The Housing and Development Board's home ownership segment generated a $4 billion shortfall, heavily impacted by flat sales and $1.31 billion in provisions for foreseeable losses on active developments. While the board handed over keys to 19,254 households, it still maintains an extensive construction pipeline exceeding 100,000 units. Meanwhile, lower expenditure on mature upgrading programmes helped rein in overall expenses despite widening costs for electrical improvements in older residential blocks.
Key points
Substantial government grant funding remains critical to subsidizing public housing deliv…: Substantial government grant funding remains critical to subsidizing public housing delivery and offsetting major development shortfalls.
Extensive construction pipelines and future loss provisions continue to dictate the housi…: Extensive construction pipelines and future loss provisions continue to dictate the housing agency's overall fiscal balance.
Spending on ancillary block enhancements and rental operations persists as a steady secon…: Spending on ancillary block enhancements and rental operations persists as a steady secondary source of operational deficits.
Sources checked by our analysis pipeline: 1
SINGAPORE – The roll-out of Build-To-Order (BTO) flats and the disbursement of housing grants led the Housing Board to incur a net deficit of $4.7 billion for the 2025 financial year (FY), from April 2025 to March 2026.
This was a drop from the $6.34 billion deficit that the board recorded in FY2024.
The net deficit comprised a $5.13 billion shortfall from HDB’s core activities, such as the construction and sale of flats. This was offset by a $419 million surplus from other activities, such as the management of commercial properties.
Most of the deficit came from the board’s “home ownership” responsibilities, particularly the expected losses on flats under development and the losses incurred from the sale of flats.
In total, the board incurred a deficit of $4 billion from these activities in FY2025, down from $5.51 billion in FY2024.
It completed 15,417 flats in FY2025, down from 20,294 in FY2024, but had 100,122 flats under construction during the latest financial year, more than the 91,941 units in the year before.
In addition, HDB issued keys to 19,254 households in…
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