Frequently Asked Questions
When is Arc EC open for booking?
Tentative Launch Dates
Showflat Viewing & E-Application: Opens 31st August to 5th September 2011
Balloting & Booking: 8th September 2011
Basically whoever wants to book a unit on 8th September, must do the e-application by 5th September latest.
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What must I do to book a unit?
Let us know of your interest and we will send you the application form and procedures.
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Am I eligible to buy The Arc?
You are if:
. You are a Singapore citizen and a member of your family nucleus is a Singapore citizen or PR.
. At least 21 years old.
. Your total monthly household income does not exceed $12,000. (Note: this has been revised upwards to $16,000 for the ECs launched after 2019, such as the Piedmont Grand and Lumina Grand EC launch. See the Lumina Grand EC launch page if interested.)
. You form an essential family nucleus as defined by HDB.
. You & your partner have not bought a flat direct from HDB or with a grant more than once.
. None of your family nucleus has owned private property within the last 30 months.
That was the quick answer; for details and full criteria, see Arc EC Eligibility.
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What makes Arc EC a good buy?
While subject to the usual EC purchase & sale restrictions, in exchange Arc Tampines EC is:
. Priced at average $700+ psf, which is about 20% lower than new private condos.
. You still get a full condo with complete facilities & quality finishes and fittings.
. Can be sold to Singapore citizens or PRs after 5 years, or rented out then.
. Fully privatized after 10 years and can be sold to foreigners or developers then.
. Value then typically rises to match private condos – potentially reaping capital gains.
In addition:
. Unique architecture: curved wave-like balconies & Miami-styled resort pool.
. Design of Arc EC is extremely functional and well thought out; a joy to live in.
. Efficient layouts in the units maximizes space with little wastage.
. Cruciform blocks which is very good for cross-ventilation & light; some units with dual frontage.
. Some units get reservoir or Quarry Park views.
. Eco-green Bauwerk timber flooring from Switzerland (real hardwood parquet) in bedrooms.
Eligible first-timers who buy Arc can also apply for the CPF housing grant of up to $30,000, which can be used to help pay the 15% downpayment.
Second-timers do not have to pay a resale levy.
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Do I have to pay any admin charges or commissions or agent fees?
No, no charge at all. We will provide you all the information, and help you book your unit directly from the developer, without charging you a cent.
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What is an EC?
An Executive Condominium, or EC, is like a private condominium with facilities, except that it is sold with eligibility and ownership restrictions similar to that for public (ie. HDB) housing. (See Arc EC Eligibility for what the restrictions are.)
The maximum household income ceiling is $12,000 instead of the $10,000 for HDB flats.
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What’s the payment schedule like for Arc EC?
If you are NOT currently paying off a housing loan:
- First 5% cash (via a cheque) at time of booking the unit.
- Next 15% within 9 weeks (typically) of booking the unit. This 15% can be from CPF Housing Grant, or from CPF funds, or from cash.
- The remaining 80% can be from CPF funds, bank loan, or cash. This is payable progressively, which means you (or the bank if you take a loan) pays out the money as and when construction work reaches certain stages. If you take a loan, your monthly instalments start small and slowly increase.
If currently paying off a housing loan:
- First 5% cash (via a cheque) at time of booking the unit.
- Next 15% within 9 weeks (typically) of booking the unit. Of this 5% must be from your own cash, and the remaining 10% can be from CPF Housing Grant (if eligible), or from CPF funds, or from cash.
- When foundation works complete, another 10% is payable to the developer. This can be from CPF funds, or cash.
- When reinforced concrete (RC) framework is completed, another 10% is payable to the developer. This can be from CPF funds, or cash.
- The remaining 60% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank if you take a loan) pays out the money as and when construction work reaches certain stages. So if you take a loan, your monthly instalments start small and slowly increases.
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Can I take a HDB loan instead of a bank loan?
ECs are not eligible for HDB loans.
Source: HDB Website
