Living in a condominium is one of the ultimate luxuries available to the middle class. Condominiums offer 24-hours security, amenities such as swimming pools and sports facilities, and generally offer a great atmosphere for community. Given these wonderful features, it is expected that leasing or owning a condo unit can come at a high price. More so if that condo unit is in Singapore, where rent is characteristically higher than almost any place in the world. However, there are smarter options to getting that dream home.
Comforts of a Private Country Club
For those with gross household income not exceeding SGD 14,000, leasing an executive condominium such as The Criterion in Yishun is possible. The Criterion has ten 13-storey blocks composed of 505 units, with expected completion date in 2018.
Developed by City Developments Limited and pegged as the first luxury executive condominium, this public-private housing hybrid boasts ofextensive facilities which include a function hall, vista gym, and a camping lawn. Green spaces are abundant, and it is also the only condominium in Singapore so far that will have a purifying air conditioning system. Adding to the family-friendly atmosphere is its close proximity to the Seletar Reservoir and the Orchid Country Club. New malls and transport infrastructure are also expected for completion in the coming years.
Condo Living at a More Affordable Price
What’s great about the property is that being an executive condominium, the criterion price is made affordable by being qualified for a CPF housing grant up to SGD 30,000. This CPF Housing Grant is a government subsidy offered to first-time buyers of an executive condominium. Deferred payment options are also offered. The criterion price range is the best choice for families as well as young professionals who can afford more than an HDB flat but can’t afford a private property.