Executive condominiums are some of the most expensive homes in the world. In high-demand cities such as Singapore, these properties are especially scarce and pricy.
However, there is one trick you can use to own an executive condo at a fraction of the cost: buy a single-pr property instead. Learn more about why below, but first… What is an Executive Condo?
An executive condo is essentially a high-end apartment building that caters to individuals who need to live near work for their careers. These properties may also be referred to as luxury apartments or serviced apartments depending on where you live in the world.
In general, they’re geared towards those who hold white-collar jobs and have higher incomes than the average resident in a given area. They’re also fairly similar across various cities, so it’s typically easier to find an executive condo if you move frequently or work in one city more than others.
Can single PR buy an executive condo in Singapore?
If you’re single PR and looking to buy a new executive condominium, you’re out of luck. However, if you’re buying with a Singaporean spouse, you’ll be able to purchase one just like you would a BTO flat.
Why Buy an Executive Condo?
-There are many perks to buying an executive condo
-Executive condos are often more affordable than single-pr properties
-They offer a lot of convenience
-The locations in executive condos are usually desirable
-You can rent out your condo when you need space back
With executive condos, there are many perks. From the extra amenities like swimming pools and gyms, to the location being near work or other important things, these properties have a lot going for them. Buying one is an investment that offers a lot of convenience and helps with cost too. It doesn’t hurt that they’re often more affordable than single-pr properties either!
Learn more about why below, but first… What is a Single-Pr Property? A single-pr property is typically another term for an apartment building. These types of apartments are typically found in urban areas where there isn’t much available land for construction. They’re built on the ground and offer tenants living in them about the same amount of space as an average apartment.
Single pr homes can be less expensive than executive condos because they don’t have all of the amenities or convenient locations that come with an executive condo. However, it does make sense to buy these types of apartments if you want to save money by living in a city that has plenty of other land available for development.
Costs of an Executive condo
The most expensive part of owning an executive condo is the price. While the exact amount changes depending on the location and your needs, expect to pay around $1,000 to $10,000 per month for a single-room property. That can add up quickly!
Another cost-heavy item is the maintenance fee. Many executive condos require monthly fees or other upkeep costs that can range from a few hundred to several thousand dollars each year. This includes things like parking fees and a maid service charge.
However, if you are looking for a way to avoid these costs, buying a single-room property might be what you need. Single-rooms typically have fewer amenities but still provide all the necessary services for their occupants: cooking appliances, laundry machines, and even in-unit Wi-Fi!
Pros of a Single-Pr Executive Condo
There are a few reasons why single-pr properties are better than executive condos.
One of the most obvious is cost. A single-pr property typically costs less than an executive condo. Another reason is that single-pr properties can be bought by anyone, whereas executive condos require you to jump through a few more hoops in order to purchase one. For example, in Singapore, only those who hold “top white-collar jobs” can buy an executive condo.
Cons of an Executive Condo
Executive condos have a lot of benefits, but there are a few downsides.
-Time
Executive condos are typically built in luxury locations with beautiful views, so if you’re looking for a quick commute, this isn’t the property for you.
-Cost
An executive condo can be hundreds of thousands of dollars more expensive than an average apartment building. It’s also more difficult to find financing options designed specifically to cover this type of purchase. In addition, there may not be much available at all in your area when it comes to affordable properties.
Things to consider when buying an executive condo
If you’re considering buying an executive condo, there are a few things to consider before doing so.
First and foremost, you need to think about the amount of time or money you want to invest in this home. There are many different types of executive condos, ranging from a single-pr property for under $1 million to a 10-pr condo for $10 million or more. Prices like these tend to vary based on location and size of apartment.
Additionally, it’s important to evaluate your living situation and lifestyle when considering an executive condo. If you plan on commuting from one city to another frequently, then an executive condo may be ideal as your commute will likely be much shorter than if you lived in a standard building.
For those who work outside the home on a regular basis, an executive condo can also be ideal as they often have dedicated business centers with conference rooms and other design factors that allow for more efficient working.
This type of property is geared towards those who hold white-collar jobs and have higher incomes than the average resident in a given area.
Conclusion
Buying an executive condo is a great step for people who are looking for a more personal and luxurious lifestyle. But before you make the decision, there are many things to consider.
First and foremost, you need to look at the cost of an executive condo. The median monthly rent for a one-bedroom executive condo in Singapore is $3,218. The median estimated monthly cost of living in Singapore is $3,209. This means that if you were to rent this apartment for a year, you would have paid a total of $61,936.
If you were to buy an executive condo, you would have paid just $3,200,000. That’s roughly $1,300 and change per month. If you are not willing to pay that much, then buying an executive condo might not be the right decision for you.
