Singapore Construction Industry Databook Series – Market Size & Forecast by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction, Q1 2022 Update, Opportunities

Singapore Construction Industry Databook Series – Market Size & Forecast by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction, Q1 2022 Update, Opportunities

Report Description

According to ConsTrack360's Q4 2021 Global Construction Survey, construction industry in Singapore is expected to grow by 8.9% to reach SGD 37,298 million in 2022.

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 8.2% during 2022-2026. The construction output in the country is expected to reach SGD 45,460.6 million by 2026.

Construction industry is facing mounting challenges amid the global pandemic in Singapore

The construction sector in the country has been experiencing a number of challenges in the midst of the global pandemic, which has been led by acute labor shortages and surging raw material costs. This has resulted in several construction firms ceasing their operations in Singapore.

The major roots of the problems lie in the years before the global pandemic. For instance, some of the construction firms tendered bids for projects without accounting for the risks, given the industry at the time had been suffering from growing overseas competition. Therefore, leading to declining contract prizes and narrow margins. While at the time, there was no reason for construction firms to price in the raw material costs and additional labor. However, the global pandemic struck, and prices of labor and raw material surged significantly. Due to this, firms had to stop several construction projects, including those in the residential sector.

Consequently, ConsTrack360 expects the construction sector to remain under pressure over the next few quarters in Singapore. However, support from the government can help in the revival of the construction industry over the next four to eight quarters.

Government intervention is expected to help local construction firms

In October 2021, Singapore announced certain measures to help support the construction firms in the country. For instance, both the Ministry of National Development and Building and Construction Authority has separately taken measures for helping out the construction firms in mitigating the impact of the global pandemic.

The Ministry of National Development (MND) announced the extension of relied periods under the Covid-19 Act. Notably, the Covid-19 Act offers temporary relief to construction firms and other businesses as well as individuals who have been affected by the global pandemic outbreak. The Building and Construction Authority (BCA), on the other hand, announced making changes to the public sector construction tenders.

Moreover, the amendments made by the BCA will allow construction firms to apply for an extension of time because of the global pandemic and to include provisional amounts for the expected global pandemic-related costs, which were unknown at the time of the tender. Additionally, the amendment also sets out the principle of co-sharing losses and costs arising from the global pandemic or from the measures introduced by the Singaporean Government.

Infrastructure projects expected to support the recovery of the construction sector in Singapore

Singapore is one the most modern nation in the world, and the Government is continuously spending on the development of infrastructure projects in the country. ConsTrack360 expects spending on infrastructure projects to assist the recovery of the construction market in Singapore over the next four to eight quarters.

Some of the major infrastructure projects currently planned or underway in the country include the Marina Bay Sands Expansion, Capita Spring, Avenue South Residence, Changi East Project, and Greater Southern Waterfront, among others. Spending on all of these infrastructure projects is expected to support the construction sector recovery in 2022 in Singapore.

Low-interest rates are fueling the demand for housing units among Singaporeans

With the interest rates being at their historical lows, the housing demand has surged among Singaporeans over the last few quarters. As a result of this growing demand, property prices have surged significantly even as the country implemented stop-start pandemic-related restrictions for several months.

For cooling off the housing prices in the country, the government has introduced new residential property curbs. Moreover, the government is also expected to increase the supply of private and public housing in the country to counter the surge in housing prices. With the consumer expectation of prices increasing further as the economy recovers from the global pandemic, ConsTrack360 expects the housing demand to further increase in Singapore over the next four to eight quarters. This will subsequently support the recovery of the overall construction market from the short to medium-term perspective.

This report from ConsTrack360 provides data and trend analyses on construction industry in Singapore, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 140+ charts and 110+ tables. It details market size & forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.

It provides a comprehensive understanding of construction industry sectors in both value and volume (both by activity and units) terms. The report focuses on combining industry dynamics with macro-economic scenario and changing consumer behavior to offer a 360-degree view of the opportunities and risks.

Scope
• Market Data and Insights: This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2016-2025 in Singapore. KPIs covered include the following:
• Market size by value
• Market size by volume of construction
• Number of units
• 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

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.
• 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.