Agent.sg / Property news / Singapore construction demand to remain strong in 2020 after hitting 5-year high last year

Singapore construction demand to remain strong in 2020 after hitting 5-year high last year

Fresh property news selection on January 08. 2020, Wednesday.

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Singapore construction demand is expected to remain strong this year after hitting a five-year high in 2019, said the Building and Construction Authority (BCA). In 2014, demand was S$38.8 billion, also the highest ever.

Last year’s total construction demand expanded by 9.5 per cent to reach S$33.4 billion, about S$1.4 billion higher than the upper bound of BCA’s 2019 forecast of S$27 billion to S$32 billion, mainly due to a stronger than expected increase in industrial construction demand for petrochemical facilities, despite the slowdown in manufacturing sector. Total preliminary construction demand last year for the public and private sector was S$19 billion and S$14.4 billion respectively.

BCA projects total construction demand (value of construction contracts to be awarded) to remain strong in 2020 due to sustained public sector construction demand. The total construction demand is expected to range between S$28 billion and S$33 billion this year.

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