HDB narrows deficit to $4.7 billion as flat completion accelerates

The Housing and Development Board (HDB) has narrowed its operating deficit to $4.7 billion, a substantial improvement from $6.34 billion in the previous financial year, signalling progress in the authority's financial performance and housing delivery programme.

The improvement comes as HDB completed 15,417 flats during the latest financial year, maintaining momentum in its residential construction efforts. The housing authority also reported 100,122 flats under construction, reflecting a robust pipeline to meet Singapore's housing demand in the coming years.

The narrowed deficit demonstrates HDB's efforts to balance its social mission of providing affordable public housing with financial sustainability. The increased completion rate and substantial work-in-progress indicate the authority is progressing with its housing development plans across various estates.

As Singapore continues to face housing pressures from an ageing population and growing household formation, HDB's accelerated completion pace is expected to help address the waitlist for new flats. The authority's financial position remains central to its capacity to deliver the public housing programmes that accommodate the majority of Singapore's resident population.