The increased deficit for FY2023 was primarily due to a ramp-up in the supply of BTO flats, the Housing and Development Board said.
SINGAPORE: The Housing and Development Board on Thursday reported a record annual deficit of about S$6.78 billion for the 2023 financial year.from the S$5.38 billion deficit in the previous year"HDB incurs significant deficit every year as the amount collected from the sale of flats is lower than the total development cost of Build-to-Order flats and housing grants disbursed," it added.
"This is primarily due to the continued ramp up in the supply of BTO flats, which saw about 22,700 flats commence development in FY2023, a 50 per cent increase from the 15,100 flats in FY2022," said HDB. HDB also incurred a higher gross deficit of about S$1.37 billion for sales completed - keys issued to buyers - in FY2023, compared with S$1.2 billion in FY2022.
The Housing Board also disbursed more grants to eligible buyers of resale flats and executive condominiums in FY2023.
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