{"id":117424,"date":"2020-06-29T11:02:18","date_gmt":"2020-06-29T04:02:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-1-36bil-support-package-for-the-construction-sector\/"},"modified":"2020-06-29T11:05:29","modified_gmt":"2020-06-29T04:05:29","slug":"government-unveils-1-36bil-support-package-for-the-construction-sector","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-1-36bil-support-package-for-the-construction-sector\/","title":{"rendered":"Government unveils $1.36bil support package for the construction sector"},"content":{"rendered":"


\nDubbed the Construction Support Package, the fund aims to help construction firms offset additional compliance costs due to COVID-19.\u00a0
\nWith migrant workers in dormitories comprising the majority of COVID-19 cases in Singapore, the government has set up a $1.36 billion fund to help construction firms resume work safely and quickly, announced the Building and Construction Authority (BCA) on 27 June.
\nDubbed the Construction Support Package, the fund aims to help construction firms offset additional compliance costs due to COVID-19, extend advance payment for public sector projects as well as provide support for prolongation costs.
\nBCA revealed that a $525.8 million fund will be made available to construction firms to help them in procuring additional material\/equipment, such as PPEs, masks, barricades and additional portable toilets, to comply with safety measures requirements.
\n\u201cThe funding will be given to construction projects regardless of whether they have restarted or are pending restart, as these compliance costs would eventually be incurred,\u201d said BCA.
\nRead also:\u00a0PPVC Construction: What Is This \u201cLego\u201d Building Method in Singapore?
\nTo ensure that the construction sector will have a safe restart, the government will continue to shoulder the costs of COVID-19 testing for the sector until 31 March next year.
\nA $48 million fund will also be set aside to co-fund 50% of salaries of Safe Management Officers (SMOs) from September 2020 to February 2021, while a $793 million fund will see Government Procurement Entities (GPEs) co-share 50% the prolongations cost, which is capped at 1.8% of contract sum, for public sector construction contracts.
\nBCA said developers undertaking private sector projects can also adopt the practice of co-sharing prolongation costs with contractors.
\nThe government will also extend advance payments to construction firms working on public sector projects to the point when the projects secured approval to restart, capped at 5% of the contract sum or $10 million, whichever is lower.
\nPreviously granted advance payments for April and May, main contractors for such projects are mandated to pass on a part of the advance payment to sub-contractors.
\nAside from the support measures, construction firms can also avail of foreign worker levy rebates at $90 per month per work permit holder from August to December next year.
\nBCA said that it \u201chas been working and will continue to work closely with the industry and its partners such as Singapore Contractors Association Ltd (SCAL), the Specialists Trade Alliance of Singapore (STAS), Real Estate Developers Association of Singapore (REDAS) to streamline processes and information to help the construction sector restart safely\u201d.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\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…Government unveils .36bil support package for the construction sector<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubbed the Construction Support Package, the fund aims to help construction firms offset additional compliance...<\/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-117424","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-uxW","jetpack-related-posts":[{"id":59150,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/s800mil-fund-to-help-contractors-adopt-new-technology\/","url_meta":{"origin":117424,"position":0},"title":"S$800mil fund to help contractors adopt new technology","date":"June 28, 2017","format":false,"excerpt":"\r \u00a0 The government has promised to allocate millions of dollars to help construction firms adopt new building technologies to make them more efficient and competitive, reported The Straits Times. This is because using technologies such as prefabricated construction and virtual building design is costly, especially for smaller companies. Last\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":117424,"position":1},"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. The Building and Construction Authority (BCA) has lowered its forecast for projected construction demand for this year to between\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64598,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-enters-partnership-to-improve-training-in-construction-sector\/","url_meta":{"origin":117424,"position":2},"title":"BCA enters partnership to improve training in construction sector","date":"August 25, 2017","format":false,"excerpt":"\r \u00a0 In a bid to attract younger talents and enhance the training programmes in the built environment sector, the Building and Construction Authority (BCA) has inked a memorandum of understanding (MOU) with the Employment and Employability Institute (e2i) and the Building Construction and Timber Industries Employees\u2019 Union (BATU). Channel\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122976,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-firms-urged-to-move-decisively-away-from-labour-intensive-construction-methods\/","url_meta":{"origin":117424,"position":3},"title":"Construction firms urged to move decisively away from labour intensive construction methods","date":"November 3, 2021","format":false,"excerpt":"\r Extending permits and making it easier to obtain skills certification are two ways the Singapore government have tried to alleviate the manpower crunch. The Ministry of National Development (MND) has urged construction firms to reduce their reliance on migrant workers, as well as to \u201cmove decisively away from labour-intensive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/construction-workers-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":118012,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/extend-waiver-on-foreign-worker-levies-say-subcontractors\/","url_meta":{"origin":117424,"position":4},"title":"Extend waiver on foreign worker levies, say subcontractors","date":"July 29, 2020","format":false,"excerpt":"\r Construction industry subcontractors have urged the government to extend the waiver of foreign worker levies as they face uncertainties over workers and payments. Construction industry subcontractors have urged the government to extend the waiver of foreign worker levies as they cannot afford to resume paying the levies this month\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57936,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-sector-to-benefit-from-higher-govt-spending\/","url_meta":{"origin":117424,"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\/117424"}],"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=117424"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/117424\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=117424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=117424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=117424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}