Housing and Development (Penalties for Late Payment) Rules

if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3-month period immediately before 1 March of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public; or

if the period or a part of the period falls within the 6‑month period beginning on 1 October of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3-month period immediately before 1 September of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public;“agreement” includes any tenancy agreement, licence agreement, agreement for lease or lease, or loan agreement or mortgage entered into between the Board and any tenant, licensee, lessee or owner;“amount” means any instalment, rent, licence fee or maintenance fee under an agreement;“grace period”, in relation to any instalment, rent, licence fee or maintenance fee in arrears, means the period —

starting on the date the amount first falls in arrears; and (b)ending on the last day of the month in which that date falls;“instalment” means any monthly instalment repayment due to the Board under any loan provided by the Board to an owner for his purchase of any flat, house or other living accommodation sold by the Board;“maintenance fee” means the service and conservancy charge payable to the Board by any tenant, licensee, lessee or owner in respect of any property sold, leased or otherwise provided by the Board under the Act;“National Environment Agency” means the National Environment Agency established under the National Environment Agency Act (Cap. 195);“rent” includes the annual ground rent;“Singapore Overnight Rate Average” or “SORA” means the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public.