Property Types In Singapore
Residential property in Singapore can be classified into three distinct categories which are housing and development board units, private apartments and landed property. The majority of the Singapore population lives in the housing and development board units which are within housing estates. The remaining Singaporeans live in live in the private apartments or landed property. Emigrants have ownership restrictions on the private apartments and landed property as per government policies while Singapore residents can own and live in any three of these properties.
The government has classified private apartments as condominium or as an apartment. The difference between apartments and condominiums is that the apartments are smaller and have comparatively less facilities while the condominium is larger and is more spacious with lot of facilities. Generally a condominium would have many facilities like a gym, a swimming pool, a tennis court, a squash court, a barbeque centre and a playground for children. They would also have special car parking facilities within them. The security guards are appointed for security of the entire area around the condominium. The tenure of the private apartments is freehold, ninety nine year leasehold or nine hundred and ninety nine year leasehold.
Landed property includes a terraced house, detached house, semi detached house, shop house and a bungalow. Landed property is called so because the title of the property is tied with the land. Landed properties are generally freehold but there are also properties which are either ninety nine year leasehold or nine hundred and ninety nine year leasehold. Since land is limited in Singapore these landed properties can be really expensive. Big plots of land near the centre of the city can fetch real good value.
HDB units are flats which are constructed and maintained by the housing and development board. The government subsidizes the purchase and finance of these units. HDB apartments are generally build within large housing estates which are self contained. These housing estates have almost all the facilities that might be required by the resident. They have hotels and restaurants for food, supermarkets for daily needs, schools, colleges and libraries for students and parks and playgrounds for recreation. The housing estates have maximum facilities in the neighbourhood.
Executive condominiums can be said to be an apartment which is better than the HDB units but less luxurious than the private condominiums. These are located within the housing estates and there are certain policies that you should be aware of before considering these types of houses. These apartments are also government subsidized and to get them you need you fulfil certain criterion.
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