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.