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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 on housing programmes to ramp up its supply of flats.
This was according to the statutory board's annual report released on Wednesday. Its net deficit (before government grant) was S$797 million in the previous year.
The net deficit was driven by a S$2.72 billion deficit from its 'Housing' activities, which include the development and sale of flats, upgrading programmes, rental housing, mortgage financing, and residential ancillary functions such as the managing of car parks.
This was offset by a S$750 million surplus from its 'Other Activities', which are commercial in nature.