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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.
Real estate related news stories from Singapore
- Pan Pacific group looks to landmark year with new brand, more hotels
- Astaka auditors flag going concern issues amid muted M'sian property market
- 11 retail shops in Sim Lim Square up for sale at S$22m
- Condo must pay unit owners $85,000 after false ceiling collapses
- Daily Briefing: Medtech firm eko.ai raises $5.4m in seed funding; Geylang Road development on en bloc sale for $5.24m
- Yanlord Land sets up 3 new business units, dissolved JV in China
- Chart of the Day: Home price growth moderated to 0.3% in Q4 2019
Public transport, traffic and other news stories from Singapore
- Over $1billion needed to triple cycling path network to 1,300km
- 3 of 4 delivery riders who applied for trade-in grant opt for e-bikes
- Forum: We need to set cleanliness standards so visitors will follow
- Raffles Hotel unveils brand new spa
- Government will work with StanChart marathon organisers to address traffic jam problems
- Cats in flats: HDB pet ownership policies have to 'strike a balance', says Lawrence Wong
- More than $1 billion needed to complete cycling path network: Lam Pin Min
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