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                                    4SINGAPOREBUILDERSDIRECTORY2023/2024S$179billionin2022underpinnedbymajorprojectssuchastheCrossIslandMRTLine(Phase1)JurongRegionMRTLinetheMinistryofHealths(MOH)healthcarefacilitiesandnewBuild-To-Order(BTO)unitsWhiletheprivatesectorconstructiondemandmoderatedfromS$121billionin2021toS$119billionin2022amidvariouseconomicdownsiderisksdemandsforprivateresidentialandindustrialbuildingdevelopmentsremainedresilientMedium-termOutlook2024to2027Forthemedium-termoutlookfrom2024to2027 theprojectedannualconstructiondemandisexpectedtoreachbetween$25billionand$32billionperyearThepublicsectorwillcontinuetobethemaindemanddriver,andisexpectedtocontributeS$14billion to S$18billionper annum from2024to2027inlightofvariousmajordevelopmentssuchasMRTprojectsincludingtheCrossIslandLine(Phases2&3)DowntownLineExtensiontoSungeiKadutandBricklandNorthSouthLinestationToaPayohIntegratedDevelopmentandWoodlandsCheckpointredevelopmentTheprivatesectorconstructiondemandisprojectedtoremainsteadyreachingapproximatelyS$11billiontoS$14billionperannumfrom2024to2027inviewofhealthyinvestmentcommitmentsamidSingaporesstrongeconomicfundamentalsConstructionOutputFigures released by BCA indicate that constructionoutput(valueofcertifiedprogresspayments)areprojectedtoincreasetobetweenS$30billiontoS$33billionthisyear,upfromthepreliminaryestimateofaboutS$302billionfor2022Theprojecteduptakevalueofupto$28billionisdue toasteadylevelofconstructiondemandandsomebacklogofremainingworkloadsimpactedbytheCOVID-19outbreaksince2020Eventhoughconstructiondemandappearstobe steady we must remain vigilant saidMinisterforNationalDevelopment(ND)DesmondLeeattheBCA-REDASBuiltEnvironmentandPropertyProspectsSeminar2023ChallengesaheadincludethegrowingriskofrecessioninmajoreconomiesaroundtheworldsupplychainpressuresascountriescontinuetoadjusttheirCOVID-19managementpoliciesandtheexistentialthreatofclimatechangeNationalDevelopmentMinisterexplainedAsconstructiondemandstabilisestheGovernmentwillcontinuetoworkcloselywiththeindustrytostrengthenthesectorsresilienceagainst futurechallengesand thelarger threatofclimatechangeLastyear,BCAworkedwiththeindustrytolauncharefreshedBuiltEnvironmentIndustryTransformationMap(ITM)whichsetsoutaroadmaptodrivegreaterproductivitydigitalisationandsustainabilityintheBEsectorIntheirmediarelease2March2023BCAvowedtheGovernmentscontinuedsupportforconstructionfirmstoadoptdigitalsolutionsandinvestininnovativeandproductiveequipmentYearConstructiondemand*(S$billion)ConstructionOutput^(Nominal)S$billionPublicPrivateTotalTotal2022p1791192983022023f16-1911-1327-3230–332024–2027f14-18peryear11-14peryear25-32peryearp:Preliminary;f:forecast*Constructiondemand: Valueofcontractsawarded^Constructionoutput: ValueofcertifiedprogresspaymentsNote:Constructiondemandforecastin2023-2027excludesanypotentialawardsofconstructioncontractsforexpansionofthetwoIntegratedResortsaswellasthedevelopmentofChangi Airport Terminal5anditsassociatedinfrastructureprojectsastheconfirmeddetailssuchasawardtimelinesandconstructionphasingforbothmegadevelopmentsarestillunavailableatthepointintime.
                                
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