The publisher expects the construction industry in Singapore to expand by 3.3% in real terms in 2024, supported by an increase in the total value of contracts awarded for construction, coupled with investment in electricity, transport and housing projects. According to the latest data released by the Department of Statistics (DOS), the total value of contracts awarded for construction rose by 13.5% in 2023, following a marginal decline of 0.5% in 2022. Moreover, the Building and Construction Authority (BCA), an agency of the Ministry of National Development in Singapore, estimates that the value of the construction contracts that will be awarded in Singapore could range from SGD32-38 billion ($23.4-27.7 billion) in nominal terms in 2024.
The industry is expected to record an annual average growth rate of 4.2% from 2025 and 2028, driven by investment in clean energy projects to achieve a goal of 2GW-peak of solar energy by 2030, coupled with investment in transport and public housing projects. In February 2024, the Deputy Prime Minister reported that Singapore's government will establish a 'Future Energy Fund', with an initial investment of SGD5 billion ($3.7 billion), to support the country's transition towards cleaner fuels. The fund aims to provide confidence for strategic investment and critical infrastructure development in the clean energy sector. Further support for the construction industry’s growth will be generated by works on public infrastructure projects such as the Cross Island MRT Line, improvements to road and drainage systems and the development of Housing.
The Construction in Singapore - Key Trends and Opportunities to 2028 report provides detailed market analysis, information and insights into Singapore’s construction industry, including -
The industry is expected to record an annual average growth rate of 4.2% from 2025 and 2028, driven by investment in clean energy projects to achieve a goal of 2GW-peak of solar energy by 2030, coupled with investment in transport and public housing projects. In February 2024, the Deputy Prime Minister reported that Singapore's government will establish a 'Future Energy Fund', with an initial investment of SGD5 billion ($3.7 billion), to support the country's transition towards cleaner fuels. The fund aims to provide confidence for strategic investment and critical infrastructure development in the clean energy sector. Further support for the construction industry’s growth will be generated by works on public infrastructure projects such as the Cross Island MRT Line, improvements to road and drainage systems and the development of Housing.
The Construction in Singapore - Key Trends and Opportunities to 2028 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 (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 publisher'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 publisher'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
- - Outlook
- - Project analytics
- - Latest news and developments
- - Outlook
- - Project analytics
- - Latest news and developments
- - Outlook
- - Project analytics
- - Latest news and developments
- - Outlook
- - Project analytics
- - Latest news and developments
- - Outlook
- - Project analytics
- - Latest news and developments
- - Outlook
- - Project analytics
- - Latest news and developments
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 Publisher
- Contact the Publisher
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 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 32: 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, Progress Payments for Institutional Construction (SGD Million)
Figure 42: Singapore, Contracts Issued for Institutional Construction (SGD Million)
Figure 43: Singapore, Residential Construction Output by Project Type (Real, $ Million), 2019-28
Figure 44: Singapore, Residential Construction Projects Pipeline, Value by Stage ($ Million)
Figure 45: Singapore, Real estate Value Add (in SGD Million, 2015 Chained Prices)
Figure 46: Singapore, Progress Payments Issued for Residential Construction (SGD Million)
Figure 47: Singapore, Contracts Issued for Residential Construction (SGD Million)
Figure 48: Singapore, Private Residential Property Price Index (2009=100)
Figure 49: Singapore, GFCF in residential buildings (2015 chained prices, SGD Million)
Figure 50: Singapore, Supply of Private Residential Properties in the Pipeline by Development Status (End of Period), Quarterly
Figure 51: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 52: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)
