HDB annual deficit grows to S$1.98b

Singapore

THE Housing and Development Board's (HDB) deficit climbed to S$1.98 billion in the financial year ended March 31, largely on the back of a gross loss on the sale of flats, disbursement of Central Provident Fund (CPF) housing grants and the expected loss for flats that are currently under development.

In its annual report published on Wednesday, HDB said it recorded a deficit of S$2.4 billion from its housing programmes but this was offset by a S$462 million surplus from other activities such as rental and commercial businesses.