{"id":108888,"date":"2019-07-11T11:45:39","date_gmt":"2019-07-11T04:45:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-building-sector-to-grow-3-2-in-2019\/"},"modified":"2019-07-11T12:06:24","modified_gmt":"2019-07-11T05:06:24","slug":"singapores-building-sector-to-grow-3-2-in-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-building-sector-to-grow-3-2-in-2019\/","title":{"rendered":"Singapore\u2019s building sector to grow 3.2% in 2019"},"content":{"rendered":"


\nFitch Solutions expects Singapore\u2019s building sector to grow by 3.2 percent this year and 2.3 percent in 2020, on the back of strong pipeline of planned buildings.
\nSingapore Business Review reported that the firm attributed the faster pace of growth to the residential buildings sector, which it forecasts will grow in real terms by 3.2 percent in 2019 and 1.5 percent in 2020.
\nFitch Solutions revealed that around $9 billion worth of residential building contracts, both from the public and private sector, were awarded last year, way higher than the $4.8 billion worth of industrial and commercial contracts awarded during the same period.
\n\u201cIn the public residential sector, the government has been consistently launching new build-to-order (BTO) projects, with six projects already launched in H1 2019 and another five more scheduled for launch by the end of the year,\u201d it said.
\nAfter 11 quarter of decline in the number of residential units planned and under construction, the private residential sector finally saw a rebound in Q4 2017.
\nALSO READ:\u00a0What Are The BTO Prices In The North And West Of Singapore?
\nThe residential sector is projected to receive a boost in growth over the coming months as the planned projects, particularly those from last year, are expected to start construction this year.
\nFitch Solutions, however, made a downward revision for the 2020 growth \u2013 from 2.6 percent to 2.3 percent \u2013 as it observed a slight decline in the number of newly planned residential units in Q1 2019 as well as the taking effect of the latest cooling measures.
\n\u201cIn 2018, the government raised the Additional Buyer\u2019s Stamp Duty (ABSD) and tightened loan-to-value (LTV) limits on residential property purchases, and we anticipate a drop in demand as a result of these measures, which will slow down the pace of the rollout of property development projects from 2019 onwards.\u201d
\nThe firm noted that risks of growth are heavily tilted to the downside, \u201cdue the ongoing US-China trade dispute contributing to external headwinds to growth of Singapore\u2019s economy, as well as uncertainty in global markets in general\u201d.
\n\u201cA recession in the US will have global implications, including a slowdown in trade activity which will affect the growth of the Singapore economy. Hence, fears of an impending slowdown may further suppress demand for residential build,\u201d it explained.
\nIt also underscored that an early indication of a potential slowdown in the residential buildings sector\u2019s growth can be seen from data released by the Monetary Authority of Singapore.
\nWhile the total amount of housing and bridging loans had been rising steadily since January 2016, growth of such loans entered negative territory since January 2019.
\n\u201cThis is a possible signal that demand for housing is waning, a phenomenon likely linked to the effects of property cooling measures, as well as fears of recession,\u201d said Fitch Solutions.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.\u00a0\u00a0
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore\u2019s building sector to grow 3.2% in 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Solutions expects Singapore\u2019s building sector to grow by 3.2 percent this year and 2.3...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-108888","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-skg","jetpack-related-posts":[{"id":103749,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mega-transport-projects-to-propel-construction-industry-growth\/","url_meta":{"origin":108888,"position":0},"title":"Mega transport projects to propel construction industry growth","date":"February 7, 2019","format":false,"excerpt":"\r Construction of new train lines, a huge road network as well as a mega port will drive the local construction industry in the next decade.\u00a0 Singapore\u2019s construction sector is expected to grow by 3.3 percent on average from 2019 to 2028, driven mainly by various transport mega projects, according\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119994,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/public-sector-projects-to-drive-construction-sectors-recovery\/","url_meta":{"origin":108888,"position":1},"title":"Public sector projects to drive construction sector\u2019s recovery","date":"January 19, 2021","format":false,"excerpt":"\r Public sector projects to drive construction sector\u2019s recoveryThe Cross Island MRT Line, relocation of Singapore Science Centre and the Toa Payoh Integrated Development are amongst the upcoming major public sector projects that will contribute to\u00a0construction demand in 2021. 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