Amendment to the Definition of Base Rate in Clause 1.1.1 of the Prescribed Sale and Purchase (S&P) Agreement

Our Ref : 141/4-11, 202/2-01 & 202/2-02
Fax : 6321 6596

President
Real Estate Developers' Association of Singapore
190 Clemenceau Ave #07-01
Singapore Shopping Centre
Singapore 239924

PresidentThe Law Society of Singapore
39 South Bridge Road
Singapore 058673

1. Clause 1.1.1 of the Sale and Purchase (S&P) Agreements prescribed in Forms D and E of the Housing Developers Rules and Form D of the Sale of Commercial Properties Rules contains a definition of "Base Rate" which makes reference to the Overseas Union Bank Limited ("OUB").
   
   As OUB has ceased to be a legal entity with effect from 2 Jan 2002, the definition of "Base Rate" in the prescribed S&P Agreements may be amended as follows:
   
   " "Base Rate" means the average of the prevailing prime lending rates of The Development Bank of Singapore Limited, the Oversea-Chinese Banking Corporation Limited and the United Overseas Bank Limited, rounded downwards to the nearest one-eighth of 1%;"

2. This amendment to the definition of "Base Rate" is a pre-approved amendment that can be adopted without obtaining further approval from the Controller.

3. If you or your members have any queries concerning this circular, please contact Ms Tan Puey Choo at Tel: 6321 6580 or Ms Low Kien Lay at Tel: 6329 3511. Your members may like to note that this circular is also accessible in our website http://www.ura.gov.sg.

Thank You.

PETER TAN GUAN LEONG
CONTROLLER OF HOUSING
SINGAPORE