Singapore Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027
Summary
GlobalData expects construction output in Singapore to grow by 7.4% in real terms in 2023, supported by public and private sector investments in the construction of energy, residential and transport infrastructure. According to the latest report published by the Department of Statistics (DOS), the construction industry’s value add grew by 6.8% year on year (YoY) in Q2 2023, preceded by Y-o-Y growth of 6.9% in Q1 2023 and 10% in Q4 2022.
Over the remainder of the forecast period, GlobalData expects Singapore’s construction industry to register an annual average growth rate of 4% between 2024 and 2027, supported by investment in transport, and renewable energy projects. In its 2023 Budget, the government allocated SGD20.5 billion ($14.9 billion) towards development expenditure. In July 2023, the Land Transport Authority (LTA) announced that design and construction work of the new Brickland MRT station on the North-South Line are expected to start in 2024. Further support for construction output will be provided by works under the Singapore Green Plan 2030, through which the government aims to deploy at least 2GW-peak of solar energy by 2030, sufficient to meet the annual electricity needs of 350,000 households.
The 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.
This report provides a comprehensive analysis of the construction industry in Singapore. It provides -
- Historical (2018-2022) and forecast (2023-2027) 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
- 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.
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Singapore, Key Economic Indicators
- Table 3: Singapore, Commercial Construction Output by Project Type (Real % Change), 2018–27
- Table 4: Singapore, Top Commercial Construction Projects by Value
- Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2018–27
- Table 6: Singapore, Top Industrial Construction Projects by Value
- Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2018–27
- Table 8: Singapore, Top Infrastructure Construction Projects by Value
- Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2018–27
- Table 10: Singapore, Top Energy and Utilities Construction Projects by Value
- Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2018–27
- Table 12: Singapore, Top Institutional Construction Projects by Value
- Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2018–27
- Table 14: Singapore, Top Residential Construction Projects by Value
- Table 15: Singapore, Key Contractors
- Table 16: Singapore, Key Consultants
- Table 17: Singapore, Construction Output Value (Real, $ Million)
- Table 18: Singapore, Construction Output Value (Nominal, SGD Million)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: South and South-East Asia, Construction Output (Real % Change), 2021–27
- Figure 2: Singapore, Construction Output by Sector (Real % Change), 2021–23 and 2024–27
- Figure 3: Singapore, Risk Summary
- Figure 4: Singapore, Risk Regional Comparison
- Figure 5: Singapore, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018–27
- Figure 6: Singapore, Construction Output Value, by Sector (Real, $ Million), 2018–27
- Figure 7: Singapore, Progress Payments Certified for Construction (SGD Million)
- Figure 8: Singapore, Construction Contracts Awarded (SGD Million)
- Figure 9: Singapore, Construction Value Add (in SGD Million, 2015 Chained Prices
- Figure 10: Singapore, Total Fixed Capital Formation in Construction (2015 Chained Prices, SGD Million)
- Figure 11: Singapore, Construction Material Market Prices, % Change YoY
- Figure 12: Singapore, Construction Projects Momentum Index
- Figure 13: South-East Asia, Construction Projects Momentum Index
- Figure 14: Singapore, Commercial Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 15: Singapore, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 16: Singapore, Progress Payment Issued for Commercial Construction (SGD Million)
- Figure 17: Singapore, Contracts Issued for Commercial Construction (SGD Million)
- Figure 18: Singapore, Retail sales index, Chained Volume Terms, 2017=100
- Figure 19: Singapore, Office Price and Rental Index, 1998=100
- Figure 20: Singapore, Supply of Retail Space in the Pipeline, GFA, In Thousand m2
- Figure 21: Singapore, Supply of Office Space in the Pipeline, GFA, In Thousand m2
- Figure 22: Singapore, Hotel Room Supply
- Figure 23: Singapore, International Visitor Arrivals (In Thousands)
- Figure 24: Singapore, Industrial Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 25: Singapore, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 26: Singapore, Contracts Issued for Industrial Construction (SGD Million)
- Figure 27: Singapore, Industrial Production Index, 2019=100
- Figure 28: Singapore, Purchasing Managers' Index (PMI)
- Figure 29: Singapore, Total Merchandise Exports (SGD Billion)
- Figure 30: Singapore, Progress Payment Issued for Industrial Construction (SGD Million)
- Figure 31: Singapore, Infrastructure Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 32: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 33: Singapore, Progress Payments Issued for Civil Engineering Works (SGD Million)
- Figure 34: Singapore, Contracts Issued for Civil Engineering (SGD Million)
- Figure 35: Singapore, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 36: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 37: Singapore, Electricity Generated, in GWh
- Figure 38: Singapore, Institutional Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 39: Singapore, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 40: Singapore, Progress Payments for Institutional Construction (SGD Million)
- Figure 41: Singapore, Contracts Issued for Institutional Construction (SGD Million)
- Figure 42: Singapore, Residential Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 43: Singapore, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 44: Singapore, Progress Payments Issued for Residential Construction (SGD Million)
- Figure 45: Singapore, Private Residential Property Price Index (2009=100)
- Figure 46: Singapore, Contracts Issued for Residential Construction (SGD Million)
- Figure 47: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 48: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)
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