Tengah Town, near the condo location, is envisioned as a smart and sustainable living model. SORA Condo residents can enjoy the existing J-Walk network, providing sheltered pathways linking different parts of the district. The 360-hectare JLD is slated to become the largest mixed-use business district outside the city centre. Financing is one of the most important consideration to your purchase. As this development is under construction upon purchase, buyers can learn more about the payment scheme and do a calculation prior to your visit using the progressive payment calculator.
The expenses of maintaining the joint property are shared pro rata among the owners. A homeowners association , whose members are the unit owners, manages the condominium through a board of directors elected by the membership. Another variation of this concept is the “time share”, although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute. Among other things, the HOA assesses unit owners for the costs of maintaining the common areas, etc.
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Both kinds of dwellings are typically found in buildings with multiple floors and units on each, with shared amenities and common areas, such as a lobby, gym and parking. In some communities, condo owners can rent their units to tenants, too. Lastly, condo ownership can be a more affordable option compared to purchasing a single-family home in the same area. The shared costs of maintenance and amenities can help reduce expenses, making it more accessible for individuals who desire a certain location but have a limited budget. On the other hand, there are also several advantages to owning a condo.
These amenities make purchasing condos a wise and excellent investment choice. Sora Condo is a brand new 99 years leashold condominium development located in the Jurong Region, Yuan Ching Road of District 22. The former Park View Mansions, the future SORA Condo bears a land size of 191,974 square feet. The plum site right beside Chinese Garden was collectively sold in an en bloc exercise to a joint venture between Chip Eng Seng, SingHaiyi Group and KSH Holdings for $260 million. This translate to a land rate of $1,023 psf per plot ratio , which includes the differential premium and top-up of lease to a brand new 99 years.
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Your condo association can provide links to reputable handy persons in the area, making your job easier. Each association has its own unique bylaws and regulations, which all buyers should review before their purchase, as they have to live by them afterward. Many of the rules are mundane, dictating where residents or guests can park.