HDB's deficit eases slightly to $6.34 billion amid BTO roll-out

$532m spent on upgrading programmes in FY2024, up 34% from the previous year

- Isabelle Liew

The roll-out of Build-To-Order (BTO) flats and the disbursement of housing grants led the Housing Board to report a deficit of $6.34 billion for the 2024 financial year (FY) from April 2024 to March 2025.

This eased slightly from the record housing deficit of $6.775 billion that the national public housing authority reported the previous year, according to its annual report released on Nov 11.

The bulk of the deficit $5.51 billion - was attributed to expected losses for flats being built, disbursement of Central Provident Fund (CPF) housing grants, and a gross loss on the sale of subsidised flats under its home ownership programme, HDB said in a statement on its annual report.

The losses incurred under this programme were about 11.5 per cent lower than the $6.225 billion deficit recorded in the previous year.

HDB chief executive Tan Meng Dui said the deficit incurred shows the board's commitment to providing affordable and quality homes for Singaporeans, as well as upgrading estates and flats to keep them vibrant and liveable.

Between April 2024 and March 2025, HDB started construction on about 23,600 BTO flats, he added.

Based on its annual report, HDB issued a total of 17,633 keys to home owners, fewer than the 19,345 keys handed out in the previous year.