A condo or condominium in Singapore is considered a private property, the other types being apartments (usually with limited facilities) and landed housing. This type of residential development comprises individual residences as well as common facilities. These can include swimming pools, gymnasiums, club house, tennis courts, security posts, barbeque pits and others.
The Different Types of Condos in Singapore
There are a wide variety of condominiums catering to various market segments in Singapore.
The first are condominiums catering to the mass-market. Located mainly in suburban areas and featuring good communal facilities, these condos usually offer entry-level pricing that appeals to buyers who are looking to upgrade from public housing to private housing.
And under the condominium category, there is another sub-set of condominiums called Executive Condominiums (EC). A type of housing unique to Singapore, an Executive Condo is a hybrid of public and private housing. They were introduced by the government to cater to those who aspire to own private property but find their prices beyond reach at the moment. Their prices are therefore lower than private properties, making them more affordable, especially to young professionals in the early stages of their career.
Unlike pure private property, Executive Condominiums come with certain rules and restrictions. Buyers must stay in them for at least 5 years before they can sell it again to Singaporeans or permanent residents. The ECs become fully privatised after 10 years, and can then be sold to foreigners.
In the mid-range are condominiums located in the city fringes, in areas like Tanjong Rhu, Novena and Newton. Boasting all the facilities of a condominium, they are near the city centre with all the business and entertainment amenities but do not cost as much as the higher range condominiums.
Poised at the top end of the private property market is the luxury class of condominiums that cater to the well-heeled. These high-end projects are usually designed by world-renowned architects who can ensure the distinctiveness of the architecture. Facilities are top class and each unit typically comes with top quality fittings, finishes and furnishings.
You will find these high-end condos in the prime districts of Singapore, like District 1, 2, 4, 9, 10 and 11. Popular locations include Sentosa, Keppel Bay and Orchard Road.
If you would like more information about the different types of condos in Singapore, give Singapore Property Pick a call at 8113 8043.