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HDB's deficit widens as it ramps up flat supply (Clarification)

Shortfall due to higher expected loss for flats currently under construction, with more BTO projects awarded and increased development costs

Published Wed, Dec 17, 2014 · 09:50 PM

HDB

Singapore

THE Housing and Development Board's (HDB) net deficit (before government grant) more than doubled to S$1.97 billion in its fiscal year ended March 2014, as it spent more to ramp up its supply of public flats.

This was revealed in the statutory board's annual report released on Wednesday. Its net deficit (before government grant) was S$797 million in the previous year. To be sure, HDB incurs deficits every year as it builds homes for Singaporeans.

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