Guide to Buying Arc EC

On August 16, 2011, in Arc EC, by Reviewer
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

Arc EC | Tampines EC

On August 7, 2011, in Arc EC, by Reviewer

Arc EC is completely SOLD OUT.

Arc EC | Tampines Executive Condo

Arc EC . Tampines EC by Hoi Hup Sunway . Artist’s Impression

Update 12 June 2022: Arc at Tampines has been fully sold for some time. If you have been looking for an executive condominium in a good location, the good news is that Copen Grand EC will be launching soon, possibly in the 4th quarter of this year 2022 or early next year.

This upcoming executive condo has the advantage of Arc EC in being within walking distance of an MRT station, the Tengah station on the Jurong Region Line (JRL). On top of that, it is also within walking distance of Tengah town centre, known as The Market Place. Should you wish to know more, refer to the Copen Grand page. The Copen Grand EC launch is being highly anticipated, as there are not many executive condos that have been given such a convenient site.

In addition, Tengah estate is a new HDB township, that promises to be eco-friendly and sustainable. It is being planned from the ground up with a full suite of amenities, and set amidst plenty of greenery, parks and waterbodies. The developers for this Copen Grand EC is a joint venture of MCL Land and CDL, two of Singapore’s brand-name developers with a wealth of experience and expertise, and solid track records.

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Arc is an executive condominium. It comes with full condominium facilities and gardens, and is set in Tampines Town, which is prized for being a big regional center. Complete range of amenities: malls, supermarkets & food outlets, library, commercial hub, sports & swimming complexes, good schools, and easy access by road or MRT.

In fact, this Tampines EC is just across from Temasek Polytechnic, beyond which is Bedok Reservoir and the greenery of Bedok Reservoir Park, and close to Tampines Quarry Park. Arc EC is distinctive architecturally too – with its sleek forms, curvilinear balconies and Miami style pool.

Reasons to Buy Arc EC

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. Located in Tampines Town, short distance to Tampines Regional Centre and full range of amenities.

. About 1000m from future Tampines West MRT station (upcoming Downtown Line 3).

. In green, quieter part of Tampines: views of Bedok Reservoir & unblocked views to Quarry Park.

. Near educational institutes like St Hilda’s, Tampines JC, Temasek Polytechnic, United World College.

. Full condominium facilities (includes 50m lap pool, jacuzzis, tennis court, etc).

. First time buyers eligible for $30,000 CPF housing grant.

. Deferred Payment Scheme available.
After paying 5% cash + 15% (from CPF) + stamp duty, you don’t have to pay anything more till TOP.

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Arc EC Investment Value

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Reap potential capital gain here when the future Tampines West MRT station comes up nearby.

About $200K cheaper than similar new private condominiums. Proximity to Tampines & Changi Business Parks, Changi Aerospace Park and the airport is likely to offer good potential resale value after 5 year MOP.

The Sunday Times 17 October 2010 reported that “…ECs that have met their MOP has shown a 66.9 per cent price appreciation from 2004 to this year” which is “…higher than the 51.8 per cent price increase in mass market residential homes…

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Buying Arc EC

This Tampines EC launched for sale end-August 2011. Over 80% sold as of November 2011.

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But what if one doesn’t qualify to buy an executive condominium? Not to worry – there are other, some would say better, options. You could get a private condominium instead. And the advantage is that some of these are within walking distance of an MRT station. Such as the Arcady at Boon Keng condo.

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THE ARCADY CONDO PRICES

The Arcady at Boon Keng is a new condominium project that is being developed by KSH Holdings Limited, in conjunction with H10 Holdings and SLB Development. Like Arc at Tampines, it is located more toward the east of Singapore.

However, the Arcady condo is more conveniently located than Arc, being within 6 minutes walk from Boon Keng MRT station. That it is a prime parcel of land on the city fringe, formerly that of Euro-Asia Apartments that fetched a good price in a collective en-bloc sale.

This is hardly surprising as the Arcady at Boon Keng occupies a city fringe site in the Kallang Planning Zone, that is a growth area. It should appeal to both investors looking for a place that would attract tenants, as well owner-occupiers looking for a home for their family.

The Arcady condo prices have not been finalised yet, as the showflat is only set to open its doors on 6 January 2024. However indicative prices are likely to average around $2,5xx PSF, though the smaller units will usually be priced above the average.

The floor plan brochure has just been released, so do head over to the Arcady condo at Boon Keng page for more details.