The analyst expects the construction industry in Singapore to grow by 4.1% in real terms in 2025, driven by an increase in construction contracts awarded, coupled with rising investments in the energy, transport, and industrial sectors. According to the Department of Statistics (DOS), the total value of construction contracts issued grew by 45.9% year-on-year (YoY) in the first three months of 2025, while the total value of progress payments issued rose by 8.9% YoY during the same period. The Building and Construction Authority (BCA) estimates 2025’s construction demand to range between SGD47-53 billion ($35.6-$40.1 billion), with major projects such as the Changi Terminal 5 expansion, Marina Bay Sands expansion, and biomedical hub development contributing to growth in 2025.
The construction industry is forecasted to grow at an average annual rate of 4.1% between 2026 to 2029, supported by investments in transport and renewable energy projects, coupled with the government’s plan to deploy at least 2GW-peak of solar energy by 2030 and reach carbon neutrality by 2050. Growth during the forecast period will also be driven by the Land Transport Authority's (LTA) Land Transport Master Plan 2040. This government-led initiative includes an estimated investment of SGD34.4 billion ($26 billion) to construct railway stations, transit priority corridors (TPCs), and 700km of cycling paths by 2030, with plans to expand to 1,000km by 2040. In line with the initiative, the government plans to construct 87km of new cycling paths across seven towns: Geylang, Hougang, Kaki Bukit, Marine Parade, Potong Pasir, Sengkang, and Serangoon by 2030, with construction expected to begin in 2026.
The construction industry is forecasted to grow at an average annual rate of 4.1% between 2026 to 2029, supported by investments in transport and renewable energy projects, coupled with the government’s plan to deploy at least 2GW-peak of solar energy by 2030 and reach carbon neutrality by 2050. Growth during the forecast period will also be driven by the Land Transport Authority's (LTA) Land Transport Master Plan 2040. This government-led initiative includes an estimated investment of SGD34.4 billion ($26 billion) to construct railway stations, transit priority corridors (TPCs), and 700km of cycling paths by 2030, with plans to expand to 1,000km by 2040. In line with the initiative, the government plans to construct 87km of new cycling paths across seven towns: Geylang, Hougang, Kaki Bukit, Marine Parade, Potong Pasir, Sengkang, and Serangoon by 2030, with construction expected to begin in 2026.
The Construction in Singapore - Key Trends and Opportunities to 2029 (Q2 2025) 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 (2020-2024) and forecast (2025-2029) 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 our 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 business strategies 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-Glance6 Construction Market Data
3 Context
4 Construction Outlook
5 Key Industry Participants
7 Appendix
List of Tables
List of Figures