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Thread: HDB suffers S$2b deficit

  1. #41

    Default Re: HDB suffers S$2b deficit

    http://www.hdb.gov.sg/fi10/fi10297p.nsf/ImageView/FS09/$file/fs09.pdf

  2. #42

    Default Re: HDB suffers S$2b deficit

    does that meant that HDB is going to start retrenching staffs?

  3. #43

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by jawzsg View Post
    CAN CAN !!!... some call it a "Voting Slip" ...few years occur one time I heard.

    ... you missed out the aircraft...
    Well, this may sound offensive but i boldly say s'poreans have no balls & brains, they dun know what its all about & dun dare to make any changes. "Dun rock the boat" many said.

    Well, back in the 60s, the current rulers were for the people, they make sure everyone has a home of their own & clean water runs thru the taps. Fast forward to now, after the old guards, how many can u name me that they stayed in kampong or HDB flats when young? How many actually know what is going on here on the ground? Rem this phrase "Get out of my elite society"? U get the pic why the current situation is such. If we had any balls & brains, Mr Mah wud have long been history liao & not doing his magic happily today. I have no option cos my area is... u know, "super privilege", no chance for any slips.

    Talking about the aircraft... u know who is sitting up there now? What did he do b4 that? ST reported he got fired by the board of directors cos didn't contribute a single thing. The case was about him suing F&N for not compensating him appropriately. I can see very clearly what's going on to s'pore & the whole econ scene... what about u guys?

  4. #44

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by Lenscapes View Post
    does that meant that HDB is going to start retrenching staffs?
    They did once during the last financial crisis, started up another "private" arm for these retrenched people & then gave them the axe there, so it has nothing to do with stat board decisions, their hands r very clean. Whatever happened to that arm, i haven't a clue now.

  5. #45

    Angry Re: HDB suffers S$2b deficit

    That what they say!!
    But the poor will still remain poor!! What are they talking about!!
    Part of the singaporean might be doing that , but not all singaporeans!!
    So where the money goes too???

  6. #46
    Senior Member Leong23's Avatar
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    Default Re: HDB suffers S$2b deficit

    election coming soon.......

  7. #47

    Default Re: HDB suffers S$2b deficit

    Vote for the right party is important.
    Sometime in organization, as the competition get stronger , someone will then wake their idea.

  8. #48

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by greyshark001 View Post
    That what they say!!
    But the poor will still remain poor!! What are they talking about!!
    Part of the singaporean might be doing that , but not all singaporeans!!
    So where the money goes too???
    Cannot say that. Rem the CBF? Its not that there r poor people around in s'pore, its juz that we listened & now becoming Cheaper, Better & Faster.

  9. #49

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by lchoong78 View Post
    yes. I can predict that they will use this excuse to increase the HDB prices.
    Bro.. I just thought *somebody* wanted to cool the over heating market.......

    Now I think they are gonna warm things up again........

  10. #50

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by nightpiper View Post
    Cannot say that. Rem the CBF? Its not that there r poor people around in s'pore, its juz that we listened & now becoming Cheaper, Better & Faster.
    Then cheaper we get , the more expensive things get!!!
    Must wake our friendly giant!!

  11. #51

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by tenpa View Post
    Bro.. I just thought *somebody* wanted to cool the over heating market.......

    Now I think they are gonna warm things up again........
    Whats there to cool? The ball has always been in their court. I'm sure u r fully aware who gave the approval chop for valuation reports right? Ever wonder why the huge plunge in econ & HDB resale flats still sky high? U really think its purely supply & demand? They control it all this time, the very same body allows for such exorbitant prices to go on so their direct sales look dirt cheap. Who in the world has ever heard of PUBLIC HOUSING rated more than 1/2 mil (more than 700k)? Its really getting out of hand... next 2 decades if this doesn't change, there will be many sleeping in the streets, direct opp of what the vision was back in the 60s.

  12. #52

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by zcf View Post
    Upgrading activities (lift upgrade or what?)


    Unless it openly show us the book, otherwise all these can be manipulated into what they wish. like they can increase the land cost, service charges, or other cost exponentially. In the end it's the left pocket into right pocket.

