A Singapore condominium or 'condo' in short, is really a complex project where individuals units can be purchased. When you buy a unit in a condominium, you've individual ownership of the things inside walls from the unit. Concurrently you've shared ownership using the other those who own the most popular property including the elevators, club house, swimming pool, gymnasium, tennis courts and other communal facilities. LAKEVILLE CONDO
A condominium is among the most common types of housing in Singapore. Although not all condominiums in Singapore are identical. There exists a number of solutions to cater to different niches of buyers. LAKEVILLE SINGAPORE
In the high end, there is a luxury type of condominiums that cater to those with very deep pockets. Typically they're found in the prime districts of Singapore, in areas like Orchard Road, Keppel Bay and Sentosa. They interest highly sophisticated and discerning clients who aren't wanting to get a house but exclusive lifestyle concepts that befit their status.
Developers of luxury condos spare no efforts to guarantee the homeowners will enjoy the best quality when it comes to finishing, fittings and fixtures. Facilities and amenities are also top-end. Recently in which hire the services of well-known architects to create distinctive architectural designs and themes that talk about the individuality of these projects.
There are condominiums from the mid-tier range. These are definitely located close to the city fringes, in areas like Newton Novena and Tanjong Rhu. These projects are popular because of their proximity towards the city centre where the business and entertainment hubs are and full facilities they offer. Additionally they include several types of themes that attract successful professionals and yuppies.
After which, you will find the mass-market condominiums mainly positioned in suburban areas and also have good communal facilities. Such condos will often have entry-level pricing to focus on many buyers who aspire to upgrade from public housing to non-public property.
Singapore has a unique feature here. Underneath the store bought condominium category, there exists a sub-set of condominiums called Executive Condominiums (EC). An EC can be a hybrid of private and public housing created by the government. They're priced lower than private properties to appeal to the affordability of these Singaporeans, in particular young professionals, who aspire form of hosting housing but find prices of private property beyond their reach.
But there are particular rules and restrictions governing the ECs, including a 5-year minimum occupancy period by the owner before they are able to market it inside the resale market. And so they are only able to industry to foreigners after 10 years.