Real Estate

New Condominium in Singapore

Condominium (or commonly calls Condo) is a residential property consisting of collection of individual (strata) apartments and sharing of common communal facilities. A private condo is privately owned residential property without the ownership restrictions impose by the HDB as in executive condo (EC); such as five years minimum occupancy period and ten years for the EC to become available for foreigner purchase. Current New condominium is JadeScape and you can find all the details about the project and of course the JadeScape price on the official website

Buyers are usually unaware of the difference between the condo and an apartment. Both condo and apartment are strata titled and both shared common facilities within the premises. For a development to be granted a condominium status, the size of the site must be at least 40,000 sqft. Anything less than 40,000 sqft is classified as an apartment. A condominium, because of its bigger land area, there are a lot more common facilities than an apartment which may have limited facilities. Residents of JadeScape are expected to have complete access to all common facilities and areas such as gymnasium, BBQ areas, swimming pool, etc.

One major advantage of staying in a private condo, besides the communal facilities, is that foreigner is allowed to own a unit. Given the huge pools of foreigners working in Singapore, the rental yield and the potential up selling of the property becomes very attractive. Furthermore, developer of pre-launch condo usually gives huge discount from the listed price for the initial buyers in order to gauge the market demand before the official launch. So buyers who want to get the best deal have to be bolder to engage and cooperate with the JadeScape sale agent prior to the official launch. Or else, they may miss the opportunities.

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