Singapore’s public housing landscape continues to evolve — and 2024’s financial figures highlight just how much investment goes into keeping homes affordable, liveable, and continuously upgraded.
For FY2024 (April 2024–March 2025), HDB reported a $6.34 billion overall deficit, largely driven by BTO construction, subsidies, and housing grants. While still substantial, this reflects a slight improvement from the previous year’s record $6.775 billion deficit.
As Singapore heads into a period of high demand and rapid flat turnover, the numbers reveal a clear narrative: HDB is absorbing increasing development and construction costs so that Singaporeans don’t have to.
🔍 Breaking Down the Key Figures
1️⃣ Lower Deficit, But Still Driven by Subsidised Housing
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Overall deficit for FY2024: $6.34 billion
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Previous year: $6.775 billion
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Main driver: $5.51 billion from BTO development losses + CPF housing grants
2️⃣ BTO Construction Updates
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23,600 BTO flats commenced construction
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20,294 new flats completed (10% increase from previous year)
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17,633 keys issued to new homeowners
3️⃣ Sales & Grants
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14,893 flats sold, down 11.6%
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Gross loss from flat sales: $1.77 billion, impacted by higher construction costs
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CPF housing grants disbursed: $881 million
🏘️ Upgrading & Estate Renewal: A Major Spending Jump
HDB invested heavily to improve ageing towns and flats:
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$532 million spent on upgrading programmes
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↑ 34% from previous year
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22,540 homes underwent Home Improvement Programme (HIP) works
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82,000 more flats selected for future upgrading
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Introduction of a new spalling concrete repair method for longer-lasting durability
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$570 million spent on lease administration, carparks, and electrical upgrades
Older towns like Choa Chu Kang, Pasir Ris, and Tampines are among the key beneficiaries.
🚀 Future Pipeline: More Flats, Faster Wait Times
To keep housing affordable and accessible:
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55,000 new flats to be launched from 2025–2027
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From 2026 onwards: 4,000 shorter-wait flats (below 3 years) each year
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97 infrastructure projects planned across new towns such as
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Berlayer (Bukit Merah)
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Mount Pleasant
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Sembawang
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Tengah
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Chencharu (Yishun)
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These projects amount to $1.3 billion in supporting infrastructure.
🏠 Commentary: What This Means for Buyers & Sellers
As an agent looking at today’s market, the takeaway is clear:
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HDB continues to buffer Singaporeans from rising building costs, meaning BTOs remain priced far below market value.
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Upgrading programmes are becoming more aggressive, which boosts the attractiveness and longevity of mature estates.
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Shorter-wait flats will ease pressure on younger buyers, especially couples delaying marriage due to housing timelines.
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For resale buyers, continued grant support keeps affordability within reach.
In short: the government is spending more — so that Singaporeans can spend less.
📊 Infographic (Point-Form Summary)
HDB FY2024 Key Numbers
- 💸 $6.34B deficit (slightly improved)
- 🏗️ 23,600 BTO flats launched
- 🔑 17,633 keys issued
- 🏘️ 20,294 flats completed
Costs & Grants
- 💰 $5.51B from BTO losses + CPF grants
- 🔻 CPF grants dropped to $881M
- 🔻 Flat sales fell to 14,893 units
Upgrading & Estate Renewal
- 🔨 22,540 flats upgraded
- 🧱 82,000 flats selected for future HIP
- ⚡ Major electrical enhancements in older blocks
- 🛠️ New spalling concrete repair method introduced
Future Plans
- 🚀 55,000 flats from 2025–2027
- ⏳ 4,000 shorter-wait flats yearly in 2026–2027
- 🏙️ 97 infrastructure projects worth $1.3B
✅ Summary Highlights
✅ Deficit shrank slightly, but spending remains high to preserve affordability.
✅ Strong pipeline: 23,600 new BTOs started, 20,294 completed.
✅ Upgrading works surged 34% as HDB modernises ageing estates.
✅ More grants and shorter-wait flats will boost accessibility for first-time buyers.
✅ Infrastructure investment ensures towns stay liveable and future-ready.
(source)