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Construction in Singapore - Key Trends and Opportunities to 2025 (Q1 2021)

March 2021 | 51 pages | ID: C921F48DFE23EN
GlobalData

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Construction in Singapore - Key Trends and Opportunities to 2025 (Q1 2021)

SUMMARY

GlobalData expects Singapore’s construction industry to recover in 2021, and grow by 30%, following an unprecedented contraction of 33.6% in 2020. In 2022, the industry is projected to register growth of 6.6%, and then expand by 3.2% 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.

In the 2021 Budget, the government increased its allocation for the transport sector by 37.8%, aiming to finance large infrastructure projects and revive economic growth. To support the construction industry’s recovery, the government announced a SGD1.4 billion (US$941.3 million) construction support package; 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 that closed before 1st June 2020.

According to the National Development Ministry, the total value of construction contracts is expected to increase by 31.9%, going from SGD30.7 billion (US$21.3 billion) in 2020 to between SGD33.2 billion and 40.5 billion (US$23-28 billion) in 2021. The government plans to invest SGD100 billion (US$72.3 billion) to develop the country’s transport infrastructure during 2020-2030, and a further SGD90 billion (US$62.3 billion) through bond issuance has also been proposed. The government plans to increase the total capacity of solar energy from 350MWp in 2020 to 2GWp by 2030, and 5GWp by 2050; this is in hopes to 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 (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.
  • 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), 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

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, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2016-2025
Figure 5: Singapore, Construction Output Value, by Sector (Real, US$ Million), 2016-2025
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), 2016-2025
Figure 12: Singapore, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 13: Singapore, Contracts Issued for Commercial Construction, in SGD Million, % Change YoY
Figure 14: Singapore, International Visitor Arrivals, % Change YoY
Figure 15: Singapore, Progress Payment Issued for Commercial Construction (SGD, Million) % Change YoY
Figure 16: Singapore, Office Price and Rental Indices, 1998=100, % Change YoY
Figure 17: Singapore, Retail Sales Index (2017=100), at Current Prices, % Change YoY
Figure 18: Singapore, Industrial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 19: Singapore, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 20: Singapore, Industrial Production Index, 2019=100, % Change YoY
Figure 21: Singapore, Purchasing Managers' Index (PMI), % Change YoY
Figure 22: Singapore, Total Merchandise Exports, in SGD Billion, % Change YoY
Figure 23: Singapore, Infrastructure Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 24: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 25: Singapore, Progress Payments Issued for Civil Engineering Works, in SGD Million, % Change YoY
Figure 26: Singapore, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 27: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 28: Singapore, Electricity Generated, in GWh, % Change YoY
Figure 29: Singapore, Total Number of New Grid-Connected Solar PV Installations and Newly-Installed Capacity of Grid-Connected Solar PV Systems (in MWp)
Figure 30: Singapore, Institutional Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 31: Singapore, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 32: Singapore, Progress Payments Certified for Construction (in SGD Million), % Change YoY
Figure 33: Singapore, Contracts Issued for Residential Construction, in SGD Million, % Change YoY
Figure 34: Singapore, Residential Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 35: Singapore, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 36: 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 38: Singapore, Contracts Issued for Residential Construction, in SGD Million, % Change YoY
Figure 39: Singapore, Private Residential Property Price Index, 2009=100, % Change YoY
Figure 40: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 41: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)


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