Knowing The Different Types Of High-Rises
Apartment, condos, flats and serviced apartments. What are the differences between these four terms used? Aren’t they all the same? Well, not exactly. Although they are all high-rises, do note that there are distinct differences when it comes to each terminology used. For instance in the States, the term apartment is often touted to be super luxurious but it may not be the same for us here in Malaysia. Thus, we have taken the liberty to address the differences between each of the term used so that you are aware of what they mean exactly!
Usually, a condominium is registered as a private residential area, with its individual units owned by different people or owners. They also tend to be on the slightly more “luxury” side, and is one of the most popular new launches by developers in Malaysia today. They often come with state of the art facilities such as infinity pool, gym, badminton and tennis courts and so on. Price typically start from RM400,000 in the prime areas such as the city center and can come up to millions of ringgit depending on the built-up, floor, location and so forth.
2) Serviced Apartments
Serviced apartments are somewhat similar to condominiums except that it sits on commercial land. They are fully-furnished units, with regular housekeeping, concierge services to facilitate your daily needs and is convenient due to the nearby amenities it possesses such as supermarkets. However, because they sit on commercial land, owners need to fork out higher amounts for costs such as quit rent, electricity and water charges, as well as monthly maintenance fees. The amount can go up to six times higher as compared to the residential tariff rates.
In Malaysia, apartments refer to slightly higher dense projects, where they may lack facilities onsite and extensive integrated public and social spaces compared to condominiums and serviced apartments. For instance, the PR1MA homes under the purview of the government and Ministry of Local Housing and Government would be a good example. The facilities present here would be slightly simpler as compared such as swimming pool and a basketball court. The price point can range from RM290,000 onwards.
Flats is a term used to refer to homes provided for the lower and middle income groups. However, this does not mean that the unit or building is of lower value or less attractive. It just simply means that there are limited facilities available for the usage of the residence while the individual units are also smaller in built-up area which makes it more affordable to buy. Prices for these units can start from as low as RM25,000 onwards.
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