Basic Overview Of A Condominium Development
Real estate is a big investment for everyone. It’s a big step and decision for those who want to have their own living space either for personal use or for business. However, buying and owning your own house and land is quite expensive for most people. And with the world’s growing population, going around a few places for work or leisure can be tiresome in the long run.
In the recent years, condominium units have been gaining popularity as the real estate investment of choice. It’s added features and strategic locations have given it edge over the traditional real estate options in the market. But like everything else, not all things relating to condominium developments are good, there are a few drawbacks in owning a condo unit over your traditional house and lot.
What is a condominium?
Unlike apartment buildings and house properties, a condominium is a residential building comprised of units that are individually owned but share the common areas and facilities. It can vary from a high-rise condominium building with around 30-40 floors to low/mid-rise ones with bigger floor area per unit but only reaches around 4-5 stories.
In Singapore, a development needs to have at least 40,000 sq. feat area before it can be granted a condominium status, like the Piermont Grand Project. Another requirement is that the units, be it studio penthouse or individual houses, should share communal facilities. These include but is not limited to a swimming pool, a gym and walk areas.
Benefits of condominiums over traditional real estate properties?
Condominiums offer an array of features that other traditional real estate properties just can’t. Owning a unit in a condominium building gives you access to all amenities in the building like the gym, playground area, swimming pool and the likes. This also gives you free security as the building developer employs security personnel for the entire development.
Another popular feature that attracts people is its location. Most condominium developments are strategically located to be in or near business districts. This means living in one will provide you the convenience of easy travel to and from work, especially if you’re working in one of the busy business districts.