DUBLIN--(BUSINESS WIRE)--The "Singapore Construction Industry Databook Series - Market Size & Forecast by Value and Volume across 40+ Market Segments in Residential, Commercial, Industrial, Institutional, Infrastructure Construction and City Level Construction by Value, Q4 2022 Update, Opportunities" report has been added to ResearchAndMarkets.com's offering.

The construction industry in Singapore is expected to grow by 2.1% to reach SGD 35,197 million in 2022.

This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2016-2025 in Singapore.

Despite near-term challenges in certain construction sectors, medium to long term growth story in Singapore remains intact. The construction industry in Singapore is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 2.6% during 2022-2026. The construction output in the country is expected to reach SGD 38,021.0 million by 2026.

In 2022, the Singaporean construction industry is projected to reach pre-pandemic activity levels on the back of growing infrastructure spending in the country. The Ministry of Trade and Industry data showed that the construction industry increased by 3.3% in Q2 2022 from the 2.4% it registered in Q1 2022. However, the industry might get hampered by the labor shortage issue, which was slightly mitigated by the worker retention scheme launched by the government from September 2021 to February 2022 period.

The construction industry has also been affected by rising oil prices and disruption to global supply chains, which has resulted in rising material prices as well as machinery and transport costs. However, the sustained construction demand support by the public sector projects is projected to assist the industry growth in 2022.

From the long-term perspective, the publisher expects that building up the resilience of the industry through sustained industry collaboration, technological innovation, and digitalization will remain an instrumental factor for the growth of the industry in Singapore.

The construction demand in Singapore is expected to return to pre-pandemic levels in 2022, supported by public sector projects

In the Singaporean construction industry, work picked up fast, with the sector recording growth in H1 2022. This trend is expected to continue further in H2 2022, with the government prioritizing infrastructure projects. Notably, the Building and Construction Authority projected the total construction demand to be between S$27 billion and S$32 billion in 2022, the majority of which will be driven by public sector projects.

According to the Building and Construction Authority (BCA), the public sector is expected to contribute 60% of the total construction demand in Singapore. Notably, the public sector construction demand is expected to reach between S$16 billion to S$19 billion in 2022. This will be supported by the strong pipeline of public housing projects.

On the other hand, the private sector construction demand is expected to reach between S$11 billion to S$13 billion in 2022. With the latest property cooling measures in Singapore, the residential sector demand is expected to moderate year on year. However, the demand in the commercial sector is projected to increase as attractions and hotels undergo refurbishment to prepare for inbound travel revival.

Consequently, the publisher expects the industry to record steady growth in H2 2022 on the back of increased spending on public sector projects in Singapore. While the outlook for the Singaporean construction industry remains upbeat, the challenges facing the sector, including labor and material shortages, supply chain disruptions, and the resultant cost pressures, remain the most pressing issues for construction firms.

Singapore pushes ahead with key infrastructure projects to drive economic growth

With the country emerging from the slump of Covid-19, Singapore is pushing ahead with key infrastructure projects. For instance,

In August 2022, the Singaporean government announced that it is pushing ahead with infrastructure projects, such as the Changi Airport's T5, Tuas Port, and the new town in Paya Lebar. The T5 Changi Airport terminal is undergoing a major redesign and is expected to serve approximately 50 million passengers a year. It is estimated to be completed by the mid-2030s.

The government also announced that the land reclamation in Phase one of the Tuas Port development is completed, and Phase two, three, and four will follow for the US$20 billion project. In addition to this, the government also announced that nearly 150,000 houses would be built in the new town of Paya Lebar once the military airbase was relocated in the 2030s.

The spending on these infrastructure projects is expected to keep assisting the construction industry growth in Singapore over the next three to four years.

Singapore has launched an online marketplace for regional infrastructure projects

Amid the ongoing boom in the Asian infrastructure construction sector, Singapore has launched an online marketplace that connects key stakeholders across the region.

In August 2022, Singapore announced the launch of an online marketplace that links governments, developers, and financiers. Notably, the online marketplace has been launched by Infrastructure Asia, an entity set up by Enterprise Singapore and the Monetary Authority of Singapore to support infrastructure development in the region.

The aim of the online marketplace is to connect the major stakeholders while improving the visibility of the infrastructure projects pipeline across the region. As of August 2022, there are about a dozen projects listed on the marketplace, totaling S$4 billion. Notably, these projects are across different Asian markets, including Indonesia, Cambodia, Vietnam, Thailand, the Philippines, and India.

According to the Ministry of Finance in Singapore, an estimated US$2 trillion is required for building sustainable infrastructure in the Southeast Asian region by 2030. This online marketplace is, therefore, expected to bring in private capital, which is needed to complement then government spending.

Reasons to buy

• In-depth Understanding of Construction Market Dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 40+ market segments and sub-segments of building and infrastructure construction industry in Singapore.
• Top Ten Cities Construction Value Data
• Volume and Value Data: Get detailed understanding of the market both from value and volume (both by activity and units) perspective for historical as well as forecast period
• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate your strategy; assess market specific key trends, drivers and risks in construction industry.
• City Level Insights: Get city level trend analyses by tier-1, tier-2, and tier-3 cities.

Scope

Singapore Residential Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by

• Housing type (multi family, single family)
• Key cities (Tier - 1, Tier - 2, Tier - 3 segmentation)
• Price point/income level (luxury, mid-tier, affordable)
• Construction stage (new construction, re-development & maintenance)

Singapore Residential Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by

• Green building by Housing type (multi family, single family)
• Green building by Key cities (Tier - 1, Tier - 2, Tier - 3 segmentation)
• Green building by Price point/income level (luxury, mid-tier, affordable)

Singapore Commercial Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by

• Office (further broken down by Grade A, Grade B, and Grade C)
• Retail (further broken down by Grade A, Grade B, and Grade C)
• Hospitality (further broken down by Grade A, Grade B, and Grade C)
• Restaurant (further broken down by Grade A, Grade B, and Grade C)
• Entertainment
• Sports facility
• Construction stage (new construction, re-development & maintenance)

Singapore Commercial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by

• Office green building construction
• Retail green building construction
• Hospitality green building construction
• Restaurant green building construction
• Entertainment green building construction
• Sports facility green building construction
• Other commercial green building construction

Singapore Industrial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units)

Singapore Institutional Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by

• Healthcare construction
• Educational construction
• Public sector
• Construction stage (new construction, re-development & maintenance)

Singapore Institutional Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by

• Healthcare green building construction
• Educational green building construction

Singapore Infrastructure Construction Sectors: 10-year market size & forecast in value terms by

• Marine and inland water infrastructure
• Utility system construction (oil and gas infrastructure, communication infrastructure, power infrastructure, water and sewer infrastructure)
• Transportation infrastructure (highway, street and bridge construction, railway construction, airport construction, and tunnel construction)
• Construction stage (new construction, re-development & maintenance)

Singapore Green Infrastructure Construction: 10-year market size & forecast in value terms

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