Financial Loss Recorded in HDB's Annual Report
- Ong Teng Koon queried whether the $625 million provision for foreseeable loss in HDB’s FY2017 annual report relates to housing subsidies and if they are allocated to those most in need.
- Lawrence Wong confirmed the provision covers estimated losses from BTO projects, including housing subsidies, which result in BTO flats being sold below development cost.
- He assured that eligibility criteria and means-tested grants target subsidies to lower- and middle-income Singaporeans, with more help for the lower-income.
- HDB will continue to calibrate subsidies to keep public housing affordable.