Construction in Singapore a- Key Trends and Opportunities to 2016
(MENAFN Press) Singapore's construction industry valued SGD27.7 billion (US22 billion) in 2011, and recorded a CAGR of 11.57% during the review period.
The Industry is expected to grow at a CAGR of 4.88% over the forecast period.
Infrastructure construction was the largest market, accounting for 32% of the total industry value and recorded a CAGR of 12.48% during the review period. The infrastructure construction market valued SGD8.9 billion (US7.1 billion) in 2011.
Singapore's government invested heavily in rail and road infrastructure and has a strong pipeline of various rail transit projects nationwide. It allocated SGD464.2 million in 2012 towards various long-term development plans.
The commercial construction market recorded a CAGR of 13.09% during the review period and valued SGD3.9 billion (US3.1 billion) in 2011.
Owing to the country's rising demand for retail spaces, commercial construction activities increased during the review period. The Singapore Tourism Board (STB) opened new tourist destinations to aid tourism inflows.
To enhance the performance of the retail sector, the government introduced "Lemon Law" to protect customers against substandard products. The residential construction market is expected to record a CAGR of 4.67% over the forecast period, to value SGD9.5 billion (US7.6 billion) in 2016.
Factors including strong household balance sheets, low unemployment rates, property tax rebates and a positive economic outlook indicate an inflated residential construction market over the forecast period.
The industrial construction market output is forecast to record a CAGR of 4.27% over the forecast period and value SGD6.48 billion (US5.16 billion) in 2016.
Singapore invested heavily in industrial projects during the review period and is anticipated to continue to invest over the forecast period.
Owing to the expansion of the pharmaceutical industry, the expansion of refinery buildings and a strong pipeline of various industrial construction projects, it is projected that industrial construction output will grow over the forecast period.
Singapore's GDP registered a growth rate of 5.42% in 2011 and valued SGD326.8 billion.
The country recorded a relatively high increase in gross national savings compared with GDP growth. The total gross national savings, as a ratio of GDP, increased considerably during 2001’2010, and reached 46.5% in 2010.
Singapore's budget surplus stood at 0.7% of GDP in 2011, and unemployment levels declined to 1.9% in the third-quarter of 2012.
In 2012, the benchmark interest rate was at an all-time low.
Singapore's government allocated SGD464.2 million towards various long-term development plans and increased its spending on the tourism sector, by announcing plans to allocate an additional SGD905 million for its development.
As the proposed proactive measures take effect, increased public spending will boost the growth of all construction markets.
The construction industry is a key employer in Singapore, accounting for 12.30% of the country's workforce in 2011.
In 2012, the construction industry registered a strong demand for manpower and consequently, employment increased by 46.3%, from 6,700 in the third-quarter of 2011 to 9,800 in the third-quarter of 2012.
To purchase the full version of Construction in Singapore “ Key Trends and Opportunities to 2016, please click here
Timetric is an independent economic and business research firm providing critical intelligence on emerging economies and key global industries. It provides detailed economic and sector intelligence, business insights and independent authoritative commentary.
Each year Timetric produces hundreds of high-quality research reports across numerous countries, industries and companies.
These reports draw on in-depth primary and secondary research, proprietary data, and high-quality modelling and analysis to give deep insight into global market dynamics and economic trends.
If you are interested in purchasing this research, please click on the following link:
About Construction in Singapore
Construction in Singapore If you are interested in purchasing this research, please click on the following link:http://www.menafn.com/research/research_rp_details.asp?rp_id=6143
MENA News Headlines
|Mar 7 2014||Cement demand to grow on infrastructure projects in Oman ,MENAFN|
|(MENAFN) Infrastructure projects in Oman is expected to reflect a high growth on the cement sector, according to Oman Observer.
Omani government plans to launch developing transport and social ...|
|Mar 7 2014||Aviation sector to register highest growth in ME ,MENAFN|
|(MENAFN) Traffic in air passenger and air cargo is expected to outperform in the Middle East by 2032 compared to all other regions, according to Oman Observer.
Air passenger traffic in the Middle ...|
|Mar 7 2014||UAE's Danube revenue up 17 percent in H2 ,MENAFN|
|(MENAFN) Sales revenue of Danube Group, a leading construction and home interior company in the UAE, was estimated at USD 544 million in 2013, according to Khaleej Times.
Revenue rose by up to 17 ...|
|Mar 7 2014||UAE, Serbia sign USD1 b loan deal ,MENAFN|
|(MENAFN) UAE's Department of Finance has signed a USD1 billion loan deal with Serbian Finance Minister in a visit to Abu Dhabi, according to Khaleej Times.
