Facebook page The Alternative View has issued a correction order under the law against fake news for a post that alluded to the Housing Commission profiting from a Build-To-Order (BTO) apartment in Ang Mo Kio. To do.

Last Thursday, the page, which has more than 43,000 followers, published a post containing the headlines of the AsiaOne article dated August 31st. .

The post had an image of National Development Minister Desmond Lee holding a bag of money and was captioned, “How much profit is HDB making from this?”

The Ministry of National Development (MND) said on Sunday that Lee instructed the Protection Against Online Fraud and Manipulation Act (Pofma) office to issue correction instructions displayed on the page.

Alternate views should insert a notice to the original post along with a link to the government explanation. You are not required to delete or edit your post, and no criminal penalties will be imposed for your instructions.

MND said: “HDB will not benefit from the sale of the Central Weave @ AMK BTO flat. In fact, we will incur losses from this project.”

It explains that the estimated amount recovered from the sale is lower than the project’s estimated total development costs.

“The deficit will be even larger if we take into account the CPF (Central Provident Fund) housing subsidies that HDB offers to eligible buyers,” the ministry added.

The MND also said the HDB suffered annual deficits. This is largely due to the large subsidies extended to new apartments and her CPF housing subsidy payments to eligible buyers.

With these subsidies, most first-time buyers spend less than a quarter of their monthly income on mortgage repayments, nearly 90% of whom use CPF to pay off their HDB loans, Little to no cash payments, MND said.

In fiscal year 2021/2022, HDB suffered a $3.85 billion deficit in its home ownership program. The average deficit incurred by HDB over the past three years was approximately $2.68 billion annually.

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