{"id":119994,"date":"2021-01-19T02:48:03","date_gmt":"2021-01-18T19:48:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/public-sector-projects-to-drive-construction-sectors-recovery\/"},"modified":"2021-02-02T17:52:21","modified_gmt":"2021-02-02T10:52:21","slug":"public-sector-projects-to-drive-construction-sectors-recovery","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/public-sector-projects-to-drive-construction-sectors-recovery\/","title":{"rendered":"Public sector projects to drive construction sector\u2019s recovery"},"content":{"rendered":"


\nPublic 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.
\nConstruction demand is projected to recover in 2021, driven by public sector which is expected to contribute 65% of total demand, revealed the Building and Construction Authority (BCA) on Monday (18 January).
\nBCA expects between $23 billion and $28 billion contracts to be awarded this year, up from the estimated $21.3 billion awarded in 2020.
\nThe public sector is forecasted to contribute between $15 billion and $18 billion of total demand this year, on stronger demand for public housing and infrastructure projects.
\n\u201cSome of the upcoming major public sector projects scheduled to be awarded this year include various contracts under the Jurong Region MRT Line, the Cross Island MRT Line Phase 1 and the Deep Tunnel Sewerage System Phase 2,\u201d said BCA.
\nRecommended article:\u00a0Will The High Speed Railway Project Termination Affect Property Prices in Jurong?
\nPrivate sector construction demand, on the other hand, is expected to range between $8 billion and $10 billion this year, the bulk of which comprise \u201cdevelopment of the remaining en-bloc residential sites, major retrofitting of commercial developments as well as construction of high-specification industrial buildings to meet business needs\u201d.
\nConstruction demand from the public sector fell to $13.2 billion in 2020 from $19 billion in 2019, as some major infrastructure projects which required more time to assess the COVID-19 pandemic\u2019s impact on project schedules and resource management, were postponed.
\nDemand from the private sector also declined to S$8.1 billion in 2020 from S$14.5 billion in 2019.
\nLooking ahead, BCA expects construction demand to steadily improve over the medium term, hitting between $25 billion and $32 billion each year from 2022 to 2025.
\nThe public sector is once again expected to lead, contributing $14 billion to $18 billion annually from 2022 to 2025 with similar proportions of demand from building projects as well as civil engineering works.
\n\u201cBesides public residential developments, public sector construction demand over the medium term will continue to be supported by large infrastructure and institutional projects such as the Cross Island MRT Line (Phases 2 and 3), the Downtown Line Extension to Sungei Kadut, the cycling path networks, the relocation of Singapore Science Centre, the Toa Payoh Integrated Development, the Alexandra Hospital redevelopment and a new integrated hospital at Bedok,\u201d said BCA.
\nSuggested read:\u00a019 New Launch Condos and ECs in 2021: Which to Buy?
\nConstruction demand from the private sector is also expected to improve, reaching $11 billion to $14 billion each year from 2022 to 2025.
\n\u201cThis is in anticipation of a gradual recovery of the global economy, contingent on the successful deployment and effectiveness of COVID-19 treatment and vaccines as well as easing of lockdown restrictions.\u201d
\nBased on the contracts awarded over the last few years and the construction demand forecast, total nominal construction output for this year is forecasted to increase to between $24 billion and $27 billion, up from the estimated $19.5 billion in 2020.
\nThe projected pickup in construction output will be supported by an expected improvement in construction demand this year as well as the backlog of remaining workloads impacted by the pandemic during 2020.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s Listings, Project Reviews and Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Public sector projects to drive construction sector\u2019s recovery<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Public sector projects to drive construction sector\u2019s recoveryThe Cross Island MRT Line, relocation of Singapore...<\/p>\n","protected":false},"author":1,"featured_media":119995,"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-119994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/unsplash-construction-site.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vdo","jetpack-related-posts":[{"id":76390,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-sees-steady-improvement-in-construction-market\/","url_meta":{"origin":119994,"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":119994,"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":118673,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-expects-construction-demand-to-drop-this-year\/","url_meta":{"origin":119994,"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. 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":57936,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-sector-to-benefit-from-higher-govt-spending\/","url_meta":{"origin":119994,"position":3},"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":[]},{"id":40039,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-construction-activity-to-pick-up-in-2017\/","url_meta":{"origin":119994,"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":40069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-construction-activity-expected-to-rise-by-billions-in-2017\/","url_meta":{"origin":119994,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/119994"}],"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=119994"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/119994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/119995"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=119994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=119994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=119994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}