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.
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:
Citzenship Dynamics:
Citizenship requirements vary based on household compositions:
Age and Financial Aspects:
Ownership/Interest in Property:
Applicants must navigate ownership considerations:
Undischarged Bankruptcy and Wait-out Periods:
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.
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:
Citizenship: To qualify, you must:
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:
First-timer and Second-timer Couples:
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:
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.
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:
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.
Developer: CDL Zenith Pte. Ltd. (Wholy-Owned Subsidiary of City Developments Limited)
Tenure: 99-Year Leasehold
Type: Executive Condominium
Total Units: 512 units
Expected Launch: Q1 2024
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Propnex Realty Pte Ltd | L3008022J |