Page 7 - SBD2223 eBOOK Final 14Sept2022
P. 7

                 SINGAPORE BUILDERS DIRECTORY 2022/2023
  Year
 Construction demand * (S$ billion)
 Construction Output ^ (Nominal) S$ billion
 Public
  Private
  Total
  Total
  2021
p
18.16
11.78
29.94
25.9
 2022
f
 16 - 19
 11 - 13
 27 - 32
 29 – 32
 2023 – 2026
f
  14 - 18 per year
  11 - 14 per year
  25 - 32 per year
        p: Preliminary
f: Forecast
* Construction demand: Value of contracts
awarded
^ Construction output: Value of certified
progress payments
Note: Construction demand forecast in 2023-
2026 excludes any potential awards of construction contracts for the development of Changi Airport Terminal 5 and its associated infrastructure projects as well as the expansion of Integrated Resorts as their construction timelines are still under review due to the impact of the COVID-19 pandemic.
Singapore’s BE sector is also well-prepared to seize the growth in the region.
REGIONAL POSSIBILITIES
Prospects for the construction industry in Asia is also looking up. Known to be the fastest-urbanising region in the world, Asia is projected to have a compound annual growth rate of 8.9 percent by 2023 in the Asian construction industry – a forecast that will be boosted by massive infrastructure projects.
“The opportunities in the region are large – the solutions all sit in Singapore,” said Mr Lavan Thiru, Executive Director at Infrastructure Asia, an organisation set up by Enterprise Singapore (ESG) and Monetary Authority of Singapore (MAS) to connect private investors with public infrastructure needs.
Singapore’s “very strong” ecosystem – ranging from planning, installation, financial to technical expertise – is able to address green demands in Indonesia and the Philippines.
This regional demand for infrastructure is also backed by recovery in Southeast Asian economies.
Ms Selena Ling, OCBC Chief Economist, noted how ASEAN 5, comprising Indonesia, Malaysia, Philippines, Singapore, Thailand, is set to buck the worldwide slowdown with growth picking up to over 5 percent this year.
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