A Singapore condominium or ‘condo’ in short, is a complex project in which individuals units are sold. When you buy a unit in a condominium, you have individual ownership of everything within the walls of the unit. At the same time you have shared ownership with the other owners of the common property such as the elevators, club house, swimming pool, gymnasium, tennis courts and other communal facilities.
A condominium is one of the most common types of housing in Singapore. But not all condominiums in Singapore are the same. There is a wide range of options available to cater to different market segments of buyers.
At the high end, there is the luxury class of condominiums that cater to those with very deep pockets. Typically these are located in the prime districts of Singapore, in areas like Orchard Road, Keppel Bay and Sentosa. They appeal to highly sophisticated and discerning buyers who are not simply looking to buy a home but exclusive lifestyle concepts that befit their status.
Developers of luxury condos spare no efforts to ensure the homeowners will enjoy the finest quality in terms of finishing, fittings and fixtures. Facilities and amenities are also top-end. Recently some even engage the services of well-known 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 typically located near the city fringes, in areas like Newton Novena and Tanjong Rhu. These projects are popular due to their close proximity to the city centre where the business and entertainment hubs are and full facilities they provide. They also come with various kinds of themes that appeal to successful professionals and yuppies.
And then, there are the mass-market the botany condo condominiums mainly located in suburban areas and also come with good communal facilities. Such condos usually have entry-level pricing to cater to many buyers who aspire to upgrade from public housing to private property.
Singapore has a unique feature here. Under the mass market condominium category, there is a sub-set of condominiums called Executive Condominiums (EC). An EC is a hybrid of public and private housing introduced by the government. They are priced lower than private properties to cater to the affordability of those Singaporeans, in particular young professionals, who aspire for private housing but find prices of private property beyond their reach.
But there are certain rules and restrictions governing the ECs, including a 5-year minimum occupancy period by the owner before they are allowed to sell it in the resale market. And they can only sell to foreigners after 10 years.
Understanding the different categories of condominiums in Singapore will help you narrow down your search for the condominium home that suits you most. You will not need to waste time looking at those projects that do not meet your needs. If you are looking to buy a new condominium, it is usually easy to tell which category it belongs to by its designated location and the way the developer advertise the project.