As indicated in the latest market research report published by IMARC Group, titled "Singapore Construction Market Report by Sector (Residential, Commercial, Industrial, Infrastructure (Transportation), Energy and Utilities), Region (North-East, Central, West, East, North), and Forecast 2025-2033," this report provides an in-depth analysis of the industry, featuring insights into the market. It encompasses competitor and regional analyses, as well as recent advancements in the market.
Market Size & Future Growth Potential:
The Singapore construction market size reached USD 39,210.3 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 56,683.9 Million by 2033, exhibiting a growth rate (CAGR) of 4.18% during 2025-2033.
Latest Market Trends:
The Singapore construction market has been winning strong success over the past year. Large government spending on infrastructure and urban redevelopment have been the main drivers behind this trend. Other than 2020, the Building and Construction Authority estimates that demand for construction will be somewhere between SGD 47 billion and SGD 53 billion, representing an increase of more than 50% on the last forecast. This increased demand for construction is largely due to the building of the new terminal for Changi Airport (T5) as well as the addition of the Marina Bay Sands Integrated Resort, these two projects are the most prominent investments in the nation's aviation and tourism industries.
Said urban renewal programs are being carried on in the city but the Greater Southern Waterfront project is the latest and grandest example of such transformation. Authorities are doing in-depth research on the region's historic port facilities and historical buildings used to find ways of integrating heritage elements into future developments, thus showing the balance of modernization and preservation. The Prima Flour Mills, Singapore's first flour mill built in 1963, is among the buildings that are going to be kept and integrated into new developments.
In particular, institutional capital inflows into green building projects have helped to propel the sustainable urban renewal space, which had already become very popular. Funds dedicated to investment in sustainable urban renewal currently hold properties with a total asset value of more than USD 1.7 billion, and are looking for opportunities in the commercial, residential, life sciences, hospitality, and logistics sectors. Such capital deployment reflects a growing acceptance of sustainability as the key to success in construction and real estate development.
The adoption of technology in traditional construction has brought about a big change and it has led to the introduction of new contract frameworks like the NEC4 contract for construction and engineering projects. The main objectives of these innovations are to speed up project delivery and better the interactions between the various stakeholders. The private sector is taking up more and more responsibilities that is why the results from the survey where 62% persons answering maintain that private organizations should take more responsibility in infrastructure development, is so important as it underscores the shift towards public-private partnerships.
The residential sector is still the main source of the positive trend in the market with the contribution of public housing projects and the implementation of building refurbishment programs. There is still a strong interest in transport infrastructure, and as an example, we can mention the rail connectivity projects like the Thomson-East Coast Line extensions that are attracting huge sums of money. Furthermore, the industrial and energy sectors are also getting more active due to the awarding of many large contracts for the building of manufacturing facilities and energy infrastructures to sustain Singapore's plan for economic diversification.
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Market Scope and Growth Factors:
The Singapore construction market is going to consist of many more things in the future due to the fact that the government is becoming more and more invested in developing the built environment through strategic infrastructure and sustainable development initiatives. More various works are appearing in the market, especially Public projects, which are considered the mainstay of construction works. Private sector developments are even more influencing the whole spectrum by providing great deals of value for the total pipeline.
The budget allotted by the Government for infrastructure continues to be the main source for growth and this includes the transportation networks. Most expansion and development projects of airports and ports, as well as major railway works, are not only providing short-term contracts but are also creating construction opportunities for the long term. The need for very efficient and effective construction may be the result of the government's plan to connect different regions of Singapore.
People's livelihood agenda is widely increasing opportunities in the market as the authorities have plans to turn these brownfield areas into lively mixed-use developments. These types of projects usually come with multi-year, multi-phase constructions which in turn not only offer plenty of work for construction companies, but also the areas of environment, heritage and advanced building systems where specialized contractors can find new jobs.
Sustainability theme is the main factor that influences the specification of projects along with the demanding qualities of contractors. It shows that green building standards are gradually becoming compulsory, hence the whole sector is being driven to embrace energy-efficient initiatives, use eco-friendly materials, and practice waste minimization. There are regulatory frameworks that are establishing clear environmental performance requirements while offering incentives for sustainable construction.
