What does it means when property is sold "As is where is" ? 

It means the property is being sold in its current condition, whatever this condition happens to be.

Buyer is taking the property with the understanding that there will be no repairs or improvements before the sale.

Do note that if you are a Buyer in such situation and you have signed on such clauses, you are deemed to have checked the property for defects of quality (even if you have not actually done so), and have found the condition acceptable to you.

For Buyers, please ensure you get proper legal advice from your lawyer on the impact of the clauses you are signing when you are placing a deposit to the registered real estate agency (in the booking form) and also the Sale and Purchase Agreement.    

What you see is what you will get.

Beside doing through inspection, purchaser please ensure you take photos of the property as evidence. Just in case 3 months later when you collect the house keys, something had changed/removed from the condition you viewed.