SINGAPORE (EDGEPROP) - Two units at Arc at Tampines have been put up for sale via private treaty. They are Management Corporation Strata Title (MCST) sales. Such sales occur when the MCST of a development puts the unit up for sale after the owner defaults on the monthly maintenance fees and sinking fund, according to Section 43 of the Building Maintenance and Strata Management Act. (See: Parc Central Residences EC in Tampines to open for e-application from Jan 7)
The units were first auctioned by Knight Frank on April 22 but were withdrawn as there were no bids.
The first unit on sale is a three-bedroom unit on the seventh floor measuring 1,054 sq ft. It has an indicative price of $880,000 ($835 psf). It faces greenery and the project’s swimming pool.
The second unit is a two-bedder on the sixth floor with a private enclosed space (PES). The gate of the PES leads to the condominium’s sky garden, gym and playground. Measuring 1,001 sq ft, the unit has an indicative price of $720,000 ($719 psf).
As recent transactions at Arc at Tampines have ranged between $863 psf and $963 psf, the units are competitively priced in comparison.
Developed by a joint venture between Hoi Hup Realty and Sunway Developments, Arc at Tampines is an executive condominium (EC) with a lease of 99 years with effect from 2011. It has fulfilled the five-year minimum occupancy period (MOP) in 2019.
Executive condominiums are a hybrid between public and private housing. Units can only be sold after they have achieved the MOP of five years to Singaporeans and permanent residents. They can only be sold to foreigners after 10 years when the property is considered fully privatised.
Comprising nine blocks of 16-storey buildings, totalling 574 residential units, Arc at Tampines was completed in 2014. Facilities include a 50m lap pool, jacuzzi, tennis courts, and a gym.
Its location along Tampines Avenue 8 in District 18 is a nine-minute drive to Tampines Central and shopping malls such as Tampines Mall and Century Square. It is also near Temasek Polytechnic and UWS South East Asia. Units on the higher floors at Arc at Tampines have views of Bedok Reservoir and Quarry Park.
The units will be sold without vacant possession, and on an as-is-where-is basis. Only Singapore citizens and PRs are eligible to purchase.
Check out the latest listings near Arc at Tampines, Tampines Avenue