+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Singapore Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q3 2024)

  • PDF Icon

    Report

  • 55 Pages
  • September 2024
  • Region: Singapore
  • GlobalData
  • ID: 5744718

The Construction in Singapore - Key Trends and Opportunities to 2028 (Q3 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 expand by 3.3% in real terms in 2024, supported by a rise in the value of construction contracts issued coupled with investment in energy and infrastructure sectors. According to the Department of Statistics (DOS), the construction industry’s value add rose by 4% year-on-year (YoY) in the first half of 2024, preceded by an overall annual growth of 5.2% in 2023. Moreover, the total value of progress payments issued for construction rose by 6.5% YoY in the first six months of 2024, while the total value of construction contracts issued grew by 15.8% YoY over the same period. The industry’s growth in 2024 will also be supported by investments as part of the latest budget, which was released in February 2024.

Over the remainder of the forecast period, between 2025 and 2028, The analyst expects Singapore’s construction industry to register an annual average growth rate of 4.1%, supported by investments in transport, renewable energy, and water infrastructure projects, coupled with the government’s aim to deploy at least 2GW-peak of solar energy by 2030 and reach carbon neutrality by 2050. In late August 2024, the Australian government approved the SGD18.3 billion ($13.5 billion) cable project to ship energy from Australia to Singapore through a 4,300km undersea cable project by 2030. Previously, in May 2024, the government reported that an undersea cable project connecting Singapore to Malaysia spanning 720km is under study phase and is expected to be completed by 2031. In another boost to the construction industry’s output, in June 2024, the government launched a tender for expansion of the Changi Water Reclamation Plant in Changi. This project will include a cost of SGD2 billion ($1.5 billion) and will involve the construction of a water treatment plant to expand the capacity of this plant by up to 96 million gallons per day (mgd) by 2030, from 246 mgd currently.

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 11
  • 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