Prescribed amount for section 39K(1)(a) and (2)(a) of Act
13.—(1) For the purposes of section 39K(1)(a) of the Act, the prescribed amount is —
(a)
where the affected agreement was entered into between a purchaser and the Housing and Development Board — calculated according to the following formula:
where —
(i)
A is the purchase price stated in the affected agreement for the purchase of the property in question;
(ii)
B is —
(A)
for a purchaser who is a permanent resident of Singapore, the premium payable under the affected agreement for the purchase of the property in question; and
(B)
for a purchaser who is a citizen of Singapore, zero; and
(iii)
C is the total number of days that the delivery date provided by the affected agreement is extended under section 39I(1) of the Act; and
(b)
where the affected agreement was entered into between a purchaser and any other developer — 70% of the liquidated damages that the developer would, but for the extension under section 39I(1) of the Act, be liable to pay to the purchaser under the affected agreement for failing to deliver possession of the unit or units in question on or before the original delivery date.
(2) For the purposes of section 39K(2)(a) of the Act, the prescribed amount is —
(a)
where the affected agreement was entered into between a purchaser and the Housing and Development Board — calculated according to the following formula:
where —
(i)
A is the purchase price stated in the affected agreement for the purchase of the property in question;
(ii)
B is —
(A)
for a purchaser who is a permanent resident of Singapore, the premium payable under the affected agreement for the purchase of the property in question; and
(B)
for a purchaser who is a citizen of Singapore, zero;
(iii)
C is the total number of days that the delivery date provided by the affected agreement is extended under section 39I(1) and (3) of the Act; and
(iv)
D is the qualifying costs incurred that the developer is liable to the purchaser under section 39K(1)(a) of the Act; and
(b)
where the affected agreement was entered into between a purchaser and any other developer — 70% of the liquidated damages that the developer would, but for the extensions under section 39I(1) and (3) of the Act, be liable to pay to the purchaser under the affected agreement for failing to deliver possession of the unit or units in question on or before the delivery date, less the qualifying costs incurred that the developer is liable to the purchaser under section 39K(1)(a) of the Act.
(3) In this regulation, “Housing and Development Board” means the Housing and Development Board established by section 3 of the Housing and Development Act (Cap. 129).