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Total value of construction contracts this year expected to be similar to last year
Jan 13, 2023
Singapore
By   Internet
  • City News
  • Housing building
  • property building
  • construction
Abstract: Demand in the construction sector remains strong this year, with the total value of contracts awarded this year expected to be between $27 billion and $32 billion, similar to last year's estimate.

The Construction Authority said that 60 per cent of construction demand this year is expected to come from the public sector, with contracts estimated to be worth between $16 billion and $19 billion.

 

This is mainly due to the strong demand for public housing construction, as the Housing Development Board (HDB) has stepped up its efforts to increase the supply of pre-purchased HDB flats.

 

In addition, private sector construction demand is expected to be in the range of $11 billion to $13 billion this year, also similar to last year.

 

Speaking at a seminar on the outlook for the construction industry and the industry, National Development Minister Lee Chee Siong said the construction industry still faces significant challenges, despite stable demand.

 

The challenges ahead include the increasing risk of large economies falling into recession, said Lee.

 

There is also pressure on the supply chain as countries continue to adjust their policies on prevention of coronary diseases, and the threat posed by climate change.

 

Mr Lee also said that our construction industry needs to be more resilient and reduce its reliance on foreign workers through digital transformation.

 

To drive the digital transformation, developers have signed four agreements with partners to use technology in construction projects to improve productivity. The Construction Authority expects construction demand to range between $25 billion and $32 billion per year over the next four years.

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