The executive condominium is increasingly becoming popular particularly to the young generation. It is in alignment with the Singaporean government’s vision of 1999 of giving fresh families affordable yet luxurious living properties. As such, most young families in countries like Singapore and the Philippines are striving to have a unit either by buying in an EC launch or even renting. For those interested in these premium properties, they are of two major categories. These include leasehold and freehold. Under the former, we have subcategories such as vacant land, phased and standard. The different types of condos will be expounded in this piece.

Freehold Condominium

In this type, the developer typically owns the piece of land on which the units are built. Since the ownership belongs to the developer, it becomes easy to transfer the units to different potential buyers. Freehold condos will come as low-rise, high-rise, and row condos. The subcategories will include:

•    Standard Condos- These is divided into numerous units with common basic elements. As such, purchasing a standard condominium would mean that you will be getting the ceiling, floor, and walls of the unit. You also own the plumbing and electrical frameworks in the premise and a packing zone. A common area that is shared amongst the neighbors exists and you have to pay for the maintenance fee jointly. Some common elements to find in standard condos include driveways, recreational facilities, hallways, and walkways.

•    Phased Condos- It is a type of a freehold condominium that constitutes of an EC project which is being developed in phases until it is completed. Phased units allow a largescale developer to sell units before a project is completed which simplifies everything with regards to costs. This is so as buyers are able to pay some fee in a specific EC launch with some even paying full amounts. A point to be aware f is that in phased ECs, a developer has 10 years to add to the project or even amend the designs.

•    Vacant Land Condos - A vacant land EC has an empty ground at the time of its registration. The units are then built later. In the declaration of the condo, clear policies regarding restrictions and regulations on the types of structures to be built should be stated. From the description, a vacant land condominium will have the land in the package.

•    Lease Condos- These were specifically designed to allow institutions to have numerous options for monetization of their land. Institutions such as hospitals and universities lease out their property to developers for between 40-99 years. Buyers of these EC’s do not own the units but instead have leasehold investments.

Each of the above types has both benefits and disadvantages. As a buyer, do enough research on the type of condo you desire by visiting the next EC launch.