{"id":40069,"date":"2017-01-09T17:26:36","date_gmt":"2017-01-09T10:26:36","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-construction-activity-expected-to-rise-by-billions-in-2017\/"},"modified":"2017-01-09T17:43:21","modified_gmt":"2017-01-09T10:43:21","slug":"singapore-construction-activity-expected-to-rise-by-billions-in-2017","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-construction-activity-expected-to-rise-by-billions-in-2017\/","title":{"rendered":"Singapore construction activity expected to rise by billions in 2017"},"content":{"rendered":"


\nThe total value of construction contracts to be awarded this year could hit a high of SGD35 billion
\nConstruction site of a modern skyscraper in Singapore
\nThe Building and Construction Authority (BCA) expects the total value of construction contracts to be awarded this year to hit between SGD28 billion and SGD35 billion (USD25 billion), up from last year\u2019s preliminary estimate of SGD26 billion (USD18 billion), with the public sector accounting for about 70 percent of total construction demand, it said in a statement.
\nThe BCA forecast demand from the public sector to increase from about SGD15.8 billion (USD11 billion) last year to between SGD20 billion (USD14 billion) and SGD24 billion (USD16.6 billion) in 2017, on the back of an increase in demand for most building types and civil engineering works.
\nPrivate sector construction demand, on the other hand, is projected to remain subdued at between SGD8 billion (USD5.5 billion) and SGD11 billion (USD7.6 billion) this year, in view of the continued economic uncertainties and the property market slowdown.
\nMore: What\u2019s next for Singapore property after Fed rate hike?
\nIn 2016, total construction demand was slightly lower than expected due to the re-scheduling of major public sector projects to this year given that such projects require longer preparation times.
\nLooking ahead, average construction demand is expected to reach between SGD26 billion (USD18 billion) and SGD35 billion (USD24 billion) per annum in 2018 and 2019, and between SGD26 billion (USD18 billion) and SGD37 billion (SGD25.6 billion) per annum in 2020 and 2021, said the BCA.
\n\u201cAlthough the year-to-year fluctuations in the total value of annual construction demand are influenced by the lumpy nature of major infrastructure projects, the overall on-line construction activities or construction output is expected to stay at a relatively high level,\u201d said the BCA\u2019s CEO, John Keung.
\n\u201cCompanies that are prepared to change, innovate and transform to stay at the forefront of technological innovation, process re-engineering and productivity improvements are more likely to sustain their growth and competitiveness despite the headwinds under challenging economic conditions.\u201d
\nThis story originally appeared on PropertyGuru.com.sg on 9 January 2017<\/p>\n

Read next: The Philippines is set to see even more investment from Singapore
\n
\nSource : property-report.com
\nRead more…Singapore construction activity expected to rise by billions in 2017<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The total value of construction contracts to be awarded this year could hit a high...<\/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-40069","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-aqh","jetpack-related-posts":[{"id":113501,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-demand-in-singapore-to-remain-strong-in-2020-bca\/","url_meta":{"origin":40069,"position":0},"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":40069,"position":1},"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":76390,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-sees-steady-improvement-in-construction-market\/","url_meta":{"origin":40069,"position":2},"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":40039,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-construction-activity-to-pick-up-in-2017\/","url_meta":{"origin":40069,"position":3},"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":118673,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-expects-construction-demand-to-drop-this-year\/","url_meta":{"origin":40069,"position":4},"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":40069,"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\/40069"}],"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=40069"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/40069\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=40069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=40069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=40069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}