In Singapore, the words apartments and condos are heard quite often. Perhaps most people have the perception that both of these are the same. But actually, condos and apartments are not exactly similar. Singapore New Condo and apartments are popular amongst foreigners for investment purposes. Thus, it is crucial to hold knowledge of the difference between the two, especially if one is thinking of investing in real estate in Singapore.
Rental Market is solid
Singapore is the right place for investing your options in the rental market. This means that if you want to have many career and business opportunities from all around then, Singapore is the place. The uniqueness of the condos and the apartments have made this place what it is today.
Affordability is good
The relative affordability of Singapore is good, and you can have yourself a spacious condo in a few years. The options are, and if you look into it, it will be fine enough for you. In particular and prime areas, your condos will amount to lower rent values.
Condos / apartments
- Apartment – An apartment is a block of units that can be owned by either a company, family, or individual. An apartment, in most cases, comes unfurnished. Foreigners can only rent an apartment block or have the lease of the apartment for certain years. When it comes to looking at an apartment as an investment opportunity, it is to be noted that the apartment can only be leased for 30 years and can be renewed for more than 30 years. Most apartment owners add a premium to the different bills such as power, utilities, etc. This means it is costly to live in an apartment, but the apartment owner pays the maintenance.
- Condo – Singapore New Condo is particularly famous for investment. Condominiums or simply condos are owned and shared jointly. These units mostly come with all the furnishings. A condo developer needs to apply and obtain a condominium license. A foreigner can buy a condo in their name. Having a condo in one’s name means no premium utility, water, and other bills. However, the maintenance amount needs to be paid by the owner.
This is the difference between a condominium and an apartment in Singapore. Singapore New Condo is a popular investment opportunity for many foreigners since it is slightly cheaper to live in, and the condominium block can be owned in one’s name.