2014-04-02 06:26:04 - Construction in Singapore - Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
Singapore´s construction industry recorded a CAGR of 4.14% during the review period (2008â2012). This was supported by public and private investments in Singapore´s infrastructure, commercial and institutional construction markets. Singapore´s construction industry is dominated by infrastructure and residential construction activities, as collectively the infrastructure and residential markets generated 59.6% of the industry´s total value in 2012.
The outlook for construction is favorable, due to the government´s focus on country´s infrastructure and residential construction. The construction industry´s output is expected to record a CAGR of 5.04% over the forecast period (2013â2017).
Singapore´s economy grew at an annual rate of 1.2% in 2012, moderating from 4.9% in 2011, as weaker external demand adversely affected the export oriented manufacturing and services sector.
one of the most popular tourism destinations in the world. With an aim to increase tourism´s contribution to the economy and raise tourism receipts to US$30 billion by 2015, the Singapore Tourism Board (STB) is to place a greater focus on the construction of new tourist destinations over the forecast period.
Although the country does not have its own oil reserves, its refinery industry is one of the largest in the world. The petroleum and petrochemicals industry is a key contributor to Singapore´s economic growth. The refinery buildings category will be supported by projects such as the expansion and upgrade of Singapore Refining Company in 2013 and the construction of a gasoline production project.
Singapore´s government invested heavily in rail and road infrastructure, and has a strong pipeline of various rail transit projects nationwide. Owing to a sharp increase in traffic, Singapore´s road infrastructure needs to be enhanced. The government aims to develop a high-performance rail network and plans to increase the country´s Mass Rapid Transit (MRT) network to 360 km by 2030.
The private sector is the main source of healthcare funding and accounted for 63.9% of the healthcare expenditure in 2009. Singapore´s government plans to double its healthcare budget over the next five years. A number of healthcare facilities are planned to be constructed under the Healthcare 2020 plan.
Low interest and unemployment rates coupled with interest from foreign property buyers stimulated Singapore´s residential construction market during the review period. The market is expected to continue to expand over the forecast period and be driven by a population and economic growth, low unemployment rates and increasing levels of disposable income.
The government has taken measures to curb speculative demand for the housing and real estate markets. Most notably, it announced an additional stamp duty on foreign buyers and corporate entities, established a lower loan-to-value (LTV) ratio and placed a maximum cap on loan tenure. In January 2013, the government increased Additional Buyer´s Stamp Duty (ABSD) from 5% to 7% across the board and the minimum cash down payment from 10% to 15%.
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