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Up to 34 bln construction contracts to be awarded in Singapore in 2015

Xinhua, January 15, 2016 Adjust font size:

Singapore's total construction demand of construction contracts to be awarded this year will be between 27 billion and 34 billion Singapore dollars (18.8 to 23.6 billion U.S. dollars), with about 65 percent driven by public sector demand, according to a press release by the Building and Construction Authority (BCA) on Friday.

If the forecast estimates this year are met, this will be the highest proportion of construction demand from the public sector since 2002, BCA added. Last year, the total construction demand was approximately 27.2 billion Singapore dollars (18.9 billion U.S. dollars), with public sector projects accounting for slightly more than half of the demand.

In the year of 2015, total construction demand fell short of BCA's earlier estimates of 29 billion to 36 billion Singapore dollars (20.1 to 25 billion U.S. dollars), due to the rescheduling of a few major public infrastructure contracts such as MRT projects from the fourth quarter last year to early this year.

On the other hand, the total construction output or progress payments made for the work done in 2015, remained high at about 35 billion Singapore dollars (24.3 billion U.S. dollars) due to the strong construction demand in the preceding two years. This contributed to about 4.7 percent of GDP last year.

Looking ahead, BCA said construction demand from the private sector is expected to slow down from previous years due to less favourable economic conditions and an increased supply of completed private housing projects and offices. However, this is supported by a higher construction demand from the public sector, largely due to an increase in civil engineering demand.

The key projects this year include the ramp-up in the Home Improvement Program for HDB flats, the construction of the new National Cancer Centre, State Courts' new building at Havelock Square, Changi Airport's 3-runway system, as well as some works on the expressway and the Thomson-East Coast MRT line.

For years from 2017 to 2020, BCA expects the average construction demand to be sustained between 26 billion and 35 billion Singapore dollars (18.1 to 24.3 billion U.S. dollars) in 2017 and 2018, and 26 billion to 37 billion Singapore dollars (18.1 to 25.7 billion U.S. dollars) in 2019 and 2020. Enditem