Archive for category: Misc

Construction demand in Singapore is expected to remain strong in 2023, according to the Building and Construction Authority (BCA). In a press release, they project the value of construction contracts awarded this year to be between $27 billion to $32 billion, which is similar to the last year’s prediction.

Preliminary figures suggest that in 2022, total construction demand reached $29.8 billion, which is within BCA’s expected range of $27 billion to $32 billion and on par with the $29.9 billion recorded in 2021. This sustained level of demand was mainly due to residential and infrastructure projects, both of which are being developed in the public and private sectors.

The public sector accounted for $17.9 billion of the total demand in 2022, which is slightly higher than the $17.8 billion from 2021. Notable projects include the Cross Island MRT Line (Phase 1), Jurong Region MRT Line, healthcare facilities for the Ministry of Health and new Build-To-Order (BTO) units.

On the other hand, private sector construction demand moderated from $12.1 billion in 2021 to $11.9 billion in 2022, due to the economic uncertainty that was present – though demand Tengah Plantation EC for private residential and industrial building developments stayed largely stable.

For 2023, it is anticipated that construction demand from the public sector will make up about 60% of total demand, with a value of between $16 billion and $19 billion. These projects are likely to include more Build-to-Order flats by HDB, industrial and institutional buildings and civil engineering projects.

Private sector construction demand is estimated to be between $11 to $13 billion in 2023, which is similar to the level of demand seen in 2022. This includes residential and industrial building construction, as well as commercial building development, which is expected to see an increase due to projects being rescheduled from 2022 to 2023.

Meanwhile, total nominal construction output is projected to rise to between $30 billion and $33 billion in 2023, which is higher than the $30.2 billion recorded in 2022. This is attributed to the same level of construction demand and some remaining workloads that have been impacted by the Covid-19 pandemic since 2020.

In the medium term, total construction demand is anticipated to be between $25 billion and $32 billion on a yearly basis from 2024 to 2027. The prediction without the Changi Airport Terminal 5 development and associated infrastructure, along with the construction of the two integrated resorts, amounts to about $14 billion to $18 billion for the public sector and $11 billion to $14 billion for the private sector respectively.