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Desmond Lee on Central Weave BTO project at Ang Mo Kio

02:42 Min

HDB will incur an estimated development loss of about S$250 million for the Build-to-Order project Central Weave @ AMK. Taking into account CPF housing grants, the loss will rise by about S$20 million. The estimated land cost is about S$500 million, determined independently by the Chief Valuer using market valuation principles. National Development Minister Desmond Lee gave the figures in Parliament on Tuesday (Oct 4) in reply to a question by NCMP Leong Mun Wai. Mr Lee said claims that HDB profits from the development and sale of flats are false. He explained how HDB prices new flats, which is not based on cost, and noted that HDB incurs a significant deficit every year as the amount it collects from flat sales is far less than the cost of its building programme and the housing grants disbursed.

HDB will incur an estimated development loss of about S$250 million for the Build-to-Order project Central Weave @ AMK. Taking into account CPF housing grants, the loss will rise by about S$20 million. The estimated land cost is about S$500 million, determined independently by the Chief Valuer using market valuation principles. National Development Minister Desmond Lee gave the figures in Parliament on Tuesday (Oct 4) in reply to a question by NCMP Leong Mun Wai. Mr Lee said claims that HDB profits from the development and sale of flats are false. He explained how HDB prices new flats, which is not based on cost, and noted that HDB incurs a significant deficit every year as the amount it collects from flat sales is far less than the cost of its building programme and the housing grants disbursed.

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