Others   

HDB suffers S$2b deficit !!

If you are right, I would then guess the following story might have happened in that ministry :

 

 

3 accountants went for a job interview.

 

 

The interviewer gave a huge set of accounts to the first candidate who managed to produce the Profit & Loss Accounts in 55 minutes.  The candidate told the interviewer that his organisation achieved a profit of $3 billion. 

 

 

The interviewer said, “I am impressed by your skill and competence!  But sorry, I cannot give you the job.”

 

 

The second candidate was given the same set of accounts.  After 12 minutes working on it at nearly the speed of an advanced computer, the second accountant came out with a Profit & Loss Accounts which he announced to the interviewer that his organisation actually made a loss of $288,653,901.63!

 

 

The interviewer said, “Very impressive!  I have not seen any accountant who had done so well than you!  However, I am sorry, I cannot give you the job.”

 

 

The third candidate was also given the same set of accounts.  He looked around to ensure there was no other person around before lowering his voice to ask the interviewer, “Boss, do you want a profit or loss?”

 

 

The interviewer smiled and replied, “You got the job.”

 

aircraft      ( Date: 03-Nov-2009 13:41) Posted: We definitely have the right man for this job. Earn $ but report loss so they have the excuse to jack up selling price somemore to earn more $ ! well done ! Calculation      ( Date: 03-Nov-2009 13:35) Posted: During the 1970s and 1980s, we never hear HDB making huge losses.  Do we now have the right man doing the right job?

 

something is not right with their calculation, they give to much into govment coffer or to the people's ??. And

the money goes to....Which fund ??. We have two biggest one and own by....!!!.

junction      ( Date: 04-Nov-2009 09:45) Posted: It is not the man at the job. He has to follow the the guidelines. This is how HDB 'LOSE' money: Say HDB acquires a piece of land at $1 per sq foot. It puts in the infrastrucute, cost of employees, build the flats at a total cost of $10 per sq foot. It then gets the government valuer to value it at $30 per sq ft buts sells the new flat at $25 per sq foot. So its calculation shows a 'subsidy' of $5 per sq foot but in actual fact it makes $(25-1-10)= $14 per sq foot. And that, in a nutshell, is how HDB 'subsidises' flat buyers. Calculation      ( Date: 03-Nov-2009 13:35) Posted: During the 1970s and 1980s, we never hear HDB making huge losses.  Do we now have the right man doing the right job?

 

ho seh liao......lets go green ah!!!! buy bicycle stock ah..........haut ah.....let cycle to work ah!!!!!...hehehehe go green go green......any way nows a day.......good cycling pathway.......eh eh no bicycle stock leh.....hehehe........no charges and better for the body also...no COE.....no ERP..no road tax......no fuel tax.....No insurance..wah must go open bicycle shop then  list the company ......sure make money..hehehehe........

leecl1975      ( Date: 04-Nov-2009 20:48) Posted: Soon LTA will post public transpot in RED! Travel by taxi cost 50cents/Km, by bus 10cents/Km so they loss (50-100)40cents on per km travelled..... See! I also can be an accountant for HDB! abc2xyz      ( Date: 04-Nov-2009 10:35) Posted: The HDB message is quite clear. We are going to pay higher HDB charges. The LTA statistics report is clearer. Since lesser people use public transport, MRT and buses (and could it be taxi? No.. taxi no owned by LTA) must create more revenue. So soon get ready for your MRT and bus fares adjustments. (Adj is polite than saying hike). Wa lau yeh. Wow wow.

 

Soon LTA will post public transpot in RED!

Travel by taxi cost 50cents/Km,

by bus 10cents/Km so they loss (50-100)40cents on per km travelled.....

See! I also can be an accountant for HDB!

abc2xyz      ( Date: 04-Nov-2009 10:35) Posted: The HDB message is quite clear. We are going to pay higher HDB charges. The LTA statistics report is clearer. Since lesser people use public transport, MRT and buses (and could it be taxi? No.. taxi no owned by LTA) must create more revenue. So soon get ready for your MRT and bus fares adjustments. (Adj is polite than saying hike). Wa lau yeh. Wow wow.

 

The HDB message is quite clear. We are going to pay higher HDB charges. The LTA statistics report is clearer. Since lesser people use public transport, MRT and buses (and could it be taxi? No.. taxi no owned by LTA) must create more revenue. So soon get ready for your MRT and bus fares adjustments. (Adj is polite than saying hike). Wa lau yeh. Wow wow.

