Condos have grown to become a major habitat of centres around North Singapore. Touted as a housing alternative with a way of life, they’ve become very popular during the past ten years or so. Single individuals, childless couples and retirees appear to be attracted largely in and around them. However, to unit owners and buyers, condominium ownership may be ambiguous and convoluted. Since condos aren’t based on precisely the exact same ownership structure as street-level conventional freehold houses, comparing condos to conventional houses is like comparing apples with oranges. Condo ownership is based on a possession system. 1 tier pertains, and the next, to the interest of the elements in the condo complex, including the land beneath the complex. Despite the fact that the unit owner receives an individual deed it is at all times to the master deed of the tier possession, represented by the elements of this condo complex. Conversely, a house gives its owner an exclusive and absolute possession of the property and the dwelling erected on it.
The distinction here is that the unit owner is not the Master of this condo property. Sharing a common roof and the rest of the condo complex with the unit owners makes them an intrinsic part of The Gazania SingHaiYi Group. Hence, the value and fate of any individual unit is determined by all of the unit owners electing competent leaders board members to regulate their condo complex diligently, and on their immediate payments of realty tax, monthly maintenance fee and special appraisal, as they become due. These are just two pivotally for any condo complex to be run and stay healthy to maintain the value of its units.
An important thing to notice is that the house owner’s loss of land does not impact any of the neighbours. The condo owner’s loss of the unit affects all their neighbours, the unit owners at the condo complex. Condo complexes are comprised with varying strengths. Their units are bought by some all in some with a down payment, and money. Some others can only afford to purchase their units with very small down payments, facilitated through guaranteed high-ratio, a.k.a. Monster mortgages, mostly guaranteed by tax payers. Monetary policy makers, through quasi-government shaped insurance agencies like Fannie May, Freddy Mac and CMHC in Canada, have been approving and encouraging these subsidized buys to stimulate the market for quite a while.