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

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    Report

  • 56 Pages
  • June 2024
  • Region: Singapore
  • GlobalData
  • ID: 5744718

The 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.
The analyst 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 the analyst'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 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, Hotel Room Supply (in Number)
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 31: Singapore, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28
Figure 33: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
Figure 34: Singapore, Progress Payments Issued for Civil Engineering Works (SGD Million)
Figure 35: Singapore, Contracts Issued for Civil Engineering (SGD Million)
Figure 36: Singapore, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28
Figure 37: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
Figure 38: Singapore, Electricity Generated, in GWh
Figure 39: Singapore, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
Figure 40: Singapore, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
Figure 41: Singapore, Health and social services Value Add (SGD Million, 2015 Chained Prices)
Figure 42: Singapore, Education services Value Add (SGD Million, 2015 Chained Prices)
Figure 43: Singapore, Progress Payments for Institutional Construction (SGD Million)
Figure 44: Singapore, Contracts Issued for Institutional Construction (SGD Million)
Figure 45: Singapore, Residential Construction Output by Project Type (Real, $ Million), 2019-28
Figure 46: Singapore, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 47: Singapore, Real estate Value Add (in SGD Million, 2015 Chained Prices)
Figure 48: Singapore, Progress Payments Issued for Residential Construction (SGD Million)
Figure 49: Singapore, Contracts Issued for Residential Construction (SGD Million)
Figure 50: Singapore, Private Residential Property Price Index (2009=100)
Figure 51: Singapore, GFCF in residential buildings (2015 chained prices, SGD Million)
Figure 52: Singapore, Supply of Private Residential Properties in the Pipeline by Development Status (End of Period), Quarterly
Figure 53: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 54: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)