Growth of Construction Market in Singapore : Analysis and Status 2017

Albany, NY, 1st FEB : Industry growth over the forecast period (20172021) is expected to slow, posting a CAGR of 2.06% in real terms. This can be attributed to the impact of economic slowdown in China, Singapores largest trade partner.

In addition, the probable withdrawal of the US as a member of the Trans-Pacific Partnership as proposed by president-elect Donald Trump will affect Singapores economic performance.

Growth in the industry will be driven by public sector investments in transport infrastructure projects, the expansion of the manufacturing sector, and positive developments in the tourism sector.

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Summary
Timetrics Construction in Singapore, Key Trends and Opportunities to 2021 report provides detailed market analysis, information and insights into Singapore's construction industry including:

The Singaporean construction industry's growth prospects by market, project type and construction activity

Analysis of equipment, material and service costs for each project type in Singapore

Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in Singapore's construction industry

Profiles of the leading operators in Singapore's construction industry

Data highlights of the largest construction projects in Singapore

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

Historical (2012-2016) and forecast (2017-2021) valuations of the construction industry in Singapore using construction output and value-add methods

Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type

Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)

Analysis of key construction industry issues, including regulation, cost management, funding and pricing

Detailed profiles of the leading construction companies in Singapore

Key Highlights
According to the Singapore Department of Statistics, the number of building permits granted to private residential property developers declined by 35.7% from 8,454 in 2014 to 5,438 in 2015. During the first half of 2016, the number of building permits fell by 19.9%, as compared to the same period in 2015. This demonstrates the impact of weak economic conditions on private sector investments.

Public sector investments are expected to dominate the countrys construction industry over the forecast period. According to the Building and Construction Authority of Singapore, the total worth of construction contracts is expected to value between SGD26.0 billion (US$18.9 billion) and SGD35.0 billion (US$25.6 billion) during 20172018, and between SGD26.0 billion (US$18.9 billion) and SGD37.0 billion (US$26.9 billion) during 20192020.

In a bid to promote economic growth, in December 2014 the government launched the Government Land Sales (GLS) program, under which it releases land for various commercial, industrial and residential developments. As a part of the GLS program, in December 2016 the government announced plans for developments to be undertaken during the first half of 2017. Accordingly, it announced its intent to supply 158,080m2 of gross floor area for commercial development, with a particular emphasis on office buildings in Woodlands Square and Beach Road.

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In April 2016, the Maritime and Port Authority of Singapore initiated the construction of the first phase of mega-port terminal in Tuas. For a total investment of SGD2.4 billion (US$1.8 billion), the project includes the construction of a giant wharf structure consisting of 222 caissons.

The government is focusing on implementing public housing schemes in a bid to enable the low- and middle-class population to acquire their own homes. Accordingly, under the Build-To-Order plan, the Housing & Development board (HDB) is building affordable flats. In December 2016, the HDB announced plans to launch 17,000 flats in 2017.

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This release was published on openPR.