HDB's net deficit up 80% in last FY before govt grant

[SINGAPORE] The net deficit of the Housing and Development Board (HDB) increased 80 per cent in the last financial year (FY2012/2013), to $797 million from $443 million.

This was before a $1.04 billion government grant it received in the same financial year.

In its annual report released yesterday, HDB said the higher deficit stemmed from a larger deficit for its Home Ownership segment. The category covers the development and sale of flats to eligible buyers under the various home ownership schemes for public housing.