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Construction in Singapore - Key Trends and Opportunities to 2024

December 2020 | 53 pages | ID: C324EA6B481EN
GlobalData

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Construction in Singapore - Key Trends and Opportunities to 2024

Summary

Prior to the Coronavirus (COVID-19) outbreak, GlobalData expected Singapore’s construction industry to grow by 2.9% in 2020. However, with the emergence of the pandemic and the stringent measures taken by the government to contain the spread of the virus, the construction industry is now set to contract by 26.8% in 2020. According to the Department of Statistics (DOS), the construction industry registered year-on-year (Y-o-Y) declines of 46.6% in Q3 2020 and 60% in Q2. Owing to the temporary halt in most construction activities during the “circuit breaker” measures imposed during 7th April to 1st June 2020, followed by the phased resumption of construction activities and strict management implemented at work sites, the construction industry contracted by 35.4% year on year (YoY) during the first three quarters of 2020. According to the DOS, the total value of progress payments certified for construction registered a double-digit Y-o-Y decline during the first nine months of 2020, with commercial and residential sectors witnessing the highest declines.

Owing to the disruptions caused by the pandemic, in September 2020, the Building and Construction Authority (BCA) revised downwards its projected construction demand for 2020 by SGD10 billion (US$6.9 billion), compared to the projections made earlier in January 2020.

A downside risk to the industry’s outlook in the short term could arise from the fall in construction contracts awarded during the first nine months of 2020. On a positive note, however, to support the industry’s recovery, the government has announced a SGD1.4 billion (US$941.3 million) Construction Support Package for companies in the construction industry. This includes a SGD525.8 million (US$363.9 million) construction restart booster to support construction firms in meeting additional compliance costs due to enhanced social distancing measures. A total of SGD793 million (US$548.9 million) has also been set aside for the co-sharing of prolongation costs for public sector projects, with Government Procurement Entities (GPEs) bearing this cost, capped at 1.8% of the contracted sum for public sector construction contracts and tenders which closed before 1st June 2020. Over the remaining part of the forecast period, the industry’s growth will be supported by investments on transport infrastructure, renewable energy, and residential projects. The government plans to invest SGD100 billion (US$72.3 billion) to develop the country’s transport infrastructure over the next ten years. It also plans to increase the total capacity of solar energy from 350MWp in 2020 to 2GWp by 2030, and 5GWp by 2050; this will attract public and private sector investments towards solar projects.

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 (2015-2019) and forecast (2020-2024) 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.
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

4 CONSTRUCTION OUTLOOK

4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction

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 GlobalData Construction

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), 2015-2024
Table 4: Singapore, Top Commercial Construction Projects by Value
Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2015-2024
Table 6: Singapore, Top Industrial Construction Projects by Value
Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2015-2024
Table 8: Singapore, Top Infrastructure Construction Projects by Value
Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2015-2024
Table 10: Singapore, Top Energy and Utilities Construction Projects by Value
Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2015-2024
Table 12: Singapore, Top Institutional Construction Projects by Value
Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2015-2024
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

LIST OF FIGURES

Figure 1: Asia-Pacific, Construction Output (Real % Change), 2020
Figure 2: Singapore, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: Singapore, COVID-19 Confirmed Cases
Figure 4: Singapore, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2015-2024
Figure 5: Singapore, Construction Output Value, by Sector (Real, US$ Million), 2015-2024
Figure 6: Singapore, Construction Value-Add (in SGD Million, 2015 Chained Prices), % Change YoY
Figure 7: Singapore, Total GFCF in Construction (in SGD Million, 2015 Chained Prices), % Change YoY
Figure 8: Singapore, Progress Payments Certified for Construction (in SGD Million), % Change YoY
Figure 9: Singapore, Construction Contracts Awarded (in SGD Million), % Change YoY
Figure 10: Singapore, Construction Projects Momentum Index
Figure 11: Singapore, Commercial Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 12: Singapore, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 13: Singapore, International Visitor Arrivals and Hotel Room Revenue, % Change YoY
Figure 14: Singapore, Progress Payment Issued for Commercial Construction (SGD, Million) % Change YoY
Figure 15: Singapore, Office Price and Rental Indices, 1998=100, % Change YoY
Figure 16: Singapore, Retail Sales Index (2017=100), at Current Prices, % Change YoY
Figure 17: Singapore, Industrial Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 18: Singapore, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 19: Singapore, Industrial Production Index, 2019=100, % Change YoY
Figure 20: Singapore, Purchasing Managers' Index (PMI), % Change YoY
Figure 21: Singapore, Total Merchandise Exports, in SGD Billion, % Change YoY
Figure 22: Singapore, Infrastructure Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 23: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 24: Singapore, Progress Payments Issued for Civil Engineering Works, in SGD Million, % Change YoY
Figure 25: Singapore, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 26: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 27: Singapore, Electricity Generated, in GWh, % Change YoY
Figure 28: Singapore, Total Number of New Grid-Connected Solar PV Installations and Newly Installed Capacity of Grid-Connected Solar PV Systems (in MWp)
Figure 29: Singapore, Institutional Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 30: Singapore, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 31: Singapore, Residential Construction Output by Project Type (Real, US$ Million), 2015-2024
Figure 32: Singapore, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 33: Singapore, GFCF in Residential Buildings, (in SGD Million, 2015 Chained Prices), % Change YoY
Figure 34: Singapore, Progress Payments Issued for Residential Construction, in SGD Million, % Change YoY
Figure 35: Singapore, Contracts Issued for Residential Construction, in SGD Million, % Change YoY
Figure 36: Singapore, Private Residential Property Price Index, 2009=100, % Change YoY
Figure 37: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 38: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)


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