"The 2024 Vision”: Navigating Singapore's Construction Industry Future Through Regulatory Agility and Emerging Trends
6 Jan, 2025
The Public and Private Sector Demand Split
The above forecast generates an interesting figure for the private sector players in the construction sector. The demand for the private sector is projected to be at S$14 billion to S$17 billion for 2024. In the forecast for 2025 - 2028, the demand in the private sector alone is anticipated to be S$12 billion to S$15 billion per minimum.
The public sector in 2024 is expected to reach a demand of S$18 billion to S$21 billion generated through public housing and allied infrastructure projects. The forecast for 2025 – 2028 stands at S$19 billion to S$23. This is derived through the upcoming 2024 public sector projects such as Housing and Development Board’s (HDB) new Built-To-Order (BTO), infrastructure works for the future Changi Airport Terminal 5 (T5), additional Cross Island MRT Line contracts (Phase 2) and Tuas Port developments along with other major road enhancement and drainage improvement works.
It's noteworthy that the forecasted public-private demand split until 2028 appears promising and stable, poised to drive a significant transformation in Singapore's construction industry. In this journey BCA would continuously map their efforts under Built Environment Industry Transformation Map to strengthen resilience against future disruptions.
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