Construction in Singapore, Key Trends and Opportunities to 2021 provides a comprehensive analysis on the construction industry of Singapore. It provides an in depth analysis on the market, equipment, material and service costs for each project type in Singapore, gives a critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in Singapore’s construction industry. Further, it provides the Singaporean construction industry’s growth prospects by market type, project type, construction activity and gives details profiles of the leading operator in the Singapore construction industry.
Singapore is one of the most open, least corrupt and amongst the most developed economies of the world. It has a GDP of USD 307.872 bn and is ranked 36th in the world (World Bank statistics). The industry sector occupies 25% of the GDP while the service sector has 75%. The inflation rate and unemployment level is low and stable. Its corporate tax rate is at 17%, the lowest in the Asia- pacific region. It was the first Asian nation accredited with the AAA rating. The strength of this economy lies in its stable political and sound economic system. The nation is known for its excellent business environment and banking sector. Singapore has emerged as a high income country that is major trading regional and global hub for financial and trading services. Thus, this nation has become one of the very few nations, which has current account surplus, ample foreign reserves and very low public external debt. However, on the other hand Singapore is highly dependent on exports, has a quite volatile. Singapore is the second densest sovereign state with a population of 5.69 billion spread over an area of. The nation has a multiracial and multicultural population but is dominated by people of Chinese ethnicity. The fertility rate is quite low, around 1.25 and has been a concern for the government. The literacy rate (97%) is one of the highest in the world and the unemployment rate is low. The average life expectancy is approximately 83 years. However there is a paucity of highly skilled professionals and has very high old age dependency ratio.
The construction industry in Singapore has shown positive growth in the time period (2012-2016). The government allocated over 200 million pound to boost the rail and road infrastructure worldwide. As the Singaporean government has increased the public spending it will not only boost the infrastructure but also give an added leverage to the construction market in the upcoming years. The civil engineering construction demand is expected to be strong as projects like new MRT lines, the North-South Expressway, associated infrastructure. Works for Changi Airport Terminal 5 and phase 2 of the Deep Tunnel Sewerage System has been undertaken. However, last year in a press conference a senior minister of State for National Development Desmond Lee said that private sector construction demand has slowed but Singapore has a hefty pipeline of public sector projects, of which is needed for Singapore’s long-term needs.
Ankur Gupta, Head Marketing & Communications