    Just wonder, is there actually any audit firm for the govn or not?
    The Stat Boards can choose any 1 of the Big 4 Accounting Firms for their annual financial audit, unless that particular Board had been chosen by the AGO office for audit for that particular year. AGO office will choose different board every yr.

    Well, HDB definitely have the finest accountants. In fact, I will not be surprised if they have a few of the ex-Big 4 partners among their Directors rank. This is creative accounting within the SFRS, whatever Acts' legal limit at its best.
    Last edited by stonefish35; 4th November 2009 at 12:56 AM. Reason: Typo error

  13. #53

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by CYRN View Post
    From the Financial report iteself....

    SEGMENTAL RESULTS

    The Home ownership segment recorded a higher deficit of $1,553 million as compared with $1,006 million last year. The number
    of flats sold under the home ownership scheme this year was 4,738, which was 7,253 less than last year. The higher deficit
    was mainly attributable to higher provision for foreseeable loss for properties under development, as more new building contracts
    were awarded this year.





    edit* for those interested in the FR... it's linked below.

    http://www.hdb.gov.sg/fi10/fi10221p....ort%202009.pdf


    Nice link. Thanks..
    Some Quick impt figures that caught my attention :

    - The profit from Building and selling of HDB flats give rise to $65m gross profit ( so there's profit la )

    - Other Income $3,069.6m of which largest 3 items are
    - Interest Income - $1,341m ( I assume mainly from HDB loans, could include financial interest income )
    - Rental and other related income - $896m
    - Car Park income $488m ( think of all ur season parking and parking summons too perhaps ?)

    - Single largest expense item is the provision for foreseeable Loss/unrealised loss for property under development / for sale - $1,236m - makes me wonder, HDB property got impairment or loss meh ? In the greatest financial recession since great depression, HDB price still can climb. Seriously got impairment or loss meh ? Especially when, they are the one who decide how much will the value of HDB flats BE !! They release the price of new flats, based on mkt value, Which will cause mkt price to escalate further, and create a vicious cycle.

    -manpower cost $429m.

    Will like to see more on the provision for loss/unrealised loss. As we know, foreseeable can become unforseeable , and end up reversing the provision.

    Did not read the entire report, dunno if the CPA firm address the issue of basing new flat price on mkt price, causing escalation of resale flat, and kicking off a vicious cycle.
    I think, if the audit partner really got balls, will address this under " Risk of creating a vicious cycle causing escalation of HDB prices" Haha...

    I guess this is not covered in any of the SFRS and hence, not a financial risk at all. I guess this is the loophole they found. And the foreseeable loss provision, must be some loophole in the FRS.

  14. #54

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by Leong23 View Post
    election coming soon.......
    I rest my case on that one... we know all the sillporeans will vote for who la...

    I already know who I am voting for

  15. #55

    Default Re: HDB suffers S$2b deficit

    after browsing thru the key figures...... only 1 statement to be made regarding S$2B loss....


    If this is not BS, I dunno what is

  16. #56

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by Royale With Cheese View Post
    I rest my case on that one... we know all the sillporeans will vote for who la...

    I already know who I am voting for
    How to vote when practically its a walkover everywhere ?

    Those who had voted, pls raise your hands ?

    I had voted.

  17. #57
    Senior Member xtemujin's Avatar
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    Arrow Re: HDB suffers S$2b deficit

    I concur, basically just $2 billion dollars of paper loss.

    This is like universal round.

  18. #58

    Default Re: HDB suffers S$2b deficit

    Quote Originally Posted by stonefish35 View Post
    How to vote when practically its a walkover everywhere ?

    Those who had voted, pls raise your hands ?

    I had voted.
    My area here no walk over.

    Anyway the figures during the last elections are so called "silent protest" by the people really.....

  19. #59
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    Default Re: HDB suffers S$2b deficit

    how to win ? i use to vote, suddenly with the increase in opp votes, the next thing is my area become part of another GRC further away when actually its nearer elsewhere...

    those who vote will know all votes are traceable, write ur vote voucher serial next to ur NRIC and they say cannot trace...

    thats why i never recite the pledge cause i never believe in it... i only believe in money talks... and its all about money never, about the ppl...
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  20. #60

    Default Re: HDB suffers S$2b deficit

    Tum podem extulit horridulum...日出東方﹐唯我不敗。

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