{"id":121620,"date":"2021-08-24T02:25:55","date_gmt":"2021-08-23T19:25:55","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-developers-express-concern-over-high-construction-costs\/"},"modified":"2021-08-24T11:03:22","modified_gmt":"2021-08-24T04:03:22","slug":"more-developers-express-concern-over-high-construction-costs","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-developers-express-concern-over-high-construction-costs\/","title":{"rendered":"More developers express concern over high construction costs"},"content":{"rendered":"


\n88% of the\u00a0developers surveyed by NUS were \u201cvery concerned\u201d about high labour costs over the next six months, and 58% were worried about building material\u00a0costs.
\nMore developers have expressed concern over the increasing construction costs, with about 88% indicating that they were \u201cvery concerned\u201d about the high labour costs over the next six months, showed a recent survey by the National University of Singapore (NUS).
\nThis is higher compared to the 71% registered in the first quarter of 2021, reported The Straits Times (ST).
\nAbout 58% said they were worried about the high building material costs, up from 45.8% in Q1 2021.
\nProfessor Sing Tien Foo, head of the Department of Real Estate at NUS Business School, noted that this is the first time since NUS started collecting data that respondents indicated such a high level of concern on construction costs.
\nThis comes as the costs are usually stable, he said, adding that it will take some \u201ctime before border restrictions are lifted for migrant workers\u201d.
\n\u201cBy then, we will also need to compete with other countries for labour,\u201d he said as quoted by ST.
\nMicro Builders Association, Singapore President Ian Teo believes it could take one to three years before things could return to normal.
\nMeanwhile, housing demand and prices are anticipated to increase.
\nAbout 54% of the survey respondents in Q2 expect more units to be launched over the next six months, while 63% sees prices of new launches climb higher.
\nOrangeTee Director Steven Tan said demand for private and public properties has been increasing, with listings for both new launches and resale flats being acquired on the same day.
\n\u201cBuyers are more willing to spend on bigger but older flats due to work-from-home requirements,\u201d he said as quoted by ST.
\nOrangeTee data showed that over 14,000 resale HDB flats were sold in the first half of 2021. Prices also grew 6% during that period, bringing it just 2% below the peak in Q2 2013.
\nOrangeTee expects total HDB resales for this year to hit 27,000 to 29,000 units, up from the 24,748 sold last year and the 23,714 shifted in 2019. Resale flat prices are also forecasted to increase by 9% to 11% for the whole of 2021.
\nIn the private home market, a total of 8,449 units, including new launches and resale units, were transacted in Q2 2021, up 4.3% from Q1 2021.
\nTan expects overall home prices to increase by 6% to 9% this year.
\nWith this, the Building and Construction Authority (BCA) sees construction demand for this year to be worth $23 billion to $28 billion, which is higher compared to its preliminary estimate of $21.3 billion in 2020.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…More developers express concern over high construction costs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

88% of the\u00a0developers surveyed by NUS were \u201cvery concerned\u201d about high labour costs over the...<\/p>\n","protected":false},"author":1,"featured_media":121621,"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-121620","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\/08\/construction-singapore-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vDC","jetpack-related-posts":[{"id":120284,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-expect-government-to-introduce-property-cooling-measures\/","url_meta":{"origin":121620,"position":0},"title":"More expect government to introduce property cooling measures","date":"February 10, 2021","format":false,"excerpt":"\r More expect government to introduce property cooling measuresThe quarterly survey polled around 40 to 50 senior executives in the real estate sector. 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In fact, the Real Estate Sentiment Index (RESI) show that property developers\u2019 general sentiment has improved. They also have better views\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113765,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-strikes-back-against-nus-for-developer-collusion-study\/","url_meta":{"origin":121620,"position":3},"title":"Redas strikes back against NUS for 'developer collusion' study","date":"January 20, 2020","format":false,"excerpt":"\r \u00a0 The Real Estate Developers\u2019 Association of Singapore (Redas) has strongly denied the suggestion that the industry is engaged in insider trading, price fixing or collusion, reported Today. 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