The HDB is a statutory board tasked with providing affordable public housing but has instead made them unaffordable to the masses.
HDB recently reported another year of humongous deficit of $1,930,000,000 despite selling units at high prices. Why is it losing so much tax dollars? Will it go bankrupt?
I am getting very worried by headlines regarding HDB’s losses. Before Mah Bow Tan, ex MND minister, graciously stepped down in 2011, he also stated that HDB made an annual deficit of about $600 million for the preceding 3 years. Mah later anyhow increased the deficit figure to “about $1 billion” after taking into account CPF housing grants. Hmm… how come CPF and HDB accounts are merged? CPF gave the housing grants but HDB making the losses?
Last year, Khaw Boon Wan, Mah’s successor, also confirmed HDB has been losing money, about $1 billion annually. So has HDB’s role been changed to one of helping the government lose money?
The PAP seems to have applied a ‘funny’ accounting standard in loss reporting. I hope HDB CEO could show us how she has been able to lose money every year because it is not something any ordinary CEO could do and not be fired.
If HDB has been making losse, then NParks should have also lost hundreds of millions in greening Singapore. The PUB should have lost even more money in drainage construction which could not prevent flooding. Are NEA’s legal fees in fixing the opposition considered losses as well? MOE’s school rebuilding programme?
Can we also declare losses for our cheap labour NSFs if their allowance is unable to cover their food, transportation, bills and some entertainment? Are low wage Singaporeans also making losses since their income is supplemented by government grants?
Singapore Inc is a very profitable company because 3.3 million citizens and 2.1 million foreigners are its clients. Who has heard of a department (HDB) of a profitable company declaring a ‘loss’, keechiu. It appears the directors of Singapore Inc deserve their millions for being creative.
What will they think of next?