{"id":111852,"date":"2019-10-24T10:33:10","date_gmt":"2019-10-24T03:33:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdbs-deficit-increase-to-2b\/"},"modified":"2019-10-24T11:04:11","modified_gmt":"2019-10-24T04:04:11","slug":"hdbs-deficit-increase-to-2b","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdbs-deficit-increase-to-2b\/","title":{"rendered":"HDB\u2019s deficit increase to $2b"},"content":{"rendered":"


\nThe Housing and Development Board saw its annual deficit rise to nearly $2 billion, due to a combination of fewer flat sales, disbursement of CPF housing grants, as well as the expected loss of flats under development.\u00a0
\nWith fewer flats sold, the Housing and Development Board\u2019s (HDB) annual deficit rose to almost $2 billion for the 2018\/2019 financial year from the previous year\u2019s $1.7 billion, reported CNA.
\nHDB posted a $2.4 billion deficit from its housing programmes that was offset by the $462 million surplus from its \u201cother activities\u201d, resulting in a deficit of $1.99 billion.
\nHDB incurs a deficit each year, which is entirely covered by a grant coming from the Ministry of Finance.
\nMajority of its deficit comes from the home ownership segment, which stands at $1.4 billion or similar to that posted in the previous year. The figure comprises disbursement of Central Provident Fund (CPF) housing grant, loss on the sale of flats as well as the expected loss for flats under development.
\nFor the FY2018\/2019, HDB sold a total of 16,608 new flats, down 38 percent from the 26,857 flats sold in the previous year.
\nIt also disbursed $532 million in CPF housing grants, an increase from the $466 million it disbursed a year before.
\nHDB launched about 15,300 Build-To-Order flats across 18 projects during the period under review, including 1,620 flats within the new Tengah town.
\nREAD:\u00a0HDB Reveals Bishan BTO Plans: Analysis + What You Should Know
\nMeanwhile, HDB\u2019s deficit came as no surprise to analysts.
\nNicholas Mak, head of research and consultancy at ERA Realty, said the deficit \u201ccomes usually from selling the flat below market price\u201d.
\n\u201cOne interpretation of (the deficit) is to say that they have given larger discounts to the BTO (Build-To-Order) flats \u2013 the new flats that they sold,\u201d he said.
\nDr Steven Choo, chairman of real estate consultancy VestAsia Group and Adjunct Associate Professor at the National University of Singapore\u2019s School of Design and Environment, also attributed the higher deficit to the recent delays in BTO launches.
\nThe August sales exercise had been moved to September to enable home buyers to benefit from the enhanced grants and raised income ceiling.
\n\u201cBecause of the social mission of HDB, it is recognised that a deficit of this nature will occur. It is a recurring thing, so that\u2019s not surprising,\u201d explained Dr Choo.
\nRead our handy\u00a0HDB Buying Guides\u00a0or find a resale HDB flat on PropertyGuru.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…HDB\u2019s deficit increase to b<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Housing and Development Board saw its annual deficit rise to nearly $2 billion, due...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-111852","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-t64","jetpack-related-posts":[{"id":100380,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-shortfall-up-44-4-to-1-7b\/","url_meta":{"origin":111852,"position":0},"title":"HDB shortfall up 44.4% to $1.7b","date":"October 23, 2018","format":false,"excerpt":"\r The Housing Board incurs a deficit annually, mainly from its homeownership programmes. The Housing and Development Board\u2019s (HDB) net deficit jumped 44.4 percent to about $1.72 billion in fiscal year 2016\/2017 compared to $1.19 billion a year ago, partly due to more new flats being sold and a higher\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":130663,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-may-waive-wait-out-period-for-some-private-property-owners-cdl-opens-copen-grand-ec-for-preview-and-more\/","url_meta":{"origin":111852,"position":1},"title":"HDB may waive wait-out period for some private property owners, CDL opens Copen Grand EC for preview, and more","date":"October 10, 2022","format":false,"excerpt":"\r HDB may waive wait-out period for some private property owners, CDL opens Copen Grand EC for preview, and more4th\u00a0October to 10th\u00a0October 2022 Private property owners who can show that they obtained an Option to Purchase (OTP)\u00a0for a resale Housing and Development Board (HDB) flat before the cooling measures kicked\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/10\/private-home-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":140179,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearls-hill-bto-flats-may-launch-as-prime-flats-hdb-hfe-letter-validity-extended-from-6-to-9-months-and-more\/","url_meta":{"origin":111852,"position":2},"title":"Pearl's Hill BTO Flats May Launch as Prime Flats, HDB HFE Letter Validity Extended From 6 to 9 Months, and More","date":"November 6, 2023","format":false,"excerpt":"\r Pearl's Hill BTO Flats May Launch as Prime Flats, HDB HFE Letter Validity Extended From 6 to 9 Months, and More31 October to 6 November 2023 Property analysts expect the public housing to be constructed at Pearl\u2019s Hill and potentially at Bukit Timah Turf City to be categorised as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/11\/pearl-hill-bto-hdb-singapore-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":131401,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hill-house-opens-for-preview-prices-start-from-1-3mil-forested-areas-in-bedok-to-make-way-for-housing-and-more\/","url_meta":{"origin":111852,"position":3},"title":"Hill House opens for preview, prices start from $1.3mil; Forested areas in Bedok to make way for housing and more","date":"November 7, 2022","format":false,"excerpt":"\r Hill House opens for preview, prices start from $1.3mil; Forested areas in Bedok to make way for housing and more1st November\u00a0to\u00a07th\u00a0November 2022 Hill House, a 72-unit condominium project at 11 Institutional Hill in prime District 9, has opened for preview on 5 November with a one-bedroom unit priced from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/11\/houses-in-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":142312,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propertyguru-calls-for-reduction-of-15-month-wait-period-tweak-absd-property-tax-revenue-to-increase-600-million-in-2024-and-more\/","url_meta":{"origin":111852,"position":4},"title":"PropertyGuru calls for reduction of 15-month wait period, tweak ABSD, Property tax revenue to increase $600 million in 2024 and more","date":"February 13, 2024","format":false,"excerpt":"\r PropertyGuru calls for reduction of 15-month wait period, tweak ABSD, Property tax revenue to increase $600 million in 2024 and more5 \u2013 13 February 2024\u00a0 In its budget wish list 2024, PropertyGuru has urged the government to reduce the 15-month wait for private property downgraders and withhold the Additional\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/02\/hdb-flats-singapore.jpg?fit=800%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":131591,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/compensation-for-ang-mo-kio-sers-residents-is-about-7-5-higher-than-previous-estimates-about-3-of-hdb-flat-owners-have-at-least-one-private-property-and-more\/","url_meta":{"origin":111852,"position":5},"title":"Compensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates; About 3% of HDB flat owners have at least one private property and more\u00a0","date":"November 14, 2022","format":false,"excerpt":"\r Compensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates; About 3% of HDB flat owners have at least one private property and more\u00a0\u00a08th November to 14th November 2022\u00a0 The compensation to be received by Ang Mo Kio residents whose Housing and Development Board (HDB)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/11\/singapore-overview.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/111852"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=111852"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/111852\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=111852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=111852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=111852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}