Construction in Singapore - Key Trends and Opportunities to 2025 (Q3 2021)

Construction in Singapore - Key Trends and Opportunities to 2025 (Q3 2021)

Summary

Singapores construction industry is forecast to record growth of 20.3% in real terms in 2021, following a contraction of 35.9% in 2020. An outbreak of Coronavirus (COVID-19) in mid-May 2021 led the Singapore government to tighten existing restrictions in accordance with its zero-transmission policy, weighing on economic activity and construction works during Q2. Despite the restrictions, the construction industry grew by 106.2% year on year (YoY) in the quarter, though this is primarily due to the low base in Q2 2020, taking cumulative H1 2021 growth to 8.7%. However, construction value add in H1 2021 still remains 26.2% lower than in H1 2019. The construction industry is expected to continue to record high growth rates in H2 2021, though again, this will be due to the large contractions in the corresponding quarters in 2020, with the value-add of the industry in 2021 expected to be in excess of 20% lower than in 2019.

In its Financial Year (FY) 2021 Budget, the government increased its allocation towards development by 21.1%, from SGD16.4 billion (US$11.9 billion) in its FY2020 budget to SGD19.9 billion (US$15.1 billion). Of the total, SGD11.2 billion (US$8.5 billion) was allocated towards economic development, including investment on transport and industry, and SGD3.7 billion (US$2.8 billion) on social development, including investment on health and education. In May 2021, the government announced further measures to support the construction industry, such as an additional 49-day Extension of Time (EOT) for eligible public sector construction projects, in addition to the 122 days of EOT already provided under the COVID-19 Temporary Measures Act (COTMA). The government also increased Foreign Worker Levy rebates for Work Permit Holders from SGD90 (US$68.3) per worker per month to SGD50 (US$37.9), until December 2021.

The industry is projected to register an annual growth of 12.9% in 2022, before expanding by 4.6% over the remainder of the forecast period (2023-2025). Over the remainder of the forecast period, between 2022 and 2025, the industrys growth will be supported by investment on transport infrastructure, renewable energy and residential works. The government plans to invest SGD100 billion (US$75.8 billion) to develop transport infrastructure over the next nine years, to 2030. It also plans to increase the total capacity of solar energy from 350MWp in 2020 to 2GWp by 2030, and 5GWp by 2050.

GlobalDatas Construction in Singapore - Key Trends and Opportunities to 2025 (Q3 2021) report provides detailed market analysis, information and insights into Singapores construction industry, including -
- Singapores construction industrys 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 Singapores 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 (2016-2020) and forecast (2021-2025) 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 GlobalDatas 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 GlobalDatas critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Table of Contents
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- 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
7.4 GlobalData Construction
Contact Us

List Of Tables

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), 2016-2025
Table 4: Singapore, Top Commercial Construction Projects by Value
Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2016-2025
Table 6: Singapore, Top Industrial Construction Projects by Value
Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2016-2025
Table 8: Singapore, Top Infrastructure Construction Projects by Value
Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2016-2025
Table 10: Singapore, Top Energy and Utilities Construction Projects by Value
Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2016-2025
Table 12: Singapore, Top Institutional Construction Projects by Value
Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2016-2025
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, US$ Million)
Table 18: Singapore, Construction Output Value (Nominal, SGD Million)
Table 19: GlobalData Construction Market Definitions
Table 20: Risk Dimensions
Table 21: Ratings, Scores and Definitions

List Of Figures

List of Figures
Figure 1: South and South-East Asia, Construction Output (Real % Change), 2020 and 2021
Figure 2: Singapore, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: Singapore, COVID-19 Confirmed Cases
Figure 4: Singapore, Risk Summary
Figure 5: Singapore, Risk Regional Comparison
Figure 6: Singapore, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2016-2025
Figure 7: Singapore, Construction Output Value, by Sector (Real, US$ Million), 2016-2025
Figure 8: Singapore, Construction Value Add (in SGD Million, 2015 Chained Prices), % Change YoY
Figure 9: Singapore, Total GFCF in Construction (in SGD Million, 2015 Chained Prices), % Change YoY
Figure 10: Singapore, Progress Payments Certified for Construction (in SGD Million), % Change YoY
Figure 11: Singapore, Construction Contracts Awarded (in SGD Million), % Change YoY
Figure 12: Singapore, Construction Projects Momentum Index
Figure 13: South and South-East Asia, Construction Projects Momentum Index
Figure 14: Singapore, Commercial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 15: Singapore, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 16: Singapore, Contracts Issued for Commercial Construction, in SGD Million, % Change YoY
Figure 17: Singapore, Office Space Supply, In Thousand m2 Gross, % Change YoY
Figure 18: Singapore, Progress Payment Issued for Commercial Construction (S$, Million) % Change YoY
Figure 19: Singapore, International Visitor Arrivals, % Change YoY
Figure 20: Singapore, Office Price and Rental Indices, 1998=100, % Change YoY
Figure 21: Singapore, Retail Space Supply, % Change YoY
Figure 22: Singapore, Hotel Room Supply, % Change YoY
Figure 23: Singapore, Retail Sales Index (2017=100), at Current Prices, % Change YoY
Figure 24: Singapore, Industrial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 25: Singapore, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 26: Singapore, Contracts Issued for Industrial Construction, in SGD Million, % Change YoY
Figure 27: Singapore, Industrial Production Index, 2019=100, % Change YoY
Figure 28: Singapore, Purchasing Managers Index (PMI), % Change YoY
Figure 29: Singapore, Progress Payment Issued for Industrial Construction (SGD, Million) % Change YoY
Figure 30: Singapore, Total Merchandise Exports, in SGD Billion, % Change YoY
Figure 31: Singapore, Factory Space Supply, % Change YoY
Figure 32: Singapore, Infrastructure Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 33: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 34: Singapore, Progress Payments Issued for Civil Engineering Works, in SGD Million, % Change YoY
Figure 35: Singapore, Contracts Issued for Civil Engineering, in SGD Million, % Change YoY
Figure 36: Singapore, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 37: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 38: Singapore, Electricity Generated, in GWh, % Change YoY
Figure 39: Singapore, Total Number of New Grid-Connected Solar PV Installations and Newly-Installed Capacity of Grid-Connected Solar PV Systems (in MWp)
Figure 40: Singapore, Institutional Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 41: Singapore, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 42: Singapore, Progress Payments Certified for Construction (in SGD Million), % Change YoY
Figure 43: Singapore, Contracts Issued for Institutional Construction, in SGD Million, % Change YoY
Figure 44: Singapore, Residential Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 45: Singapore, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 46: Singapore, GFCF in Residential Buildings, (in SGD Million, 2015 Chained Prices), % Change YoY
Figure 47: Singapore, Progress Payments Issued for Residential Construction, in SGD Million, % Change YoY
Figure 48: Singapore, Private Residential Property Price Index, 2009=100, % Change YoY
Figure 49: Singapore, Contracts Issued for Residential Construction, in SGD Million, % Change YoY
Figure 50: Singapore, Supply of Private Residential Properties and Executive Condominiums (Units), % Change YoY
Figure 51: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 52: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)

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