Comprehensive Guide to buying Lumina Grand Executive Condominium

Lumina Grand is an Executive Condominium (EC), which stand as a unique housing option in Singapore, blending the comfort of condominium living with government-regulated eligibility criteria. Developed and sold exclusively by property developers, ECs cater to Singaporean households meeting specific conditions set by the authorities.

Eligibility Criteria and Considerations

Core Nucleus Dynamics:

The cornerstone of EC eligibility lies in the concept of the core nucleus. This nucleus consists of applicant(s) and occupier(s) essential for meeting the eligibility conditions during the purchase and the subsequent minimum occupation period (MOP) after acquiring the EC unit.

Eligibility Across Household Groups:

The diversity of eligible household compositions underscores the inclusivity of ECs:

  1. You and Your Fiancé/Fiancée:
    • A promising option for those embarking on a journey together.
  2. You, Your Spouse, and Child(ren):
    • Designed to accommodate families with children.
  3. You, Your Parents, and Siblings:
    • Unmarried/Widowed/Divorced individuals must have at least one parent as an SC or SPR.
  4. You and Your Child(ren) under Legal Custody:
    • Addressing the unique needs of widowed/divorced parents.
  5. You and Your Siblings – Orphans and Single:
    • Siblings apply jointly, meeting specific criteria, ensuring equitable distribution.
  6. You and Up to 3 Other Singles:
    • Allowing singles to band together, fostering a sense of community.

Citzenship Dynamics:

Citizenship requirements vary based on household compositions:

  • Fiancé, Fiancée, Married Couples, and/or Parent(s) with Child(ren):
    • At least one must be an SC, and at least one other must be an SC or SPR.
  • Two or More Singles Applying Jointly:
    • All must be SCs.

Age and Financial Aspects:

  • Age Requirements:
    • At least 21 years old for all applicants.
    • At least 35 years old if two or more singles apply jointly.
  • Monthly Household Income Ceiling:
    • The total income must not exceed $16,000.

Ownership/Interest in Property:

Applicants must navigate ownership considerations:

  • Ownership in Property:
    • Restrictions on owning or having an interest in any local or overseas private property.
  • Payment of Premium or Resale Levy:
    • Second-timers may need to pay resale levies, with two housing subsidies rendering applicants ineligible.
  • Ownership/Interest in HDB Flat:
    • Owners must dispose of any HDB flat within 6 months of completing the EC unit purchase.

Undischarged Bankruptcy and Wait-out Periods:

  • Undischarged Bankrupt:
    • Prior consent is necessary from the Official Assignee (OA) or private trustee.
  • Wait-out Periods:
    • Different periods apply after canceling an HDB flat booking or terminating an EC unit sale and purchase agreement.

CPF Housing Grant for EC – Lumina Grand

Under the CPF Housing Grant Scheme, prospective homeowners eyeing on Lumina Grand Executive Condominium (EC) can tap into a housing subsidy that ranges up to $30,000. This financial support aims to empower first-timer applicants and couples in their journey towards homeownership.

Eligibility Conditions:

Core Family Nucleus: The foundation of eligibility rests upon the core family nucleus, formed by applicants and occupiers crucial for meeting the EC unit purchase conditions. This includes remaining within the EC application and during the minimum occupation period (MOP) post-purchase.

Assistance for:

  • Couples, families, or orphaned siblings as first-timer applicants.
  • First-timer Singapore Citizen (SC) and Singapore Permanent Resident (SPR) applicants or occupiers whose partners have previously availed housing subsidies.

Citizenship: To qualify, you must:

  • Be an SC.
  • Include at least one other SC or SPR.

Age: Applicants must be at least 21 years old.

Household Status: At least one core applicant or core occupier should be a first-timer to receive the housing grant. First-timers must not have taken any housing subsidy before.

Ownership/Interest in Property:

Interest or Ownership: Conditions for property ownership include acquisition through purchase, gift, inheritance, or ownership through nominees.

Private Residential Property: Applicants must not own or have an interest in any local or overseas private property, nor dispose of any such property in the last 30 months before the EC application.

Non-Residential Property: Households can own up to one non-residential property at the time of EC application and up to 30 months before the application.

