Parliament: Spike in HDB's net deficit for FY2013/14 expected due to ramp up: Khaw Boon Wan

THE spike in the Housing and Development Board's (HDB) net deficit for the 2013/14 financial year was due to the ramp-up in its flat-building and upgrading programmes, said National Development Minister Khaw Boon Wan.

HDB's net deficit for the year ending March 2014 came in at S$1.97 billion before government grants, much higher than the S$797 million recorded for the previous financial year and S$443 million in FY2011/12.

Responding to a query from West Coast GRC MP Foo Mee Har in parliament on Tuesday, Mr Khaw explained that the net deficit is the outcome of government policies to "provide good, affordable public housing and quality living environments in HDB towns for Singaporeans".