CONDOMINIUM CLUB - A CASE STUDY

Abstract

Economic growth and progress have led to increased affluence in our country. This meant that aspirations for private residential housing have also increased. The past property market boom saw a dramatic increase in the number of condominiums built. However, most of these developments are similar in nature. It is felt that new private housing concepts should be explored in order to meet the demands and aspirations of the population. Therefore, a new form of housing concept, known as " Condominium Club", is being introduced in this study. This concept allows the developer the flexibility of selling the residential units as well as membership to the club-like facilities to be provided in the development. This is to meet the demand for both private housing and country club-like facilities. The aim of the study is to find out the suitability and acceptability of this concept in Singapore. From the study, it was found that the majority of the purchasers of this form of housing are people from the higher income bracket as the price and cost of maintenance are higher than 'normal' condominiums. The study also shows that people in Singapore can accept the idea if information on 'Condominium club' is made available to them. Location, design, facilities and tenure are the main factors people considered when purchasing such a development. In addition, the study also shows that the current economic and property market downturn has affected people's attitude in property investment. They are now more cautious with many unwilling to pay high prices, most adopting a "wait and see" attitude.