Singapore Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028

Singapore Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028

Singapore Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028

Summary

GlobalData’s Construction in Singapore - Key Trends and Opportunities to 2028 (Q2 2024) 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.

GlobalData expects the construction industry in Singapore to grow by 3.3% in real terms in 2024, supported by investment in public housing, transport and energy infrastructure, and private residential developments. In the residential sector, these include the Housing and Development Board’s (HDB) plan to complete and offer approximately 19,600 Build-To-Order (BTO) flats in 2024. Construction industry growth was relatively robust in the first quarter of the year, with the latest data released by the Department of Statistics (DOS) indicating that the industry grew by 4.1% year-on-year (YoY) in Q1 2024, following Y-o-Y growth of 5.2% in Q4 2023.

As part of its 2024 budget, the government increased its development expenditure for the transport sector by 13.2%, from SGD10.4 billion ($7.6 billion) in 2023 to SGD11.8 billion ($8.6 billion) in 2024. This includes an allocation of SGD2.9 billion ($2.1 billion) for the expansion of the rail network and related projects and SGD1.2 billion ($876 million) for expressway projects. Of the total development expenditure earmarked for the year, SGD5.1 billion ($3.7 billion) was allocated to the Land Transport Authority and SGD247.6 million ($180.8 million) to the Civil Aviation Authority.

Scope

This report provides a comprehensive analysis of the construction industry in Singapore. It provides -

• Historical (2019-2023) and forecast (2024-2028) 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.