Assoc Prof Jamus Jerome Lim asked the Deputy Prime Minister and Minister for Finance with regard to the proceeds paid by HDB to the Singapore Land Authority (SLA) for public housing development (a) whether there is any net revenue collected after land costs are paid; and (b) if so, what is the average net revenue collected per year over the past five years.
Mr Lawrence Wong: State land is protected as past Reserves. When state land is sold, for example to HDB for the purpose of public housing development, it is a conversion of a physical asset to a financial asset. The land sale proceeds are therefore protected as past reserves and are not revenue that can be spent in the Budget. There is therefore no “net revenue” available for spending when proceeds are paid by HDB for public housing development.
Ministry of Finance
10 January 2023