Correction to my HDB assumption

When I posted the article on 'Help save HDB' I used a ballpark figure of 20,000 units of flats sold for 2009. My assumption was way off the mark. I read from a report that the number of units sold was 4,736 units. Using a round figure of 5,000, 2,000,000,000/5,000, the deficit will come to $400,000 per unit of flat sold. Unbelieveable but it is true. I am prepare to change this number if anyone has a better number and wants to correct me. The $400,000 per unit is not only unbelieveable but incredible and even looks nonsensical.


Anonymous said...

Redbean your calculation and assumption are all koyak. Where got such thing? Where all the money gone to? $400,000 per unit is too unbelievable. You must go check out properly before you make any accusation. Kena sue then you know.

Anonymous said...


1. HDB has a deficit of $2 billion in 2009 due to sales of HDB flats.

2. In 2009, about 5,000 units of HDB flats were sold.


Therefore, for each HDB unit of flat sold, HDB lost $400,000.


People managing HDB must be either extremely stupid or damned cunning.

Anonymous said...

The people who work out the statistic and publishing it are more incredible. After all statistics are just numbers people play about with. And playing statistics creatively also mean that the statisticians are innovative too.


Anonymous said...

Mr. Bean,

did you take into account the lift upgrading expenditure?

rookie lim

redbean said...

hi rookielim,
by now we all know how to cook numbers. there was a simple explanation given by a blogger in another forum. it goes something like that. market price $600k. Sell at $100k discount or subsidy. so loss is $100k. but there are many many ways to present numbers.

unless we know the whole picture, we are only speculating. not to be taken seriously. what we talk about are wild guestimates. the number produced in P&L, balance sheet etc are professionally done and so must be professionally correct and can be subject to auditing or pass auditing.

so, despite what we have said, we are all wrong.

Anonymous said...

Indian accounting, the best!

Anonymous said...

'unless we know the whole picture,....'

If they show you the whole picture, the skeletons will fall out of the picture.

I guess what they cannot show must also be very sensitive issues that our enemies could use against us. Never underestimate the tactical use of this statement. It always come in useful whenever they cannot explain away a problem.

Anonymous said...

so true, so true. Just like to ensure no change in govt. or the new govt might just uncover all the buried skeletons.

redbean said...

why are you people so sceptical and cynical about our leaders? look at their track records! don't they give you any comfort that you are in good hands?

where is directless rubber? i am sure he will agree with me this time.

Anonymous said...

Redbean, do you not realise that empty promises and bad experience make one very sceptical, cynical and suspicious?

redbean said...

give them all the ropes.