HDB's deficit rises to $2.02b in FY2014/2015

Compared to $1.97b in the preceding year.

The Housing and Development Board reported a deficit of $2.02 billion for the its latest financial year which ended on March 2015.

This is higher than its final deficit of $1.97b in FY2013/2014.

The HDB booked large deficits from its home ownership programme, which includes gross loss on the sale of flats, disbursement of CPF grants and expected losses for flats under development.

The housing board launched a total of 19,814 build-to-order flats in five sales exercises for the financial year. In the preceding financial year, the board put 24,531 units up for sale.

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