HDB's annual deficit hits $6.34b amid construction of about 23,600 flats and upgrading programmes
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The Housing and Development Board (HDB) recorded a $6.34 billion deficit for the financial year (FY) 2024, with a majority of the loss attributed to the building and sales of Build-To-Order (BTO) flats.This amount is down slightly from the record high $6.775HDB's annual deficit hits $6.34b amid construction of about 23,600 flats and upgrading programmes
The Housing and Development Board (HDB) recorded a $6.34 billion deficit for the financial year (FY) 2024, with a majority of the loss attributed to the building and sales of Build-To-Order (BTO) flats.This amount is down slightly from the record high $6.775 billion housing deficit incurred in FY2023.In a statement on Tuesday (Nov 11), HDB said that $5.51 billion of the deficit stemmed from the sale of flats, expected losses from flats under development, as well as the disbursement of housing grants.HDB explained that it incurs a significant deficit every year as the amount collected from the sale of flats is lower than the total development cost of BTO flats and housing grants disbursed.The $5.51 billion losses include the sale of 14,900 new flats in FY2024, which marked a gross loss of $1.77 billion.Another $2.69 billion of the net deficit was attributed to the provision for the anticipated loss of new housing projects under construction, where about 23,600 flats commenced development in FY2024. Read more
