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Construction in Singapore - Key Trends and Opportunities to 2024

Construction in Singapore - Key Trends and Opportunities to 2024

Summary

Prior to the Coronavirus (COVID-19) outbreak, GlobalData expected Singapore's construction industry to grow by 2.9% in 2020. However, with the emergence of the pandemic and the stringent measures taken by the government to contain the spread of the virus, the construction industry is now set to contract by 26.8% in 2020. According to the Department of Statistics (DOS), the construction industry registered year-on-year (Y-o-Y) declines of 46.6% in Q3 2020 and 60% in Q2. Owing to the temporary halt in most construction activities during the "circuit breaker" measures imposed during 7th April to 1st June 2020, followed by the phased resumption of construction activities and strict management implemented at work sites, the construction industry contracted by 35.4% year on year (YoY) during the first three quarters of 2020. According to the DOS, the total value of progress payments certified for construction registered a double-digit Y-o-Y decline during the first nine months of 2020, with commercial and residential sectors witnessing the highest declines.

Owing to the disruptions caused by the pandemic, in September 2020, the Building and Construction Authority (BCA) revised downwards its projected construction demand for 2020 by SGD10 billion (US$6.9 billion), compared to the projections made earlier in January 2020.

A downside risk to the industry's outlook in the short term could arise from the fall in construction contracts awarded during the first nine months of 2020. On a positive note, however, to support the industry's recovery, the government has announced a SGD1.4 billion (US$941.3 million) Construction Support Package for companies in the construction industry. This includes a SGD525.8 million (US$363.9 million) construction restart booster to support construction firms in meeting additional compliance costs due to enhanced social distancing measures. A total of SGD793 million (US$548.9 million) has also been set aside for the co-sharing of prolongation costs for public sector projects, with Government Procurement Entities (GPEs) bearing this cost, capped at 1.8% of the contracted sum for public sector construction contracts and tenders which closed before 1st June 2020. Over the remaining part of the forecast period, the industry's growth will be supported by investments on transport infrastructure, renewable energy, and residential projects. The government plans to invest SGD100 billion (US$72.3 billion) to develop the country's transport infrastructure over the next ten years. It also plans to increase the total capacity of solar energy from 350MWp in 2020 to 2GWp by 2030, and 5GWp by 2050; this will attract public and private sector investments towards solar projects.

This report provides detailed market analysis, information, and insights into Singapore's construction industry, including -
- Singapore's construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Singapore's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Singapore. It provides -
- Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in Singapore, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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Construction in Singapore - Key Trends and Opportunities to 2024
Published By :GlobalData
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