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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 2021/22, HDB incurred a record net deficit of $4,367 million. Of this deficit, $3,850 million was incurred for the Home Ownership segment, stemming mainly from the gross loss on flat sales completed (i.e. where keys are issued to buyers in the FY), disbursement of CPF housing grants to eligible resale flat buyers, and expected loss for flats that commenced development in the FY.
HDB’s substantial Home Ownership deficit shows in real terms, our commitment to ensuring that public housing remains affordable, accessible, and inclusive.
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.