The craze surrounding private and luxury homes seem to have reduced significantly over the course of the past decade. On the other hand, the demand for luxury condominiums seems to be on the steady rise. This is the general scenario across every major city around the globe, and Singapore seems to be no different. The city has witnessed a dramatic rise in the demands for luxury condominiums, with most units being lapped within days of being launched. The economy of the city has also improved tremendously in the past decade, paving way for more developments to take place in this particular field.

What is a condominium?

A condominium is the term given to a residential space within a building. The condos usually have 1 to 5 bedrooms along with kitchen areas, halls and bathrooms. The variety in the number of rooms allows people to opt for the ideal condos for the needs. These condos are constructed in the form of towers with several units on each floor. The number of units per floor depends on the available area and the designs and architectural patterns. Hence, owners do not own a property on the land, but everything that is confined within the walls of their respective condos. The total land surface is jointly owned by all the owners of condos within the same complex.

What are the facilities that accompany condominiums, and who pays for them?

Well, luxury condominiums in the city of Singapore come with a number of luxury facilities. Amenities like swimming pools, parking areas, yoga rooms and saunas, gymnasiums, etc. are common features of luxury condominiums like the Panorama AMK. The costs of construction and development are included in the purchase price of the condos, and all owners of individual condos in the complex have joint ownership of these amenities, and have to pay for their maintenance. Hence, the average price that a person has to pay for the development and maintenance of these facilities are reduced to a great extent. This also allows the residents to enjoy the benefits of a luxurious lifestyle at a fairly affordable price.

Luxury condos offer enhanced security features

People often think that a private home can help them to avoid the disturbances caused by neighbours. Having a neighbour within close proximity can often be an advantage as it helps to obtain assistance in times of emergencies. It also helps to ensure greater security for the property as nobody would try to break in with somebody living next door. Residential condos in the North Park Residence also have staffed security personnel on watch on a round-the-clock basis. Continued monitoring with the help of CCTV cameras help these security personnel to prevent forced entries or break-ins, and ensure the safety of the residents.

There are several other advantages of living in a luxurious condominium in the city of Singapore. Condominiums also allow the residents to live in the vicinity of the city hubs, which is a convenience that cannot always be associated with private housing options.

Author's Bio: 

With more than a decade spent in the industry, Alex K Robert is an expert on luxury condominiums in Singapore like the Panorama AMK and the North Park Residence, and has been helping new homemakers.