HDB deficit before grants shrinks 19% to S$1.6b as new supply tapers

Singapore

THE Housing Development Board's (HDB) net deficit before government grants shrank by about 19 per cent in fiscal 2016 to S$1.6 billion as the public housing agency continued to reduce the pace of new builds.

For the year ended March 31, 2016, the net deficit incurred by housing activities narrowed by 16 per cent to S$2.3 billion. Other activities, which include commercial rentals and agency businesses, posted a surplus of S$0.6 billion, 10 per cent lower year on year.

HDB sells flats to Singaporeans at subsidised rates, and therefore tends to incur a higher deficit if more flats ar…