Construction demand for 2023 to be stable, driven by public sector works like BTO flats
SINGAPORE - Demand for construction across Singapore in 2023 is expected to be stable and driven by the public sector, with Build-To-Order flats, MRT lines and water treatment plants in the pipeline.
The public sector is expected to contribute about 60 per cent of the total construction demand this year, or between $16 billion and $19 billion. In 2022, construction demand in the public sector rose slightly to $17.9 billion, from $17.8 billion in 2021. BCA figures showed that progress payments for work being done are projected to hit $30 billion to $33 billion this year, on a par with the preliminary estimate of about $30.2 billion for 2022.This is due to a steady level of construction demand and some backlog of remaining workloads impacted by the Covid-19, said the authority.
Singapore Contractors Association Limited president Ng Yek Meng said that despite the stable outlook for 2023, firms are expected to face higher construction costs. Material and manpower costs have gone up by 30 per cent to 40 per cent compared with pre-pandemic levels, he added.
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