According to the Housing Development Board (HDB)’s latest annual report released today (Oct 13), the government lost S$1.64 billion from building new HDB flats in the latest financial year.

You may view the annual reports here.

HDB completed building 23,718 BTO HDB flats this year – 11.3% lesser than 2015. The annual report said that HDB lost S$2.25 billion to “Housing Activities”, but this is offset by a S$613 million from “Other Activities”. As there is no breakdown on these description, there is not enough transparency to assess where did HDB spend their funds on and to whom they paid resulting in these losses.

HDB did not reveal construction costs of the “Housing Activites” and also did not reveal how much were paid in land costs to the Urban Redevelopment Authority (URA).

In 2015, the URA recorded a surplus of S$1.14 billion – believed to have come from the HDB’s purchase of state land for building HDB flats.

HDB BTO flats in Singapore are however not affordable to most Singaporeans as morgage loans stretches as far as 30 years upon purchase. A direct purchase from HDB 3-room apartment (known as 4-room flat) in suburb Bukit Batok cost as much as S$325,000. Exorbitant housing in Singapore has hit retirement hard resulting in most Singaporeans having to work past retirement age.