The loan deal aims to strengthen ...|
|Mar 6 2014||Cement demand in Oman to grow 6 percent annually ,MENAFN|
|(MENAFN) Cement demand in Sultanate of Oman is expected to grow in the upcoming few years, Times of Oman reported.
Huge infrastructure and tourism projects in the Gulf nation will push cement ...|
|Mar 6 2014||Gulf investors to invest in Moroccan private sector ,MENAFN|
|(MENAFN) A partnership between Saudi Islamic Corporation for the Development of the Private Sector (ICD) and Morocco-based Al Ajial Funds has been signed to invest jointly in Morocco's private ...|
|Mar 6 2014||UAE top importer of Swiss watches in region ,MENAFN|
|(MENAFN) The Federation of the Swiss Watch Industry said that the UAE ranked first as the primary Middle Eastern country in the Top Ten list of importers of Swiss watches, Saudi Gazette ...|
|Mar 6 2014||Bahrain oil, gas, water projects at USD14b ,MENAFN|
|(MENAFN) Bahrain has re-asserted itself as a regional powerhouse in the oil & gas as well as power & water sectors, Saudi Gazette reported.
The country has USD14 billion worth of oil, gas power ...|
|Mar 6 2014||Jacobs wins BP contract in Oman ,MENAFN|
|(MENAFN) Jacobs Engineering has been awarded with contract by BP for process and infrastructure work on the greenfield Khazzan project in Oman, Times of Oman reported.
Vice president of Jacobs ...|
|Mar 6 2014||Al Futtaim Carillion wins USD250m contract in Dubai ,MENAFN|
|(MENAFN) Al Futtaim Carillion announced that it has won a contract by Meraas in the UAE, Arabian Business reported.
The USD250.66 million contract is for the construction of the Avenue Phase 2 ...|
|Mar 6 2014||Hilton plans Qatar expansion ,MENAFN|
|(MENAFN) Hilton Worldwide is planning to expand in Qatar with the signing of a management agreement with First Qatar Real Estate Development Company, The Peninsula Qatar.
The management agreement ...|
|Mar 6 2014||Saudi MERS death toll rises to 62 ,AFP|
(MENAFN - AFP) Saudi health authorities said Thursday a man has died from the MERS coronavirus, bringing the death toll from the respiratory disease in the worst-hit country to 62.
The 55-year-old ...|
|Mar 6 2014||Olsen writes off England's World Cup chances ,Kora|
|(MENAFN - Kora) Daniel Sturridge scored the only goal of the game with a header eight minutes from time after England had looked set to fail to win at Wembley for a third consecutive game - following ...|
|Mar 6 2014||Sabella blames tiredness for dour showing ,Kora|
|(MENAFN - Kora) Sabella's team were nowhere near their best in Bucharest on Wednesday, with captain Lionel Messi particularly underwhelming as he appeared to struggle with illness.
|Mar 6 2014||'Happy' Keane to stay with Galaxy ,Kora|
|(MENAFN - Kora) The Ireland international, 33, has made 55 league appearances for the Galaxy, scoring 31 goals and helping them to two MLS Cup titles, while also bagging the club's MVP award last ...|
|Mar 6 2014||Del Bosque predicts bright future for Costa ,Kora|
|(MENAFN - Kora) Costa, who represented Brazil in two friendlies before pledging his international loyalty to Spain, where he plays for Atletico Madrid, started against Italy on Wednesday as his new ...|
|Mar 6 2014||International Friendly: Mexico 0 Nigeria 0 ,Kora|
|(MENAFN - Kora)
It was a chance-filled affair at the Georgia Dome, with all three participating goalkeepers - Guillermo Ochoa (Mexico), Vincent Enyeama and Austin Ejide (Nigeria) - all producing ...|
|Mar 6 2014||Flyers soar over Washington in NHL ,Kora|
|(MENAFN - Kora) The Flyers and Capitals are among the backlog of teams vying for play-off spots in Metropolitan, with the Flyers sitting second on 72 points, just five clear of the sixth-placed New ...|
|Mar 6 2014||NATO Steps Up Cooperation with Ukraine ,Qatar News Agency|
|(MENAFN - Qatar News Agency) NATO is stepping up its cooperation with Ukraine while reviewing cooperation with Russia, the NATO Secretary-General Anders Fogh Rasmussen said.
Speaking after talks ...|
|Mar 6 2014||Libya: Niger Extradites Gaddafi's Son Saadi ,Qatar News Agency|
|(MENAFN - Qatar News Agency) The Libyan government announced today that former leader Muammar Gaddafi's son, Saadi, has been extradited from Niger and is now in custody in Tripoli.
Saadi Gaddafi ...|