A Hoi Hup led-consortium sold 220 units at the Arc at Tampines executive condo (EC) project during balloting yesterday, at an average price of S$722 psf.
“Arc is the first EC launch to benefit from the higher monthly household income ceiling of S$12,000 compared with S$10,000 previously,” said a market watcher.
He noted that the project has seen more units sold than other recently launched EC projects.
Meanwhile, all 28 (five percent) of the total units that can be sold to second-time buyers during the first month of its launch, have already been snapped up. Further sales to second-timers are expected to take place on 8 October 2011.
EC projects are a hybrid of private and public housing, with initial buyer eligibility and resale conditions lifted 10 years after a project’s completion. Under government rules, developers of EC projects should set aside at least 95 percent of the units for first-time homebuyers during the initial month of a project’s launch.
Located along Tampines Avenue 8, Arc at Tampines comprises 574 units in nine 16-storey towers. The units range from two- to four-bedroom apartments and include dual-key units aimed at multi-generation families.
It is within close proximity to various educational institutions and the upcoming Bedok Reservoir and Tampines West MRT stations.
Source : PropertyGuru – 9 Sep 2011