 

how they acc for the $14 gain? how is it record in the ann report?   is it not still show a capital gain?even not a listed compy..must also have a bal sheet rite?  not questioning you wether is true or not but just need to understand a little more thks..

 

It is not the man at the job. He has to follow the the guidelines. This is how HDB 'LOSE' money: Say HDB acquires a piece of land at $1 per sq foot. It puts in the infrastrucute, cost of employees, build the flats at a total cost of $10 per sq foot. It then gets the government valuer to value it at $30 per sq ft buts sells the new flat at $25 per sq foot. So its calculation shows a 'subsidy' of $5 per sq foot but in actual fact it makes $(25-1-10)= $14 per sq foot. And that, in a nutshell, is how HDB 'subsidises' flat buyers.

Calculation      ( Date: 03-Nov-2009 13:35) Posted: During the 1970s and 1980s, we never hear HDB making huge losses.  Do we now have the right man doing the right job?

 

Must be some joke, Every year made few billion, this year give out alittle angpow "Ai Doi" Muarboro tan like that can oso get into good book liao, something is not right with their calculation, they give to much into govment coffer or to the people's ??.

knightbridge      ( Date: 03-Nov-2009 19:34) Posted: Agreed.. Hee hee sounded like a joke from HDB.. Heavily subsidised HDB 2billion loss.. Are they selling new hdb flat at $1. freeme      ( Date: 03-Nov-2009 12:16) Posted: then those nt yet buy den sian liao lo.. HDB will mark up to regain that 2b losses

 

Agreed.. Hee hee sounded like a joke from HDB.. Heavily subsidised HDB 2billion loss.. Are they selling new hdb flat at $1.

freeme      ( Date: 03-Nov-2009 12:16) Posted: then those nt yet buy den sian liao lo.. HDB will mark up to regain that 2b losses

 

We definitely have the right man for this job. Earn $ but report loss so they have the excuse to jack up selling price somemore to earn more $ ! well done !

Calculation      ( Date: 03-Nov-2009 13:35) Posted: During the 1970s and 1980s, we never hear HDB making huge losses.  Do we now have the right man doing the right job?

 

During the 1970s and 1980s, we never hear HDB making huge losses.  Do we now have the right man doing the right job?

 

lucky you not MBT, otherwise all die.

freeme      ( Date: 03-Nov-2009 12:16) Posted: then those nt yet buy den sian liao lo.. HDB will mark up to regain that 2b losses

 

then those nt yet buy den sian liao lo.. HDB will mark up to regain that 2b losses

 

aya....that's not the point...HDB $2b loss....must be someone's TOTAL $2b gain rite?!?! wow...!! whoever bought those 4rm flats cheaply in previous years...will sell and make a pile now! :D

 

two days old news.

 

SINGAPORE: The Housing and Development Board (HDB) has reported a S$2 billion deficit before government grants in its latest annual report. The figure is more than double the loss reported in the previous financial year.

HDB said the huge deficit for the financial year ending March was due mainly to more flats being sold. These flats are highly subsidised by the government.

Higher construction costs also led to the large deficit. Other reasons that contributed to HDB's loss included upgrading works for lifts and rental flats.

Between April last year and March this year, HDB pushed out 8,000 flats under its Build-To-Order Scheme. That was 2,000 more than what it supplied the year before.

At a media briefing on its latest annual report, HDB also gave an update on the Lease Buyback Scheme which allows low-income elderly Singaporeans to get a portion of cash upfront while HDB buys back the tail-end of the lease of their flat.

HDB has received more than 400 applications since the scheme was launched earlier this year. Some 25,000 households are eligible for the scheme, but the elderly have other options to monetise their flats.

HDB's CEO, Tay Kim Poh, said: "Some of them will sublet their entire flat, and the rental for even a three-room flat is very good nowadays. They can easily get S$1,500 per month from the rental and they (then) move in to stay with their children."

Despite the global downturn, HDB said the mortgage arrears rate has dropped 0.4 percentage point to 7.5 per cent.

Market watchers said this may be due to the high resale prices of HDB flats.

Eugene Lim, associate director of ERA Asia Pacific, said: "There was an upswing in the market since the beginning of this year. And what happens is that those households in arrears probably made use of this opportunity to sell their flat and downgrade to a flat that they can afford."

Moving forward, HDB said it will focus on improving community relations. A new department has been set up within the housing board to look at strengthening social cohesion and integrating newcomers.