Luxury condominiums have been springing up all around Singapore. Exclusive and unique, these coveted properties are a cosy home, a statement of wealth and a status symbol all in one. Often carrying some of the highest price tags amongst all the real estate in Singapore, these elusive units are the perfect accommodation for the discerning resident, enabling them to experience the epitome of urban living in Singapore.
If you are torn between a few luxury condominiums that have caught your eye, it may be a good idea to weigh your options according to these factors and see which unit offers the most of what you are looking for.
Needless to say, the location of a condo is one of the most important factors one would consider if they plan on staying in the unit. The most desirable condos are usually those that are situated near to workplaces, schools, expressways, and bus or MRT stations. Most luxury condos tend to be located around central Singapore and the central business district while still secluded in their own elite, private enclave – an exclusive haven to those looking to get away from the bustle of city life and yet remain conveniently within reach of major town services. Among these locations are some of the better-known prestigious street names, such as Orchard, Nassim and Ardmore Park. Moreover, units in these prime districts are often in high demand and transact quickly. If you are looking for convenience and proximity to the city centre, you may have to be prepared to pay a premium for it.
If you plan on living in the condo for the foreseeable future, you will definitely want to choose a condo that suits your taste in terms of features, amenities, design and interior. This is even moreso when it comes to luxury condominiums, which usually have a few defining features setting them apart from your average run-of-the-mill condo. Some luxury condos have a futuristic and modern theme to them, while others are more rustic and homely. They may come with gyms, swimming pools, gardens, concierge services and more. Take some time to tour the exact unit you have in mind, to make sure that everything is exactly as you want it. It definitely helps if some features come built-in with the unit, eliminating the need for extra renovation. When it comes to selecting the right style of condo, there really is no right or wrong – it all depends on what you are looking for in a home.
Naturally, the price of a luxury condo in Singapore is usually a major consideration. The price can depend on a few factors, including the location of the condo, the total number of units in it and the various features it comes with. When purchasing a luxury condo, you can expect to pay in the price bracket of anywhere from a few million dollars to as much as upwards of $70 million. Naturally, these prices are to be expected due to the world-renowned designers and developers of these estates. You can also expect quality fittings, home features and architecture unique to every single condo.
In addition, different units of the same condo tend to command different prices. For instance, a regular unit will probably cost less than a penthouse unit. Penthouse or flagship units, of which there are usually only a select few, showcase the best features of each condo. They are typically the largest of all the units and offer the best view of the cityscape. Penthouse units have been known to transact for tens of millions of dollars and sometimes beyond $50 million. For those who can afford it, laying claim to a prestigious penthouse unit in the most sought-after luxury condo is a statement of wealth indeed.
Whether you are purchasing a unit to be your new home, looking to rent it out, or even making an investment, the long-term value of a luxury condo is another key aspect to consider. Although some luxury condos appear to be a steal at first, their long-term prospects can be disappointingly meagre.
Singapore is a popular spot for real estate investors because luxury condos in Singapore actually tend to go for lower prices than overseas. As such, Singapore is a great opportunity to take advantage of the low entry point if you are looking to start investing in real estate. Before going ahead and purchasing a property though, it is important to make sure your investment will pay off in the long run. It is a good idea to observe the local property market and consult local property investors to get a gauge on how to identify good condo investment opportunities.