Construction Market in Singapore 2015-2019
About Construction Market in Singapore
Singapore, one of the 'Asian Tigers,' has set a benchmark in the global construction industry in terms of quality. It is currently poised for heightened activity in its construction market, which is expected to maintain its steady growth, driven by the government's long-term development plan, Singapore 2030. The infrastructure, transport, telecommunications, and housing sectors are expected to witness huge investments during the forecast period. The construction market in Singapore is a well-established market in South-East Asia, and is a favorite investment destination among global investors.
Technavio's analysts forecast the construction market in Singapore to grow at a CAGR of 6.18% over the period 2014-2019.
Covered in this Report
This report covers the present scenario and growth prospects of the construction market in Singapore for the period 2015-2019. To calculate the market size, the report considers the GDP of Singapore and the contribution of investment in construction to the GDP of the country. A detailed segmentation of the construction market in Singapore by sector is also provided. The report forecasts investment in the infrastructure, residential, and non-residential sectors in Singapore during the period 2015-2019. In addition, the report discusses the major drivers that influence the growth of the construction market in Singapore. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.
Technavio Announces the Publication of its Research Report – Construction Market in Singapore 2015-2019
Technavio recognizes the following companies as the key players in the Construction Market in Singapore: Koh Brothers, Samwoh, Sembcorp Design and Construction and TEE International
Other Prominent Vendors in the market are: Jurong Engineering and KTC Group
Commenting on the report, an analyst from Technavio’s team said: “Under the long-term development plan Singapore 2030, the government is planning to enhance the energy-efficiency of existing as well as new buildings. The government has also launched the "Sustainable Singapore 2015" plan to infuse more smart technology and eco-friendly features into towns and homes. The plan includes embedding features in homes such as waste management and recycling, energy and water conservation, and proximity to open green spaces such as parks and playgrounds. The Green Building Council of Singapore (SGBC) is the governing body for green buildings in the city-state. The city-state follows the "BCA Green Mark" rating system for green buildings. More than 125 projects in the city-state have been awarded the "BCA Green Mark" ratings till 2014. We expect that the increased focus on sustainable development in the city-state will further increase the number of certified green projects in the city-state during the forecast period.”
According to the report, the entire population of Singapore is categorized as urban population. The sustained growth of the economy has resulted in an increase in the population's buying power. As a result of this, there is an increase in demand for both luxury and affordable housing units in the city-state. Singapore's Housing and Development Board (HDB) is focusing on restoring the gap between the supply and demand of housing units. The HDB has planned to launch more than 2,800 housing units in Punggol Northshore, more than 900 housing units in Bidadari, and 1,500 housing units in Tampines North, in 2015. As well as the construction of new units was awarded for the restoration, maintenance, and rejuvenation of existing residential projects in 2014. Private players are expected to have invested in 2014 for construction of new residential projects.Further, the report states that the rising number of construction projects, manpower shortage, and time and cost overruns in construction projects are major challenges confronting the market.
Koh Brothers, Samwoh, Sembcorp Design and Construction, TEE International, Jurong Engineering, KTC Group
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