{"id":118673,"date":"2020-09-18T10:52:32","date_gmt":"2020-09-18T03:52:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-expects-construction-demand-to-drop-this-year\/"},"modified":"2020-09-18T11:02:57","modified_gmt":"2020-09-18T04:02:57","slug":"bca-expects-construction-demand-to-drop-this-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-expects-construction-demand-to-drop-this-year\/","title":{"rendered":"BCA expects construction demand to drop this year"},"content":{"rendered":"


\nProjected 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.
\nThe Building and Construction Authority (BCA) has lowered its forecast for projected construction demand for this year to between $18 billion and $23 billion, down from its earlier forecast of between $28 billion and $33 billion in January.
\nThe downward revision follows a mid-year review of construction contracts awarded in the first half of 2020 as well as upcoming private and public sector projects expected for the rest of 2020.
\nIn a release issued on Thursday (17 September), BCA attributed the revision to \u201ca drop in private sector construction demand, and postponements in the award of some public sector projects from 2020 to 2021, as contractors and suppliers have asked for more time to assess the impact of Covid-19 on resource management and project implementation timelines\u201d.
\nThis year, construction demand in the public sector is forecasted to stand at between $11 billion and $14 billion, down from $19.03 billion in 2019. Demand in the private sector, on the other hand, is forecasted to stand at between $7 billion and $9 billion, down from $14.5 billion last year.
\nBCA expects construction demand to recover to some extent from 2021.
\n\u201cThis will be supported by public residential developments and upgrading works, developments at the Jurong Lake District, construction of new healthcare facilities and various infrastructure projects such as the construction of the Cross Island MRT Line,\u201d it said.
\nIt noted that it is important for the construction industry to remain vigilant \u201cto prevent a resurgence of COVID-19 cases, which could bring the sector to a halt again\u201d.
\nIt added that it will \u201ccontinue to lean forward to provide assistance to the construction industry in various ways, including financial assistance to help our firms tide through this very challenging period brought about by COVID-19\u201d.
\nAn update on the projected construction demand for next year and 2022 will be provided by BCA in early 2021.
\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…BCA expects construction demand to drop this year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Projected construction demand for this year is expected to fall between $18 billion and $23...<\/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-118673","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-uS5","jetpack-related-posts":[{"id":76390,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-sees-steady-improvement-in-construction-market\/","url_meta":{"origin":118673,"position":0},"title":"BCA sees steady improvement in construction market","date":"January 12, 2018","format":false,"excerpt":"\r With the rescheduling of \u201ca few major public sector infrastructure projects\u201d, total construction contracts awarded last year fell below expectations at $24.5 billion, reported Channel News Asia citing preliminary estimates from the Building and Construction Authority (BCA). 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":113501,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-demand-in-singapore-to-remain-strong-in-2020-bca\/","url_meta":{"origin":118673,"position":1},"title":"Construction demand in Singapore to remain strong in 2020: BCA","date":"January 9, 2020","format":false,"excerpt":"\r BCA also expects the construction demand to be steady during the medium term. Demand is seen to reach $35 billion by 2024. Last 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\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":118673,"position":2},"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":40069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-construction-activity-expected-to-rise-by-billions-in-2017\/","url_meta":{"origin":118673,"position":3},"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":40039,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-construction-activity-to-pick-up-in-2017\/","url_meta":{"origin":118673,"position":4},"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":57936,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-sector-to-benefit-from-higher-govt-spending\/","url_meta":{"origin":118673,"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\/118673"}],"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=118673"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118673\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=118673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=118673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=118673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}