Singapore legislation
Regulation 3
of Housing and Development (Penalties for Late Payment) Rules
Regulation 3
Calculation of penalties for rent or fee in arrears
Subregulation 1
No penalty under this rule shall be payable by any lessee, owner, licensee or tenant during the grace period in respect of any amount or part thereof, due from the lessee, owner, licensee or tenant, as the case may be, and in arrears.
Subregulation 2
Subject to paragraph (1), any lessee, owner, licensee or tenant who fails to pay to the Board any amount or part thereof due under any agreement on the day the amount falls due shall be liable to pay to the Board, in respect of the amount or any part thereof in arrears, a penalty specified in paragraph (3) for the period in which the amount or part thereof is in arrears.
Subregulation 3
The penalty mentioned in paragraph (2) is a sum that is calculated at a rate of 4.5%‑point above the 3-month compounded SORA for the period in which the amount or part thereof is in arrears.