{"id":113501,"date":"2020-01-09T11:23:11","date_gmt":"2020-01-09T04:23:11","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-demand-in-singapore-to-remain-strong-in-2020-bca\/"},"modified":"2020-01-09T12:14:50","modified_gmt":"2020-01-09T05:14:50","slug":"construction-demand-in-singapore-to-remain-strong-in-2020-bca","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-demand-in-singapore-to-remain-strong-in-2020-bca\/","title":{"rendered":"Construction demand in Singapore to remain strong in 2020: BCA"},"content":{"rendered":"


\nBCA also expects the construction demand to be steady during the medium term. Demand is seen to reach $35 billion by 2024.
\nLast year\u2019s total construction demand expanded by 9.5% to reach S$33.4 billion, about S$1.4 billion higher than the upper bound of BCA\u2019s 2019 forecast of S$27 billion to $32 billion, mainly due to a stronger than expected increase in industrial construction demand for petrochemical facilities despite the slowdown in the manufacturing sector
\nThe Building and Construction Authority (BCA) expects the total construction demand (which is the value of construction contracts to be awarded) to remain high in 2020 buoyed by demand for public sector construction.
\nThe total construction demand is estimated to be around S$28 billion to S$33 billion this year, according to BCA\u2019s recent news release. Public sector construction demand will take up around 60% of the expected demand in 2020, while also being projected to record $17.5 billion to $20.5 billion this year.
\nMajor infrastructure projects such as the Integrated Waste Management Facility, infrastructure works for Jurong Region MRT Line and Changi Airport Terminal 5, are expected by the authority to push public sector construction demand.
\nMeanwhile, private sector construction demand is estimated by the BCA to reach between $10.5 billion and $12.5 billion in 2020, with the support of projects such as the construction of Changi Airport new taxiway and berth facilities at both Jurong Port and Tanjong Pagar Terminal, as well as the redevelopment of en-bloc sale sites.
\nThe total construction demand in 2019 grew by 9.5% to record S$33.4 billion, mainly because of a stronger than anticipated increase in industrial construction demand for petrochemical facilities despite the manufacturing sector\u2019s slowdown.
\nTotal preliminary construction demand in 2019 for the private and public sectors stood at $14.4 billion and $19 billion respectively.
\nBCA: Construction demand to remain steady till 2024
\nBCA also expects the construction demand to be steady during the medium term. Demand is seen to reach $27 billion to $34 billion per year for 2021 and 2022, and from $28 billion to $35 billion each year for 2023 and 2024.
\nThe public sector will still generate the highest demand and is seen to give $16 billion to $20 billion annually from 2021 to 2024, with civil engineering works and building projects eating up 50% of the demand.
\nAlong with public residential developments, public sector construction demand during the medium term will be supported by many mega infrastructure projects. BCA also projects the private sector construction demand to be moderate due to the current property overhang issue and ongoing global economic uncertainties.
\nTotal nominal construction output for 2020 is seen to grow anywhere from $30 billion to $32 billion, compared to the projected $28 billion in 2019. The projected growth is supported by the increase in construction demand since 2018.
\nWith the positive projection in the medium term, Minister of State for National Development and Manpower, Zaqy Mohamad, urged the industry to go on investing in a competent and skilled local workforce who will guide the built environment sector into the future.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Construction demand in Singapore to remain strong in 2020: BCA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BCA also expects the construction demand to be steady during the medium term. Demand is...<\/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-113501","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-twF","jetpack-related-posts":[{"id":40039,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-construction-activity-to-pick-up-in-2017\/","url_meta":{"origin":113501,"position":0},"title":"S\u2019pore construction activity to pick up in 2017","date":"January 9, 2017","format":false,"excerpt":"\r The total value of construction contracts to be awarded this year could hit a high of $35 billion.\u00a0 The Building and Construction Authority (BCA) expects the total value of construction contracts to be awarded this year to hit between $28 billion and $35 billion, up from last year\u2019s preliminary\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-construction-activity-expected-to-rise-by-billions-in-2017\/","url_meta":{"origin":113501,"position":1},"title":"Singapore construction activity expected to rise by billions in 2017","date":"January 9, 2017","format":false,"excerpt":"\r The total value of construction contracts to be awarded this year could hit a high of SGD35 billion Construction site of a modern skyscraper in Singapore The Building and Construction Authority (BCA) expects the total value of construction contracts to be awarded this year to hit between SGD28 billion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118673,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-expects-construction-demand-to-drop-this-year\/","url_meta":{"origin":113501,"position":2},"title":"BCA expects construction demand to drop this year","date":"September 18, 2020","format":false,"excerpt":"\r Projected construction demand for this year is expected to fall between $18 billion and $23 billion, down from its earlier forecast of between $28 billion and $33 billion in January. 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The value of construction contracts to be awarded in 2018 is expected\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":113501,"position":4},"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. Construction demand is projected to recover in 2021, driven by public\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/unsplash-construction-site.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":57936,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-sector-to-benefit-from-higher-govt-spending\/","url_meta":{"origin":113501,"position":5},"title":"Construction sector to benefit from higher gov\u2019t spending","date":"June 15, 2017","format":false,"excerpt":"\r \u00a0 With the government planning to spend an additional S$700 million in public sector infrastructure projects over the next two years, Singapore\u2019s construction industry is expected to fare better this year after struggling from a weaker economy and higher manpower costs in the past few years, reported The New\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/113501"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=113501"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/113501\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=113501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=113501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=113501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}