HDB has incurred an overall deficit of $1.717 billion dollars in the financial year of 2017/2018, an increase from $1.189 billion dollars, according to its annual report released on 22 October.
The increase is due to more new flats being sold and more existing flats undergoing upgrading.
File pic: HDB flat in Marine Parade
HDB’s home ownership programme also incurred an increase in deficit from $861 million dollars to $1.383 billion dollars in the last financial year, comprising of the gross loss on the sale of flats, disbursement of CPF housing grants and the expected loss for flats that are currently under development.
The number of completed sales was 26,857 units while CPF housing grants increased from $30,000 to $50,000 for first-timer families buying a four-room or smaller resale flat.
The deficit will be made up for by a grant from the Ministry of Finance.
Singapore’s public housing are heavily subsidized by the government contributing to its higher home ownership.