominiums that are specifically designed or individuals with deep pockets. They are located in the elite districts of Singapore, areas such as Keppel Bay, Orchard Road, and Sentosa. These condominiums appeal to highly discerning and sophisticated buyers that are not ready to purchase a home but are on the lookout for exclusive lifestyle concept that appeals to their status.
Majority of the luxury condo developers spare no effort in ensuring that the homeowners enjoy premium quality with respect to the fittings, finishing, and fixtures. Amenities and facilities are on the high side too. In recent times, some hire the services of well-renowned architects to come up with unique themes and designs that display the distinctive side of their projects.
You will come across condominiums that appeal to the mid-tier range. They tend to be situated near the city fringes, in areas like Tanjong Rhu and Newton Novena. The reason why these projects tend to be very popular is their proximity to the city center, where the entertainment hubs and business are, together with the full facilities provided. These condos come in a wide variety of themes that appeal to successful yuppies and professionals.
In addition. You will come across the mass-market condos that are located in the suburbs. Nonetheless, they also offer great communal facilities. Majority of these condos have entry-level pricing that caters to a wide range of buyers that aspire to make the upgrade from public housing to owing their own property (private property).
Singapore has a very distinct feature here. In the mass market category or condominiums, you will find a subset of condos referred to as Executive Condominiums. An Executive Condominiums is more of a hybrid of private and public housing introduced by the government. Compared to private properties they are priced lower, in order to meet with the affordability of those Singaporeans, most especially the young professionals that aspire for private property but see the prices way beyond their reach.
However, there are restrictions and rules that govern Executive Condominiums, together with a minimum occupancy period of 5-years before they can be put up for sale. These properties can be sold to foreigners after 10 years.
Having a good understanding of the various categories of condominiums in Singapore will assist in narrowing down your search for the condo that appeals to you the most. You will not necessarily have to waste time considering those particular projects that do not meet with your need and requirement. If you have plans on buying a new condo, it is easier to know the category it belongs to, judging from where it is situated and the way it is advertised by the developer.