HDB released its annual report which shows a deficit of $2B[Link]. That is twice as much as last year. Yes, HDB has 'suffered' yet again.
According to Today,
"HDB said the huge deficit for the financial year ending March was due mainly to more flats being sold. These flats are highly subsidised by the government. Higher construction costs also led to the large deficit. Other reasons that contributed to HDB's loss included upgrading works for lifts and rental flats." - Today
The main reason for HDB incurring a deficit is because all you guys who bought flats from HDB at those record high prices have 'enjoyed' a subsidy. You 'enjoy', HDB 'suffers' and you ought to be thankful.
If HDB incurs the deficit, who makes the surplus? HDB purchases its land from the Singapore govt via the SLA. The land from SLA, acquired or originally owned by the govt, is sold to HDB at the 'market price'. If you want to know where the surplus went to, you should look at the SLA. HDB's deficit is just an accounting gimmick. If SLA is part of HDB, HDB will show a surplus. If land is transferred by the State to HDB at the cost it was acquired, HDB will show a surplus.
At the end of the day are Singaporeans supposed to be impressed and thankful for HDB's 'deficit'? The truth is asset inflation has caused the average Singaporeans household to be heavily in debt shouldering housing loans that last between 20 to 30 years in an economy that provides little job security. Many Singaporeans will not be able to retire well because of the high cost of housing. HDB's 'deficit' is yet another sad spin of a govt whose policies have led to high financial burdens for its citizens. The pain for some Singaporeans cannot be spun away just like that - 7.5% of households with HDB loans have defaulted on payment...that in 1 in 13[Link]....that is not counting the many who struggle by scrimping on necessities to make payment every month.