No Profits from Public Housing
HDB does not profit from the sale of flats. Our public housing programme incurs deficits, which are covered by grants from the Government.
The amount collected from the sale of HDB flats in every financial year is less than the total development cost such as land and construction costs, and CPF housing grants for eligible home buyers.
In FY 2019/20, HDB incurred a deficit of $2.23 billion on its Homeownership Programme. The average deficit was about $1.68 billion a year in the last 3 years (FY 2017/18 – 2019/20).
The annual deficit, funded by Government grants, is reflected in HDB’s audited financial statements, which are also published every year.
These statements are prepared in accordance with the Singapore Statutory Board Financial Reporting Standards, audited by independent and established auditing firms, and can be viewed on the HDB InfoWEB and the Singapore Exchange website.