{"id":76390,"date":"2018-01-12T10:41:19","date_gmt":"2018-01-12T03:41:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-sees-steady-improvement-in-construction-market\/"},"modified":"2018-01-12T11:04:56","modified_gmt":"2018-01-12T04:04:56","slug":"bca-sees-steady-improvement-in-construction-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-sees-steady-improvement-in-construction-market\/","title":{"rendered":"BCA sees steady improvement in construction market"},"content":{"rendered":"


\nWith 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).
\nThe value of construction contracts to be awarded in 2018 is expected to stand at $26 billion to $31 billion, a downward revision from the initial forecast of between $26 billion and $35 billion.
\nThe downward revision was attributed by BCA to the \u201ccontinued drag from the significant slowdown in private sector construction demand since 2015\u201d.
\nNonetheless, BCA expects private sector\u2019s construction demand to increase from last year\u2019s $9 billion to between $10 billion and $12 billion this year, on the back of a brighter economic outlook as well as improved property market sentiment.
\nPublic sector construction demand is also expected to rise from $15.5 billion in 2017 to between $16 billion and $19 billion in 2018.
\nLooking ahead, BCA sees the construction market improving steadily in the medium term, with demand forecasted to reach $26 billion to $33 billion per annum in 2019 and 2020.
\nIt expects demand to improve further in 2021 and 2022 at between $28 billion and $35 billion.
\nTaking the lead, the public sector is predicted to contribute $16 billion to $20 billion per year from 2019 to 2022 in view of the major infrastructure projects expected such as the Changi Airport Terminal 5 and Cross Island Line.
\nBCA expects private sector construction demand to gradually increase also in the medium term due to the spill-over benefits generated by the city-state\u2019s improved economic performance and the redevelopment of collective sale sites.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…BCA sees steady improvement in construction market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With the rescheduling of \u201ca few major public sector infrastructure projects\u201d, total construction contracts awarded...<\/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-76390","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-jS6","jetpack-related-posts":[{"id":118673,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bca-expects-construction-demand-to-drop-this-year\/","url_meta":{"origin":76390,"position":0},"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":119994,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/public-sector-projects-to-drive-construction-sectors-recovery\/","url_meta":{"origin":76390,"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":113501,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-demand-in-singapore-to-remain-strong-in-2020-bca\/","url_meta":{"origin":76390,"position":2},"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":40039,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-construction-activity-to-pick-up-in-2017\/","url_meta":{"origin":76390,"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":40069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-construction-activity-expected-to-rise-by-billions-in-2017\/","url_meta":{"origin":76390,"position":4},"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":57936,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-sector-to-benefit-from-higher-govt-spending\/","url_meta":{"origin":76390,"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\/76390"}],"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=76390"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/76390\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=76390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=76390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=76390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}