Capital infusion from overseas continues to be of paramount importance for the growth of the market as well as for the influx of international real estate developers and institutional investors to major urban and suburban projects which contribute in turning the projects into real estate of international standards. The building of integrated resorts and commercial developments on a large scale is a clear indication that Singapore continues to be a city that businesses can come and stay to thrive as well as a destination for tourism in Asia.
Technological advancement is leading to industry that experiences growth in various segments like areig strong project management and, quality control and safety outcomes. Building Information Modeling (BIM), prefabrication, and automation have been embraced by the construction industry as a way to overcome the decreasing labor productivity challenge while at the same time constructing with quality which is higher than before. Government initiatives that are financed by the state are strongly committed to the goal of modernization and competitiveness of the industry.
According to the agenda of the smart city development, these construction projects are greatly demanded because they enable the integration of an entire sector's most advanced and complex technologies starting right from the design phase itself. Moreover, the infrastructure essential for autonomous vehicles and smart utility networks alone would themselves be complicated enough to drive the need for the likes of the future technologies to make them viable in the market. So the main question here is who exactly would these new business models of tech-based construction firms be targeting if not technology providers themselves?
Recent News and Developments:
- The Building and Construction Authority announced that construction contracts in Singapore are projected to range between SGD 47 billion and SGD 53 billion, reflecting strong demand driven by large-scale infrastructure projects.
- Major contract awards are expected for the development of Changi Airport Terminal 5, representing one of the largest aviation infrastructure projects in the region and creating substantial opportunities for construction contractors.
- The Marina Bay Sands Integrated Resort expansion project has been identified as a key driver of construction demand, involving significant investment in hospitality and entertainment infrastructure.
- Keppel successfully secured institutional capital for its Sustainable Urban Renewal Fund, achieving a first close that brings total funds under management to over USD 1.7 billion focused on sustainable real estate development.
- The Building and Construction Authority launched the NEC4 contract framework for construction and engineering projects at the BuildSG Leadership Engagement and Development Summit, introducing new standards for project delivery.
- Urban Redevelopment Authority commenced detailed studies of historical structures in the Greater Southern Waterfront area to determine which buildings could be preserved and integrated into future developments.
- Thomson-East Coast Line extension works continue to progress, with additional contracts awarded for construction activities that will enhance rail connectivity across Singapore.
- Survey findings revealed that 58% of Singaporeans find public transportation increasingly stressful, highlighting the importance of ongoing investments in transport infrastructure improvements.
- Public housing and upgrading programs remain active, with substantial contract awards supporting the government's commitment to providing quality affordable housing for residents.
- Industrial sector construction is experiencing growth with new contracts awarded for manufacturing facilities and logistics infrastructure to support Singapore's economic development objectives.
Singapore Construction Market Outlook, Highlights & Segmentation Analysis:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest Singapore Construction Market Share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.
Segmentation by Sector:
- Residential
- Commercial
- Industrial
- Infrastructure (Transportation)
- Energy and Utilities
Segmentation by Region:
- North-East
- Central
- West
- East
- North
Competitor Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/singapore-construction-market
Key highlights of the Report:
- Historical Market Performance
- Future Market Projections
- Impact of COVID-19 on Market Dynamics
- Industry Competitive Analysis (Porter's Five Forces)
- Market Dynamics and Growth Drivers
- SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
- Market Ecosystem and Value Creation Framework
- Competitive Positioning and Benchmarking Strategies
Major Advantages of the Report:
- This report provides market leaders and new entrants with accurate revenue estimates for the overall market and its key subsegments.
- Stakeholders can leverage this report to gain a deeper understanding of the competitive landscape, enabling them to strategically position their businesses and develop effective go-to-market strategies.
- The report provides stakeholders with valuable insights into the market dynamics, offering a comprehensive analysis of key drivers, restraints, challenges, and opportunities.
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- Extensive Industry Expertise
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