Grant Amount and Distribution:

First-timer Households: The CPF Housing Grant amount depends on the average gross monthly household income:

  • $10,000 or lower: SC/SC household – $30,000; SC/SPR household – $20,000.
  • $10,001 to $11,000: SC/SC household – $20,000; SC/SPR household – $10,000.
  • $11,001 to $12,000: SC/SC household – $10,000; SC/SPR household – Nil.
  • $12,001 to $16,000: Nil for both SC/SC and SC/SPR households.

First-timer and Second-timer Couples:

  • $10,000 or lower: $15,000.
  • $10,001 to $11,000: $10,000.
  • $11,001 to $12,000: $5,000.
  • $12,001 to $16,000: Nil.

Citizen Top-Up: SC/SPR households may apply for a Citizen Top-Up of $10,000 when a qualifying member obtains Singapore citizenship.

Usage and Distribution:

The CPF Housing Grant can be utilized to:

  • Offset the EC unit purchase price.
  • Reduce the housing loan required for the EC unit purchase.

Note: Core applicants exclusively can use their housing grants to pay for the EC unit purchase. All members of the core family nucleus receive equal shares, fully credited into the CPF Ordinary Accounts of SCs and SPRs. Understanding the intricacies of this grant empowers potential EC buyers to navigate the path to homeownership more confidently.

Navigating Post-Purchase Conditions of Lumina Grand

Once you’ve secured a unit from Lumina Grand, understanding the post-purchase conditions is crucial. This guide sheds light on the various aspects and responsibilities that come into play after acquiring a unit at Lumina Grand EC.

Taking a Housing Subsidy: If you and your spouse have availed a housing subsidy for the EC unit, certain obligations arise. The subsidy aims to support eligible households in their homeownership journey.

Citizen Top-Up: For households comprising both Singapore Citizens (SC) and Singapore Permanent Residents (SPR), a Citizen Top-Up Grant of $10,000 is accessible when an SPR family member obtains Singapore citizenship or when you have an SC child.

Disposal of Existing HDB Flat: Within six months of taking possession of the EC unit, you and your family members listed in the application must dispose of any existing flat.

Minimum Occupation Period (MOP): The sale of EC units is permitted on the open market only after completing the 5-year MOP, calculated from the date of the Temporary Occupation Permit.

Essential Occupiers in EC Unit: Individuals crucial in forming a family nucleus for the EC purchase must remain listed in the application and reside in the EC unit throughout the 5-year MOP. They cannot be listed as occupiers in another application for an HDB flat or another EC unit within this period.

Renting Out Your EC Unit: While renting out the entire EC unit during the 5-year MOP is prohibited, renting out bedrooms within the MOP is allowed. No prior approval from HDB is needed, but you must register such arrangements within 7 days. Notification to HDB is also mandatory for renewals, terminations, and changes in tenants’ particulars.

Interest in Private Property: Investment in private residential property becomes permissible after the completion of the 5-year MOP.

Buying Your Next Home: Before applying to buy an HDB flat post-EC unit disposal, a wait-out period is obligatory. No wait-out period applies when purchasing private residential property.

Wait-out Periods:

  • Subsidised housing unit (e.g., HDB flat, EC unit): 30 months.
  • Resale flat without CPF Housing Grant: 15 months (excluding senior citizens buying a 4-room or smaller resale flat).
  • Private residential property: No wait-out period.

Resale Levy: Designed to reduce housing subsidies on subsequent subsidised flats or EC units, a resale levy of $55,000 is applicable under specific conditions. This includes selling an EC unit (bought with the CPF Housing Grant) and, after a 30-month waiting period, buying a second subsidised flat from HDB or taking over ownership of another subsidised HDB flat.

Understanding these post-purchase conditions equips EC buyers with the knowledge needed to navigate their homeownership journey effectively.

In conclusion, the article above collectively present a holistic guide to purchasing a unit at Lumina Grand. From the intricate details of eligibility to financial assistance, and post-purchase obligations, prospective Lumina Grand EC buyers are equipped with the knowledge needed to make informed decisions and embark on a successful homeownership journey in this dynamic market.

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