News

Residential Property

Staff Reporter

, Singapore

Published:

11 years ago

The Housing and Development Board’s net deficit before government grants ballooned to $1.97 billion

HDB’s net deficit ballooned to almost $2b in FY13/14

The deficit more than doubled.

The Housing and Development Board’s net deficit before government grants ballooned to $1.97 billion for its fiscal year that ended on March 2014, the board revealed in its annual report today.

This figure is more than double the $797 million that was recorded for the previous financial year.

The sharp spike was driven by a $2.72b deficit from its housing activities, which was caused by increased spending on housing programmes.

HDB reported that 13,310 homes were sold in the last financial year, 2,777 units more than the previous year.

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