Property Launches & Investments

This is some blog description about this site

Home
Home This is where you can find all the blog posts throughout the site.
Categories
Categories Displays a list of categories from this blog.
Tags
Tags Displays a list of tags that has been used in the blog.
Bloggers
Bloggers Search for your favorite blogger from this site.
Team Blogs
Team Blogs Find your favorite team blogs here.
Login

Username Register Password Forgot Password?
Remember me

HDB’s net deficit rose 80 percent in FY2012/2013

Posted by Property Launch Invest on Sunday, 01 December 2013 in Property News

HDB spent $1.5 billion on ramping up housing supply

The Housing and Development Board (HDB) chalked up a net deficit of $797 million in the last financial year (FY2012/2013), which saw an 80% increase from $443 million the year before. This was calculated before a $1.04 billion government grant and taxation were factored in in the same financial year.

In its annual report released on 16 Oct 2013, HDB said the higher deficit stemmed from a larger deficit for its Home Ownership segment. The category encompasses the development and sale of flats to eligible buyers under the various home ownership schemes for public housing.

In the same statement, HDB said that it had spent $1.5 billion on housing programmes which included ramping up the dwelling units, disbursing housing grants, upgrading works, rental flats and mortgage financing. A total of 72,737 units were constructed in the last financial year, up from 58,731 the previous year. In addition, HDB forked out $5.2 billion to buy land to complement the ramping up of housing supply and this figure was a quarter more than what it paid the year before.

Overall, for FY2012/2013, HDB recorded a gross loss of $231 million in sales. A total of 10,533 flats were sold, which was 2,016 units fewer than last year. In the same period, HDB also disbursed $178 million in CPF housing grants to eligible buyers of resale flats.

According to Mr James Koh Cher Siang who is the Chairman of HDB, he noted that the key focus of HDB is to make home ownership and housing accessible to all segments of Singapore’s population. Dr Cheong Koon Hean, Chief Executive Officer of HDB added that HDB must not only serve the purpose of meeting the needs of various groups of home buyers, but also help in rebalancing the supply and demand situation. The challenge that lies ahead is to ensure the smooth completion and delivery of the new flats, given the large volume and resources involved.

Property Launch Invest

Super User has not set their biography yet

Comments

No comments made yet. Be the first to submit a comment

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

HDB’s net deficit rose 80 percent in FY2012/2013

Comments

Leave your comment