Amongst the many kinds of accommodation out there today, condominiums and serviced apartments in Singapore are two popular choices amongst expats and even locals looking for temporary housing due to renovations or various other reasons. While the two terms are often loosely interchanged, there are actually distinct differences between the two, and choosing an accommodation that is right for you requires a good understanding of what each type of accommodation can offer you. In this article, we’ll pit one against the other and examine what those core differences are.
What is a Serviced Apartment?
Service apartments in Singapore are typically fully furnished and are usually more flexible in terms of lease durations compared to other forms of accommodation, making it an ideal choice for long and short-term rental in Singapore. Serviced apartments in Singapore also come with a wide range of amenities on the premises, as well as other services like housekeeping. In short, they’re almost like hotels, but with more living space at more affordable prices. Most serviced apartments are rented for short stays like a vacation or a business trip by residents who actively seek a proper home away from home.
What is a Condominium?
A condominium is a private residential living complex with shared amenities like yards, swimming pools, gyms, recreational rooms, and so on. While condominiums are similar to service apartments in Singapore in terms of amenities, the main difference is that a condominium doesn’t usually have hotel services like housekeeping, and while an apartment building is often owned by a single person or corporation, a condominium is owned by the residents themselves, and management often comprises several residents who are then responsible for the upkeep and maintenance of the condominium.
What are the Differences?
The main difference between a condominium and a serviced apartment in Singapore is the land status. Condos are built on what is known as “residential” land, while the latter is considered “commercial”. Commercial and residential buildings are charged different rates for utilities like electricity, water, and sewage, with the former being charged a higher rate. Additionally, deposits imposed by utility companies on commercial properties are higher, and while developers often try to negotiate for a lower rate, this isn’t always possible. If you’re leaning towards long-term service apartments in Singapore, ensure that you check with the developer what these rates are for you; it could make a difference in your finances.
Tax rates & maintenance fees
The quit rent and assessment charges between a condominium and a serviced apartment in Singapore are also based on land type, with commercial buildings being charged a higher rate. However, there are also no other differences between the tax rates of the two properties. This difference is also extended to the maintenance fees between the two types of accommodation, as service apartments in Singapore evaluate those fees at commercial rates as well.
Condominiums and service apartments in Singapore are also found in vastly different environments. As a residential property, condos are often more private, with security personnel controlling who comes and leaves the premises. On the other hand, most serviced apartments are attached to commercial buildings like shopping malls and retail shops, so expect them to be located in more centralised and busier areas. While residents don’t really have a say over the businesses and non-residents coming and going, they will have a multitude of commercial amenities. If you’re a resident of a serviced apartment in Singapore, you can simply take a lift down to shop, eat, or even watch a movie.
Both condos and service apartments in Singapore have their own unique properties and features, but if you’re shooting for the latter, check out Expat Corporate Apartments for units that are rich in amenities and situated in excellent locations. For more information, please visit our website.