Those in search of accommodation in Singapore would have stumbled upon countless options including serviced apartments, condominiums, and landed properties. At first glance, serviced apartments may not appear to be very different from private condominiums. In fact, many do not understand their differences and may confuse one for another. However, they have distinct differences and their rental rates differ greatly.
Here’s a look at the differences between serviced apartments and condominiums.
What is a Serviced Apartment?
Serviced apartments are fully furnished residential apartments available for both short-term and long-term stays. Usually built on land slated for both residential and commercial use, they operate much like hotels instead of private residences. Residents at serviced apartments have access to a variety of curated amenities and services, which may include a well-equipped gym and wellness facilities, swimming pool, children play areas and resident lounge, as well as additional services such as housekeeping and concierge services.
While the amenities and services provided are like those of a traditional hotel, serviced apartments typically have dedicated living and dining areas, varying number of bedrooms to suit different family size, as well as full-sized fully equipped kitchens with washer and dryer. The rental rate normally includes housekeeping services, maintenance services, internet, a car parking lot as well as utilities.
What is a Condominium?
Condominiums are private residential buildings with units owned by different individuals. Condominium units can be rented, but renters will be transacting directly with the unit owners rather than the building management.
They also include a variety of amenities, such as a gym and swimming pool for which the monthly maintenance fee will be included as part of the rental charges.
What is the Difference Between Serviced Apartments and Condominiums?
Serviced apartments and condominiums may seem like similar residential types, but there are some notable differences between them.
- Rental Process
The rental process for serviced apartments and condominiums differs. The former is a quick and straightforward and standard procedure, whereas the latter requires more work such as drafting your own Letter of Intent (LOI), doing up an inventory check list and taking photos of the apartment to make sure that you will not be held responsible for missing items or defects you did not cause.
The entire rental journey for serviced apartments can be as simple as booking a hotel for an extended trip. If you intend to rent a serviced apartment in Singapore long term, you may need to submit an inquiry, but the process is still faster than renting a condominium.
- Length of Stay
Serviced apartments allow flexible rental periods. From short term apartment rental of a minimum of six nights to long term accommodation of one year or longer, you get to choose your length of stay depending on your plans and schedules. Condominiums have a minimum rental period of three months, which may not be suitable for those who are visiting for 1 to 2 months.
Serviced apartments are typically located in central Singapore, where you can easily access the Central Business District within minutes or conveniently head to the Orchard Road shopping belt for weekend shopping. They are suitable for families who wish to stay in a convenient location. To enhance accessibility, some serviced apartments also provide complimentary shuttle service to business districts on workdays. Condominiums can be found all over Singapore, even in local neighbourhoods where you will have to travel a distance to get to the nearest supermarket.
Whether or not a serviced apartment is your preferred accommodation depends on you and your family’s habits, preferences, and lifestyle. They are accessible and convenient because of all the available amenities and services, and you can also rent flexibly rather than being strapped down by lease contracts or restricted by minimum rental periods.
Great World Serviced Apartments offer 304 fully furnished one-bedroom to four-bedroom apartments and luxurious penthouses suited to all family sizes. Experience convenience and comfort for all short-term* to long-term accommodation. Check out our ongoing promotions.
*Minimum 6 nights stay required.