Construction in Singapore – Key Trends and Opportunities to 2025 (Q2 2021)

Singapore’s construction industry is forecast to recover by 30% in 2021, after contracting by 35.9% in 2020. The industry is projected to continue to expand in 2022, registering real growth of 8.1%, and then expand by 3.3% over the remainder of the forecast period (2023-2025). The government’s programs, which promote the development of affordable housing, transport, and renewable energy infrastructure, are expected to continue to support the expansion of the industry in the coming years.

To support the construction industry’s recovery, in June 2020 the government announced a SGD1.4 billion (US$1.06 million) construction support package, which includes a SGD525.8 million (US$398.8 million) construction restart booster to support construction firms in meeting additional compliance costs due to enhanced social distancing measures. The government announced an additional fiscal package worth SGD11 billion (US$8.3 billion) in the latest budget released in April 2021. According to the finance minister, around SGD4.8 billion (US$3.6 billion) is meant for public health and safe reopening measures, including vaccinations, contract tracing, and testing capabilities. The government also extended several existing schemes to subsidize wages and provide financing to businesses.

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 (2016-2020) and forecast (2021-2025) 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.

Table of Contents

Table of Contents

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 COVID-19 Status

3.5 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

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List of Tables

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), 2016-2025

Table 4: Singapore, Top Commercial Construction Projects by Value

Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2016-2025

Table 6: Singapore, Top Industrial Construction Projects by Value

Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2016-2025

Table 8: Singapore, Top Infrastructure Construction Projects by Value

Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2016-2025

Table 10: Singapore, Top Energy and Utilities Construction Projects by Value

Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2016-2025

Table 12: Singapore, Top Institutional Construction Projects by Value

Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2016-2025

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, US$ 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

List of Figures

Figure 1: South and South-East Asia, Construction Output (Real % Change), 2020 and 2021

Figure 2: Singapore, Construction Projects Pipeline by Sector (US$ Billion)

Figure 3: Singapore, COVID-19 Confirmed Cases

Figure 4: Singapore, Risk Summary

Figure 5: Singapore, Risk Regional Comparison

Figure 6: Singapore, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2016-2025

Figure 7: Singapore, Construction Output Value, by Sector (Real, US$ Million), 2016-2025

Figure 8: Singapore, Construction Value-Add (in SGD Million, 2015 Chained Prices), % Change YoY

Figure 9: Singapore, Total GFCF in Construction (in SGD Million, 2015 Chained Prices), % Change YoY

Figure 10: Singapore, Progress Payments Certified for Construction (in SGD Million), % Change YoY

Figure 11: Singapore, Construction Contracts Awarded (in SGD Million), % Change YoY

Figure 12: Singapore, Construction Projects Momentum Index

Figure 13: Singapore, Commercial Construction Output by Project Type (Real, US$ Million), 2016-2025

Figure 14: Singapore, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 15: Singapore, Contracts Issued for Commercial Construction, in SGD Million, % Change YoY

Figure 18: Singapore, Office Space Supply, % Change YoY

Figure 16: Singapore, Progress Payment Issued for Commercial Construction (S$, Million) % Change YoY

Figure 16: Singapore, International Visitor Arrivals, % Change YoY

Figure 17: Singapore, Office Price and Rental Indices, 1998=100, % Change YoY

Figure 18: Singapore, Retail Space Supply, % Change YoY

Figure 18: Singapore, Hotel Room Supply, % Change YoY

Figure 19: Singapore, Industrial Construction Output by Project Type (Real, US$ Million), 2016-2025

Figure 20: Singapore, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 17: Singapore, Contracts Issued for Industrial Construction, in SGD Million, % Change YoY

Figure 21: Singapore, Industrial Production Index, 2019=100, % Change YoY

Figure 22: Singapore, Purchasing Managers' Index (PMI), % Change YoY

Figure 16: Singapore, Progress Payment Issued for Industrial Construction (S$, Million) % Change YoY

Figure 23: Singapore, Total Merchandise Exports, in SGD Billion, % Change YoY

Figure 18: Singapore, Factory Space Supply, % Change YoY

Figure 24: Singapore, Infrastructure Construction Output by Project Type (Real, US$ Million), 2016-2025

Figure 25: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 26: Singapore, Progress Payments Issued for Civil Engineering Works, in SGD Million, % Change YoY

Figure 18: Singapore, Contracts Issued for Civil Engineering, in SGD Million, % Change YoY

Figure 27: Singapore, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2016-2025

Figure 28: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 29: Singapore, Electricity Generated, in GWh, % Change YoY

Figure 30: Singapore, Total Number of New Grid-Connected Solar PV Installations and Newly Installed Capacity of Grid-Connected Solar PV Systems (in MWp)

Figure 31: Singapore, Institutional Construction Output by Project Type (Real, US$ Million), 2016-2025

Figure 32: Singapore, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 33: Singapore, Progress Payments Certified for Construction (in SGD Million), % Change YoY

Figure 34: Singapore, Contracts Issued for Institutional Construction, in SGD Million, % Change YoY

Figure 35: Singapore, Residential Construction Output by Project Type (Real, US$ Million), 2016-2025

Figure 36: Singapore, Residential Construction Projects Pipeline, Value by Stage (US$ Million)

Figure 19: Singapore, GFCF in Residential Buildings, (in SGD Million, 2015 Chained Prices), % Change YoY

Figure 37: Singapore, Progress Payments Issued for Residential Construction, in SGD Million, % Change YoY

Figure 37: Singapore, Private Residential Property Price Index, 2009=100, % Change YoY

Figure 38: Singapore, Contracts Issued for Residential Construction, in SGD Million, % Change YoY

Figure 20: Singapore, Supply of Private Residential Properties and Executive Condominiums (Units), % Change YoY

Figure 39: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 40: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)

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