Prices for Arc at Tampines expected to range from S$600k to S$1.32m

Housing agents said prices for the first executive condominium launched after the income ceiling was raised for households, range from just under S$600,000 to S$1.32 million.

Agents said that two-bedroom units, for Arc at Tampines, located at Tampines Avenue 8, are going for between S$741 and S$875 per square foot while the price for three-bedroom units ranges from S$693 to S$810 per square foot.

Four-bedroom units are priced between S$674 and S$764 per square foot, with penthouses going for S$529 to S$635 per square foot.

The development is twice oversubscribed despite it being one of the most expensive ECs when it was launched in October last year. Balloting for the units begins on Thursday.

Analysts said that the prices are similar to Esparina Residences launched last year in Sengkang, and could form the benchmark for the prices of three future ECs to be launched in Choa Chu Kang, Tampines and Punggol.

“I think amongst the eight EC projects that have been launched since October of last year, the prices of this project is probably at the higher end, compared to the other seven projects,” said Ong Teck Hui, Executive Director of Credo Real Estate.

With the raising of the income ceiling, analysts feel that about 2,000 to 3,000 potential buyers could enter the market but the increasingly smaller units could dampen the interest of HDB upgraders.

Source : Channel NewsAsia – 7 Sep 2011

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