Construction in Singapore – Key Trends and Opportunities to 2019

Date: 2016-01

“• According to the latest data from the BCA, the total value of construction contracts awarded grew by 8.2%, going from SGD35.8 billion (US$28.6 billion) in 2013 to SGD38.8 billion (US$30.6 billion) in 2014. Of the total value of construction contracts, SGD19.2 billion (US$15.2 billion) were issued to the public sector in 2014, while SGD19.5 billion (US$15.4 billion) were issued to the private sector. The total value of contracts awarded for industrial construction grew by 20.7%, going from SGD5.5 billion (US$4.4 billion) in 2013 to SGD6.6 billion (US$5.2 billion) in 2014.

• To improve transport connectivity and develop the public transport system, in the first half of 2015, the government announced its plans to spend SGD26.0 billion (US$20.5 billion) on transport infrastructure by 2020. Accordingly, Changi Airport’s Terminal 5, Jewel Changi Airport and Tuas seaport and other transport infrastructures are expected to be built by 2020.

• Singapore’s construction industry will be supported by liquefied natural gas (LNG) terminal expansion projects. In 2014, the Singapore LNG Corporation Pte Ltd (SLNG) awarded an engineering, procurement and construction (EPC) contract to Samsung C&T Corporation (Samsung) for the Phase-3 expansion plan of the Singapore LNG terminal.

• According to the Sustainable Energy Association of Singapore (SEAS), the country’s renewable energy share of total installed capacity is less than 1.0%. However, the country has potential to generate 10.0% of total electricity demand through renewable sources by 2020. Therefore, the government aims to increase the share of renewable energy in the total energy mix.

• Singapore’s aging population is expected to drive expenditure on healthcare buildings over the forecast period. In order to provide affordable, quality and effective healthcare services to citizens, the Ministry of Health is focusing on developing the healthcare sector. According to UNDESA, the percentage of the population aged 60 or older is set to increase from 14.1% in 2010 to 22.3% in 2020, and to 30.7% by 2030. The median age of the population will increase from 37.3 years in 2010 to 42.5 years by 2020, and 47.0 years by 2030.”

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