Condominiums have been a housing option in Singapore for the majority of Singapore’s short history. Singapore’s first condo was completed in 1974 along Tomlinson Road. This condo was a pioneer of luxury condominiums in Singapore and soon kickstarted the trend of condos appealing to the wealthy. Since then, the popularity of condominiums has increased exponentially across more sectors of the market and shows no sign of slowing down. This trend can be attributed to a lot of factors, some of which are given below.
What fuels the popularity of condominiums?
An ever-growing class of professionals
Majority of young professionals enjoy living closer to the CBD where their workplace is. Staying close to the CBD brings many benefits. The commute to work is shorter and there are many places to visit for leisure close by. Take the Marina One Residences as an example. It is located just minutes away from the CBD and is surrounded by entertainment options, even a golf course!
Everyone wants a place to call home but few want to carry out regular maintenance. Some people find their schedules packed with commitments and are unable to find the time or the energy to involve themselves with the daily chores of taking care of a house. Condominiums allow these people the best of both worlds. You own a magnificent and clean home that you are proud of without the niggling responsibilities that come with owning a home.
Who doesn’t want to live close to a gym, swimming pool, garden and barbeque pits? People who own condominiums are happy about how accessible these facilities are.
Modern living space
Many condominium homeowners are proud of their living space and its design. Most condominiums include modern and cosmopolitan features in the design of individual apartments and even the entire housing estate.
A solution to the housing problem
The ever-present growth of Singapore’s population forces authorities to consider multiple housing solutions. The rising figure of expatriates in Singapore increases demand for condominiums as well.
Although some may argue that in Singapore, the price of condominiums can be steep, buying or renting a condominium is not as expensive as purchasing a landed property. It is a goal far more achievable than owning a landed property and land in Singapore.
Some people buy condominiums with the aim of selling or renting them. Condos present an inviting prospect for investment as housing is always in demand and devaluation of condos is rare.
From an economics point of view, the demand for condominiums helps to fight unemployment. Designing, constructing, selling and maintaining a condominium demands manpower and provides employment.
The demand for condominiums will continue to rise due to the increase in number of young professionals and expatriates. Also, more innovative condominiums with better facilities are being built every day to meet the housing demand.