Condominiums or Condos are a type of private residential property consisting of a collection of individually owned apartment units housed in an entire development. Condos are known for their in-house communal facilities. They share many similar features with Executive Condominiums. The main difference is that regular condos are given immediate private property status and are readily available for purchase by foreigners. ECs are only converted into private property ten years after construction during which time it will be then become available for purchase by foreigners. This means on the 11th year of its development onward.
For a development to be granted condominium status the size of the site must be at least 40,000 sqft and residents are expected to be given complete access to all common areas and facilities such as swimming pool, gymnasium and BBQ areas. Facility types are not expected to follow a stringent guideline as they differ from condo to condo depending on various outcomes such as size and space constraints.
A typical condo will have exclusive features such as the a swimming pool, gymnasium, and BBQ areas as well facilities like car parks, terrace garden, badminton courts, tennis courts and security services. Security services are usually automated or physically manned by security guards. Some condos utilize a combination of both for maximum security.
Condos come in the form of studio units, penthouse units, individual houses or multiple-room units. They cater mostly to an affluent or semi-affluent group of people who prefer a more extravagant type of living as opposed to a HDB flat but one not as expensive as landed property.
Generally, condos are classified into three categories; Mass Market Condos, Mid-Market Condos and High-End Condos. You can read more about this, here.
Condos are also unique because of the condo association system which involves the owners of the condo units. It is an elected board of members from the respective condo community which serves as the management and jointly represents ownership of the entire place.
Each condo development has its own unique set of Condominium Covenants, Conditions and Restrictions (CC&Rs) which are meant to cover various issues from noise levels to renovation works