Are you interested in buying the Executive Condominium units at Arc at Tampines?
Two Executive Condominium (EC) units are up for sale at Arc, Tampines. What’s the reason behind the sale? Do they have potential investment value? Let’s find out!
What do we know about the Arc Executive Condominium units?
Let’ look at the first unit:
- Located on the seventh floor of Arc, Tampines.
- A 3 bedroom unit with 1,054 sq. ft.
- Priced S$880,000 which translates to S$835 psf.
- Faces the swimming pool and greenery outside.
Let’ look at the second unit:
- Located on the sixth floor of Arc, Tampines.
- A 2 bedroom unit with 1,001 sq. ft.
- Priced S$720,000 which translates to S$719 psf.
- Has a private enclosed space (PES) that opens to the condo’s sky garden, gym and playground.
Comparing the two, each unit has its own attributes. While the first unit is slightly bigger with more rooms, the second unit has a PES. The second unit is also cheaper since it is smaller in size. Currently, units at Arc are sold in the range of S$863-S$963 psf. Hence, both the units are competitively priced acting on buyer’s benefit.
What is an Executive Condominium?
They are a hybrid of public and private housing. Such condo units must complete a minimum occupancy period (MOP) of 5 years if the owner wants to sell. And they can sell the units only to Singaporeans and permanent residents (PR) holders after 5 years. If the owner wants to sell to a foreigner, he has to wait for 10 years. Because this is when such property is considered fully privatized.
What do we know about the Arc at Tampines?
- It is a joint venture development of Hoi Hup Realty and Sunway Development.
- Located in Tampines Avenue 8, District 18.
- The Executive Condominium has a 99-year lease with effect from 2011.
- It has fulfilled its 5 year minimum MOP in 2019.
- Built upon 9 blocks with 16 storey building comprising 574 residential units.
- Includes various amenities such as a 50m lap pool, jacuzzi, tennis courts and a gym.
- The upper floor of Arc faces a scenic view of Bedok Reservoir and Quarry Park.
What led the Condominium Units to be on sale?
The two Executive Condominium units were first auctioned by Knight Frank on April 22, 2021. But no bids were made. Finally, they were put up for sale via private treaty. The units are under Management Corporation Strata Title (MCST) sales.
What led up to the MCST sale is the owner failing to pay for monthly maintenance and sinking funds. According to Building Maintenance and Strata Management Act, Section 43, owners are bound to make these payments. Since they defaulted on the charges, the developer put the unit for sale.
Are the Arc units worth buying?
Arc Tampines is a 6 years old Executive Condominium with ample facilities. Located nearby Tampines Mall and Century Square, it is a 9 minutes drive. So, you can get around your shopping needs with close proximity. If you are looking to settle with your family, the place is also close to good education centres. This includes Temasek Polytechnic and UWS South East Asia.
The two units in question are also reasonably priced with good furnishing. However, since the condo has only a 5 year’s MOP, only Singaporeans and PR holders can buy it. And the sale will take place without vacant possession on an as-is-where-is basis.
Weighing both the good and bad, you have to see how closely the units meet your requirements. If you need further points to consult with somebody, drop a message here. I can help you with your house hunting with the best available options.
More at Arc at Tampines units put up for MCST sale at $880,000 and $720,000, Edgeprop.
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