More than 300 interested parties have visited The Arc at Tampines showroom, the first executive condominium (EC) project to be launched since income ceiling rules were revised in August 2011, according to The Straits Times.
Agnes Lee, a kindergarten principal, was one of the early birds at the showroom.
“Previously, my family and I didn’t qualify because we earned more than S$10,000,” she quipped.
“But we had our eye on this project for a while and we have been waiting for the changes to the income ceiling to take effect so we could get a three-bedroom multi-generation unit at this project.”
ECs comprise condo-like facilities and are an expensive hybrid of private and public housing. The units are popular among home buyers but the previous income ceiling restricted many from acquiring one.
After the rule was revised, however, households with a total income of up to S$12,000 can now purchase ECs.
Developed by a group which includes Hoi Hup Realty, The Arc comprises 574 two-, three- and four-bedroom units, as well as penthouses across nine 16-storey blocks.
A 775 sq ft two-bedroom unit has a price tag of S$598,000, while a 958 sq ft three-bedroom unit is offered at S$678,300. In addition, a 2,282 sq ft four-bedtoom penthouse will set home buyers back S$1.3 million.
Located near various educational institutions, including Temasek Polytechnic, The Arc is within proximity to the upcoming Bedok Reservoir and Tampines West MRT stations.
Home buyers will have until next Monday to apply for a unit. Booking and balloting will commence on 8 September 2011.
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