Technically HDB is gorrect to say they lose money and as Desmond Lee claimed & I quote
'real money is involved' and paid to SLA.
Problem is, the losses are all due to land costs pegged to market price of nearby flats. If not for land costs, HDB would have reap huge profits.
Total costs per flat on average excluding ranjiao 'Land costs' = $161.5K. HDB is selling flat on avg estimated at $500K minimum (from 3rm/4rm/5rm --> $300K - $700K++, that's a blooding sucking > 300% margin, LOL. (Ref:
https://www.propertyguru.com.sg/property-guides/ultimate-list-of-bto-flat-prices-54099 )
So HDB made 'loss' but SLA make gain and pass to PAP-Gov reserves as gain, though the Gov claim is reserves and 'cannot classify as profit' LOL.
Overall, Sinkies are being sucked dry under the guise of HDB making losses, LOL.
If Sinkes still continue to vote for this siao lang kaki kong kaki song PAP-Gov in next GE then...