LEASED CONDOMINIUMS IN SINGAPORE

Abstract

Since 1973, there has been a continuous growth in condominium developments. However, in recent years, the condominium property market witnessed the emergence of a new trend - solely leased condominium. With the continuing economic down-turn, the lack of demand ensuing competition, developers have now turned to solely leasing out their condominiums. Their target market is made up of mainly expatriates. This dissertation has endeavoured to look into this new concept, with particular interest in its management, its functional tasks and the underlying reasons for its emergence. It has been found that though leased condominium was one way of lifting the developers out from the doldrums of the property glut, there are other reasons too, such as developers desiring to have greater management and maintenance control over their properties, and for investment purpose. It is projected that there will be an oversupply of condominium units in the next 4 years. In view of that, developers are advised to cut down on their development projects. In addition, they should put in extra effort in marketing their products. There is also a need to attract foreign investors to Singapore, in order to have a potential pool of clients. In essence, the solely leased condominium concept is rather new. Its management process and maintenance deviate from the practice of the conventional condominium.