Monday, 29 September 2014

Construction in Singapore Key Trends and Opportunities to 2018 - Market size, shares, trend, growth, research and statistics

This 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 type of construction activity
    Analysis of equipment, material and service costs across each project type within Singapore
    Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in Singapore’s construction industry
    Profiles of the leading operators in Singapore’s construction industry.
    Data highlights of the largest construction projects in Singapore

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Executive summary

Singapore’s construction industry recorded a nominal compound annual growth rate (CAGR) of 2.64% during the review period (2009–2013), with growth being driven primarily by industrial, infrastructure and residential construction activities, which collectively generated 78.0% of the industry’s total value in 2013. The outlook for construction is favorable, as a result of the government’s focus on major infrastructure and residential construction activities. Higher demand for institutional projects and investments in commercial and industrial projects will also support the construction industry, with the country’s rise as an economic hub. The construction industry’s output is therefore expected to record a forecast-period (2013–2018) CAGR of 4.91%.


This report provides a comprehensive analysis of the construction industry in Singapore. It provides:

    Historical (2009-2013) and forecast (2014-2018) valuations of the construction industry in Singapore using construction output and value-add methods
    Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
    Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
    Analysis of key construction industry issues, including regulation, cost management, funding and pricing
    Detailed profiles of the leading construction companies in Singapore

Reasons to buy

    Identify and evaluate market opportunities using Timetric'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 business strategies using Timetric's critical and actionable insight
    Assess business risks, including cost, regulatory and competitive pressures
    Evaluate competitive risk and success factors

Key highlights

    According to the Building and Construction Authority (BCA), which develops and regulates Singapore’s building and construction industry, total construction demand (the value of construction contracts awarded) increased from SGD30.8 billion (US$24.6 billion) in 2012 to SGD35.8 billion (US$28.6 billion) in 2013, while construction output reached SGD33.0 billion (US$26.4 billion) in the same year. Of the total value awarded in 2013, the value of contracts for the public sector was 14.8 billion (US$11.8 billion), while for the private sector it was SGD21.0 billion (US$16.8 billion).

    Singapore has become one of Asia’s leading petrochemical and refining hubs. It does not have any domestic oil reserves, and depends on crude oil imports to meet the growing demand for petrochemical products, supporting growth of the petrochemical and refining sector. The government is promoting long-term growth in its refining capacity to maintain the country’s leading position in refining and oil trading, and offers tax breaks to companies investing in the petrochemical sector. Growth in the refinery buildings category will be driven by rising demand over the forecast period, and the country’s efforts to remain competitive in the refining sector.

    According to the National Environment Agency (NEA), the amount of solid waste generated in the country increased from 7.3 million tonnes in 2012 to 7.9 million tonnes in 2013. The government aims to achieve a recycling rate of 65% by 2020, and 70% by 2030; this is likely to attract large-scale investment in the waste-processing plants category over the forecast period. In 2013, Sembcorp industries, a leading energy, water and marine group based in Singapore, announced plans to invest SGD250 million (US$200.0 million) to construct a waste-to-energy plant that will produce 140 tonnes of steam per hour from commercial and industrial waste.

    According to the Asia-Pacific Economic Cooperation (APEC), energy demand in Singapore is projected to rise from 36TWh in 2009 to 51TWh by 2035. According to the Sustainable Energy Association of Singapore (SEAS), the country’s renewable energy has potential to generate 10% of total electricity demand by 2020, without government subsidies), compared to present levels of less than 1%. For this, the country will need investment of SGD4.0 billion (US$3.2 billion) from private companies for 12 years.

    In 2013, the government announced the first half of the 2014 Government Land Sale (GLS) program, comprising eight confirmed and 15 reserve-list sites. The confirmed list includes seven private residential sites and one commercial, while the reserve list includes 13 private residential sites. Together these sites will supply 11,600 private residential units, including 2,800 EC units. The government announced the second half of the GLS program in June 2014, which will supply 10,200 residential units, including 1,500 ECs. This will support the residential construction market’s growth over the forecast period.

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