Construction Demand
Last year, Singapore’s construction spending totaled to $27.2 billion with the public sector projects accounting to more than half of the demand. The Building and Construction Authority (BCA) earlier estimates a $29 billion to $36 billion taking note of the falling short of demands last year. This is due to the rescheduling of a number of major public infrastructures including MRT schemed from the last quarter to early this year.
The public sector is said to drive 65 percent of the construction demand. High public sector demands come from projects such as ramping up the Home Improvement Programme for HDB flats, the construction of the new National Cancer Centre, Changi Airport’s three-runway system and the new building of the State Courts at Havelock Square.
Should the forecasts be met, this will be the highest proportion of construction demand from the public sector since 2002. Coming from the previous demands, it can be also attributed to the 4.7% Gross Domestic Product of Singapore last year, according to BCA.
For BCA’s projections in 2020, the average construction demand will remain at $37 billion in 2019 and 2020. With 60 percent coming from the public sector.
Construction Demand in Singapore, Dubai, Abu Dhabi, Saudi Arabia, Philippines, China, Asia
