1980
Fast forward to today
What does the math point to?
HDB flats have become more affordable!

Is CPF still adequate to service HDB housing loans?
Statistics says ‘yes’ with little or no cash outlay.
Why are prices of BTOs not uniform across projects?
Let's understand!
Singapore is 4th most expensive Asian construction market.
Land costs are not a part of pricing mechanism
Some statistics for FY21/22:
Land development costs | $3,167 million |
Building development costs | $2,077 million |
Other costs (largely from cost of flats acquired from ex-flat owners) | $102 million |
Total | $5,346 million |
In the same financial year, HDB recorded a deficit of about $3,850 million in its Home Ownership Programme.
(mainly from the Gross loss on flat sales completed (i.e. keys issued to buyers), CPF Housing Grants for resale flats expected loss for flats under development) | $3,850 million |
While land costs are part of costs for HDB to build flats, they are not part of the considerations for pricing these flats. If they were, then home buyers would have to pay much more to make up for the $3.85 billion in deficit incurred by the HDB.
HDB's pricing approach
HDB’s flat pricing approach is thus totally separate and independent from the BTO projects’ development costs.