Tag: strata development

Piccadilly Grand Condo: Condo-living In Singapore – The Management Corporation Strata Title

Piccadilly Grand Condo: Condo-living In Singapore – The Management Corporation Strata Title

The allure of the luxurious life of condo living appear to be a huge lure for Singaporeans as increasingly more families and unmarried younger generations prefer to reside in condominiums. In 2021, according to statistics by statista.com, there was about 229 thousand resident households in Singapore residing in private apartments and condominiums. In Singapore, these are residential units that are private and not managed by the Housing Development Board (HDB), the public housing authority of Singapore. While more many choose to reside in condos and private apartments, the preponderance of the Singapore residents occupy public housing managed by the HDB, locally called HDB flats.

Condo-living In Singapore – The Piccadilly Grand Condo

As more and more Singapore resident households opt for condo-living, there is a number new upcoming condo launch to provide more of this private housing. Piccadilly Grand condo is a shared project of City Developments Limited and MCL Land. Sited in the Farrer Park area at Northumberland Road, the concerted venture by CDL and MCL is a future lush condo with a 99-year leasehold. Expected to be completed in 2026, the future residential building with space for commercial retail located on the ground floor can reach 23 storeys high and accommodate 405 units.

Liveability and sustainability are the foundation and aim of the Piccadilly Grand condo where how people will live, work and play are well-thought-out in relation to the new normal brought about by the current pandemic. Situated in close proximity to various amenities, schools, and private and public transportation, the future luxurious Piccadilly Grand condo will provide convenience and accessibility to its potential residents.

The Management Corporation Strata Title in Singapore

If public housing in Singapore is administered by the Housing Development Board, strata-titled developments are under the purview of the Management Corporation Strata Title or MCST. Strata title is a type of proprietorship developed for multistoried apartments as well as horizontal subdivisions having shared areas. This includes private condos, strata homes and offices, shopping centers, and multipurpose projects with numerous owners.

The MCST is a juridical body with perpetual succession sanctioned by the law to govern, manage and superintend the shared property of a strata development. That is to say, strata-titled developments are managed by the MCST. The communal facilities in condos that are under the care of the MCST includes gardens, parking spaces, swimming pools, security systems, sports and gym facilities, and perimeter fence. Also, the MCST are responsible for collecting maintenance fees from the owners of strata-titled properties.