Singapore’s average construction demand is expected to be sustained between $27 billion to $36 billion in 2016 and 2017, and $26 billion to $37 billion in 2018 and 2019 per annum, the Building and Construction Authority (BCA) said.
This is in view of mega public sector infrastructure projects required to meet the Singapore population’s long-term needs, and to maintain the competitive advantage of Singapore’s economy.
Speaking at the BCA-Real Estate Developers’ Association of Singapore (REDAS) Built Environment & Property Prospects Seminar on 8 January, Senior Minister of State Lee Yi Shyan said construction demand over the next five years will remain strong: “BCA expects contract values to range from between $26 billion and $37 billion per year. Major healthcare and infrastructure works, such as the remaining contracts for the upcoming MRT lines and Changi Airport Terminal 5 provide support for the industry demand.”
He added, “The healthy pipeline of construction projects over the next five years therefore presents an environment for us to press on with the re-structuring of the built environment industry, in search of excellence.”
Singapore’s construction demand hit a record high of $38 billion in 2014, Mr Lee added.
In line with efforts to improve productivity within the industry, about half of all new residential non-landed projects used drywalls in 2014, compared to only about a quarter in 2010.The adoption rate of system formwork has also grown from 30 percent to 72 percent over the same period.
Image (by LTA): Construction plans for Marina Bay station on the upcoming Thomson Line
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
