Housing and Development (Interest and Penalties for Late Payment of Improvement Contribution) (Amendment) Rules 2001

Status:

Published in Subsidiary Legislation Supplement
on 02 Jan 2001

No. S 2

Housing and Development Act

(Chapter 129)

Housing and Development (Interest and Penalties for Late Payment of Improvement Contribution) (Amendment) Rules 2001

In exercise of the powers conferred by section 65K of the Housing and Development Act, the Minister for National Development hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Housing and Development (Interest and Penalties for Late Payment of Improvement Contribution) (Amendment) Rules 2001 and shall come into operation on 4th January 2001.

Amendment of rule 2

2. Rule 2 of the Housing and Development (Interest and Penalties for Late Payment of Improvement Contribution) Rules (R 8) is amended —

(a)

by inserting, immediately before the definition of “instalment”, the following definitions:

“ “HDB concessionary interest rate” means the interest rate of 0.1% point per annum above the rate of interest declared from time to time under section 6 of the Central Provident Fund Act (Cap.36);

“HDB market interest rate” means the interest rate imposed from time to time by the Development Bank of Singapore, Limited for the housing loans previously granted by the former Credit POSB Pte Ltd;”; and

(b)

by inserting, immediately after the words “equitable owner,” in the 4th line of the definition of “lessee or owner”, the words “an administrator and executor of a deceased owner,”.

Amendment of rule 4

3. Rule 4 of the Housing and Development (Interest and Penalties for Late Payment of Improvement Contribution) Rules is amended by deleting paragraph (1) and substituting the following paragraphs:

“(1) The Board is entitled to impose interest on the lessee or owner for late payment of any outstanding improvement contribution or an outstanding instalment.

(1A) The interest payable by a lessee or an owner —

(a)	who is a citizen of Singapore shall be the prevailing HDB concessionary interest rate;
(b)	who is a permanent resident of Singapore shall be the prevailing HDB market interest rate; and
(c)	of a commercial property (whether or not the lessee or owner is a citizen or a permanent resident of Singapore) shall be computed at the rate of 2% above the average of the prevailing prime rates of the Development Bank of Singapore, Limited, Oversea-Chinese Banking Corporation Limited, United Overseas Bank, Limited and Overseas Union Bank, Limited, or such other banks as the Board may from time to time decide.

(1B) The interest rate payable by the Jurong Town Corporation shall be the prevailing HDB market interest rate.”.

Made this 26th day of December 2000.

LAM CHUAN LEONG

Permanent Secretary,
Ministry of National Development,
Singapore.

[ND 311/4-105 V24; AG/LEG/SL/129/97/1 Vol.1]

(To be presented to Parliament under section 27(3) of the Housing and Development Act).

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