Despite a worldwide recession the Singapore property market has remained one of the most resilient and vibrant in the world.
New Singapore property launches can include new condos, new apartments, new cluster houses, new strata houses and new landed property.
New condominiums
A condominium, or condo, refers to a residential home, usually a flat or apartment, which is individually owned while common areas are shared with each other. These common facilities may include things such as shared hallways, heating systems, elevators and laundry rooms.
In Singapore the term is used to describe larger, more exclusive developments. A building is only granted condominium status when the total site area is greater than 40,000 sq ft. Communal facilities typically have a BBQ area, gymnasium, and a swimming pool. Most will also have their own security guards.
Mid-market condos tend to be located on the outskirts of prime districts, including areas like Upper Bukit Timah, Novena, Newton and East Coast. Districts such as Districts 9 – 11 are where you can expect to find the higher end condos on the market. As you would expect these are usually close to the best schools and shopping areas. Facilities within luxury condos can include a personal private lift, a concierge service and well equipped sporting and leisure facilities.
New apartments
Most Singaporean citizens live in public housing known as HDB flats. There are a number of executive flats, ranging from three, four and five room, as well as many executive flats. A three-room apartment will typically have two bedrooms at around 1,000 sq ft. A four-room apartment will typically have three bedrooms at about 1,200 sq ft. Five room apartments are around 1,400 sq ft. An Executive apartments have three rooms and are relatively more spacious than other HDB units. HDB flats may be resold subject to strict conditions but many private apartments are also launched each year. These can be of various sizes, designs and prices.
New landed property
Landed properties can come in many different forms. These include:
- Terraced houses
Terraced houses, or row houses, consist of a row of largely identical houses that are linked together by shared side walls. They may have gardens or yards, most often to the rear of the property.
- Detached and semi-detached houses
Detached houses are free standing houses with their own land or garden surrounding them. The size of any garden or other land can vary significantly between properties. Semi-detached houses are built in pairs, with the two houses sharing a party wall in the middle. They are usually built so that each house's layout is a mirror opposite of its partner.
- Good class bungalows
Commonly known as GCBs, good class bungalows are one of the most highly sought property types by affluent Singaporeans and foreigners alike. A bungalow must have a plot size of at least 1,400 sq m (15,070 sq ft) and be located in one of the gazetted areas around Singapore to be considered a GCB. They are very spacious and may include gardens, car parking and even swimming pools.