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Singapore Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q4 2024)

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    Report

  • 57 Pages
  • December 2024
  • Region: Singapore
  • GlobalData
  • ID: 5744718

The Construction in Singapore - Key Trends and Opportunities to 2028 (Q4 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
The construction industry in Singapore is estimated to grow by 3.3% in real terms in 2024 and 4.1% in 2025, driven by an increase in construction contracts awarded, coupled with rising investments in the energy, transport, and industrial sectors. Moreover, the total value of construction contracts issued grew by 34.1% YoY in the first nine months of 2024, while the total value of progress payments issued for construction rose by 8.2% YoY over the same period.

In early December 2025, Singapore’s Ministry of Finance (MOF) announced an open call for public feedback for the 2025 Budget, which is scheduled to be presented in February 2025. The budget consultations will focus on exploring new policies and initiatives aimed at alleviating concerns such as high cost of living and job security. Some of the government's efforts include new Housing Board flat categorisation framework and increased subsidies for first-time homebuyers.

The construction industry is forecasted to grow at an average annual rate of 4.1% between 2026 to 2028, supported by investments in oil and gas, transport, and renewable energy projects, coupled with the government’s aim to deploy at least 2GW-peak of solar energy by 2030 and reach carbon neutrality by 2050. In line with the plan, in October 2024, Singapore based construction companies, Hyundai Engineering and Construction and Surbana Jurong Group (SJ) signed a Memorandum of Understanding (MOU) to develop renewable energy infrastructure, and projects related to Small Modular Reactors (SMR) across the country

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 our 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 business strategies using the analyst's critical and actionable insight
  • Assess business risks, including cost, regulatory and competitive pressures
  • Evaluate competitive risk and success factors

Table of Contents

1 Executive Summary2 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
About the Analyst
  • Contact the Publisher
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), 2019-28
Table 4: Singapore, Top Commercial Construction Projects by Value
Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2019-28
Table 6: Singapore, Top Industrial Construction Projects by Value
Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2019-28
Table 8: Singapore, Top Infrastructure Construction Projects by Value
Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2019-28
Table 10: Singapore, Top Energy and Utilities Construction Projects by Value
Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2019-28
Table 12: Singapore, Top Institutional Construction Projects by Value
Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2019-28
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: the analyst 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), 2022-28
Figure 2: Singapore, Construction Output by Sector (Real % Change), 2022-24 and 2025-28
Figure 3: Singapore, Risk Summary
Figure 4: Singapore, Risk Regional Comparison
Figure 5: Singapore, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28
Figure 6: Singapore, Construction Output Value, by Sector (Real, $ Million), 2019-28
Figure 7: Singapore, Construction Value Add (SGD Million, 2015 Chained Prices)
Figure 8: Singapore, Total Fixed Capital Formation in Construction (2015 Chained Prices, SGD Million)
Figure 9: Singapore, Progress Payments Certified for Construction (SGD Million)
Figure 10: Singapore, Construction Contracts Awarded (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), 2019-28
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, Supply of Hotel Rooms in the Pipeline, GFA, In Thousand m2
Figure 23: Singapore, International Visitor Arrivals (In Thousands)
Figure 24: Singapore, Industrial Construction Output by Project Type (Real, $ Million), 2019-28
Figure 25: Singapore, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
Figure 26: Singapore, Manufacturing Value Add (SGD Million, 2015 Chained Prices)
Figure 27: Singapore, Contracts Issued for Industrial Construction (SGD Million)
Figure 28: Singapore, Industrial Production Index, 2019=100
Figure 29: Singapore, Purchasing Managers' Index (PMI)
Figure 30: Singapore, Total Merchandise Exports (SGD Billion)
Figure 31: Singapore, Progress Payment Issued for Industrial Construction (SGD Million)
Figure 32: Singapore, Factory Space Supply, % Change YoY
Figure 33: Singapore, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28
Figure 34: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 35: Singapore, Progress Payments Issued for Civil Engineering Works (SGD Million)
Figure 36: Singapore, Contracts Issued for Civil Engineering (SGD Million)
Figure 37: Singapore, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28
Figure 38: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 39: Singapore, Electricity Generated, in GWh
Figure 40: Singapore, Total Number of New Grid-Connected Solar PV Installations and Newly-Installed Capacity of Grid-Connected Solar PV Systems (in MWp)
Figure 41: Singapore, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
Figure 42: Singapore, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 43: Singapore, Health and Social Services Value-Add (SGD Million, 2015 Chained Prices)
Figure 44: Singapore, Education services Value-Add (SGD Million, 2015 Chained Prices)
Figure 45: Singapore, Progress Payments for Institutional Construction (SGD Million)
Figure 46: Singapore, Contracts Issued for Institutional Construction (SGD Million)
Figure 47: Singapore, Residential Construction Output by Project Type (Real, $ Million), 2019-28
Figure 48: Singapore, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 49: Singapore, Real estate Value-Add (in SGD Million, 2015 Chained Prices)
Figure 50: Singapore, Progress Payments Issued for Residential Construction (SGD Million)
Figure 51: Singapore, Contracts Issued for Residential Construction (SGD Million)
Figure 52: Singapore, Private Residential Property Price Index (2009=100)
Figure 53: Singapore, GFCF in residential buildings (2015 chained prices, SGD Million)
Figure 54: Singapore, Supply of Private Residential Properties in the Pipeline by Development Status (End of Period), Quarterly
Figure 55: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 56: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)