The city-state of Singapore is home to some of the most beautiful condominium properties in the world. Even though the city has been a late entrant in the industry of condominium development, it has made significant advancements of late (particularly in the last decade or two), and has become a force to reckon with. Today, condo units appear to be the most popular housing choice for most of the population, and constitute a major portion of all housing structures in the city. There are a number of reasons that contribute to the widespread popularity of condominiums as the most preferred housing structures.
- Scarcity of open land spaces: The availability of free land spaces has dwindled significantly over the course of the last decade. Open spaces of land in the city are hard to come by, and even if one is able to come across a piece of land, the price is beyond affordability. Hence, the common people of the city are forced to live in rented homes. Condominiums offer the perfect solution to this rising issue as a large number of families can be housed over a considerably smaller piece of land surface.
- Condominiums are cheaper than private homes: Due to the scarcity of free land surface in the city, landed and private detached and semi-detached homes accompany very high price tags. On the contrary, condominium developments like the North Park Residences Yishun Central offer cheaper alternatives. The average price of condominium units in the city is about one-third of that of the private homes. Hence, it is easier to purchase condo units than to purchase private single-family homes.
- Multiple facilities on offer: By living in condominiums, the residents would be able to enjoy a number of facilities and amenities that are not easily obtainable with private houses. Hence, condominium developments in the city serve as great attractions for the people of the city as they are able to offer a much higher and better quality of lifestyle, and that too, at cheaper expenses.
Another important factor that has had a significant impact on the residential sector of the city is the large number of condominium developments that have been constructed in various parts of the city. There have been multiple new launch condominium Yishun and others areas of the city, and this has offered a large number of choices to the people of the city. This has been one of the most prominent reasons behind the widespread popularity of condominiums in Singapore.