Singapore Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027

Pages: 50 Published: June 30, 2023 Report Code: GDCN1167MR

Report Overview
Table of Contents
Tables
Figures
FAQ

The Singapore construction market size was $22 billion in 2022 and is projected to achieve an AAGR of more than 4% during 2024-2027, supported by investment in renewable energy, transport, housing, and industrial projects.

Singapore Construction Market Outlook 2022-2027 ($ Billion)

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The Singapore construction market research report provides detailed market analysis, information, and insights into the Singapore construction industry, including the growth prospects of the industry by market, project type, and construction activity. The report also delivers critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Singapore construction industry. The report also provides an analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Market Size (2022)	$22 billion
AAGR (2024-2027)	>4%
Historic Period	2018-2022
Forecast Period	2023-2027
Key Sectors	Residential Construction, Commercial Construction, Industrial Construction, Energy and Utilities Construction, Institutional Construction, and Infrastructure Construction
Key Contractors	Samsung Group, Shanghai Urban Construction (Group) Corp., Chip Eng Seng Corporation Ltd, Temasek Holdings (Private) Ltd, Penta-Ocean Construction Co Ltd, China Communications Construction Group Ltd, Wai Fong Construction Pte Ltd, Toda Corp, Hock Lian Seng Infrastructure Pte Ltd, and Woh Hup Pvt Ltd
Key Consultants	Temasek Holdings (Private) Ltd, Arup Group Ltd, AECOM, Lowe Enterprises Inc., DP Architects Pte Ltd, Tritech Consultants, KCAP Architects & Planners, S333 Architecture + Urbanism Ltd, Hassell Studios, and Kwang Sing Engineering Pte Ltd
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Singapore Construction Market Segmentation by Sectors

The key sectors in the Singapore construction market are residential construction, commercial construction, industrial construction, energy and utilities construction, institutional construction, and infrastructure construction. In 2022, the residential construction sector dominated the Singapore construction market share.

Residential construction: The project types in this sector include single- and multi-family housing. The residential construction sector’s growth will be supported by government initiatives and programs to improve the availability of affordable housing.

Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The sector’s growth in 2022 will be supported by investments in leisure and hospitality, office, retail, and data center projects.

Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. The sector’s output over the forecast period will be supported by a gradual rebound in manufacturing and export activities, and a subsequent increase in investment in manufacturing plants.

Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The sector’s output over the forecast period will be supported by investment in electricity, oil and gas, telecommunications, sewage, and water infrastructure projects.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The sector’s output over the forecast period will be supported by public and private sector investment in the development of educational, healthcare, and research facilities.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The sector’s output over the forecast period will be supported by the the government’s focus on improving regional connectivity through the development of transport infrastructure.

Singapore Construction Market Analysis by Sectors, 2022 (%)

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Singapore Construction Market Segmentation by Contractors

The key contractors in the Singapore construction market are Samsung Group, Shanghai Urban Construction (Group) Corp., Chip Eng Seng Corporation Ltd, Temasek Holdings (Private) Ltd, Penta-Ocean Construction Co Ltd, China Communications Construction Group Ltd, Wai Fong Construction Pte Ltd, Toda Corp, Hock Lian Seng Infrastructure Pte Ltd, and Woh Hup Pvt Ltd. Samsung Group leads Singapore construction market in terms of projects value.

Singapore Construction Market Analysis by Contractors, 2022 (%)

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Key Consultants in the Singapore Construction Market

The key consultants in the Singapore construction market are Temasek Holdings (Private) Ltd, Arup Group Ltd, AECOM, Lowe Enterprises Inc., DP Architects Pte Ltd, Tritech Consultants, KCAP Architects & Planners, S333 Architecture + Urbanism Ltd, Hassell Studios, and Kwang Sing Engineering Pte Ltd. Temasek Holdings (Private) Ltd leads Singapore construction market in terms of projects value.

Singapore Construction Market Analysis by Consultants, 2022 (%)

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Scope

This report provides a comprehensive analysis of the construction industry in Singapore. It provides –

Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Singapore, featuring details of key growth drivers.

Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector

Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.

Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

Identify and evaluate market opportunities using GlobalData’s standardized valuation and forecasting methodologies

Assess market growth potential at a micro-level with over 600 time-series data forecasts

Understand the latest industry and market trends

Formulate and validate strategy using GlobalData’s critical and actionable insight

Assess business risks, including cost, regulatory and competitive pressures

Evaluate competitive risk and success factors

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile

4 Construction Outlook
- 4.1 All Construction
  - 4.1.1 Outlook
  - 4.1.2 Latest news and developments
  - 4.1.3 Construction Projects Momentum Index
- 4.2 Commercial Construction
  - 4.2.1 Outlook
  - 4.2.2 Project analytics
  - 4.2.3 Latest news and developments
- 4.3 Industrial Construction
  - 4.3.1 Outlook
  - 4.3.2 Project analytics
  - 4.3.3 Latest news and developments
- 4.4 Infrastructure Construction
  - 4.4.1 Outlook
  - 4.4.2 Project analytics
  - 4.4.3 Latest news and developments
- 4.5 Energy and Utilities Construction
  - 4.5.1 Outlook
  - 4.5.2 Project analytics
  - 4.5.3 Latest news and developments
- 4.6 Institutional Construction
  - 4.6.1 Outlook
  - 4.6.2 Project analytics
  - 4.6.3 Latest news and developments
- 4.7 Residential Construction
  - 4.7.1 Outlook
  - 4.7.2 Project analytics
  - 4.7.3 Latest news and developments

5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants

6 Construction Market Data

7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 7.4 GlobalData Construction

List of Tables

Table 1: Construction Industry Key Data

Table 2: Singapore, Key Economic Indicators

Table 3: Singapore, Commercial Construction Output by Project Type (Real % Change), 2018-27

Table 4: Singapore, Top Commercial Construction Projects by Value

Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2018-27

Table 6: Singapore, Top Industrial Construction Projects by Value

Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2018-27

Table 8: Singapore, Top Infrastructure Construction Projects by Value

Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2018-27

Table 10: Singapore, Top Energy and Utilities Construction Projects by Value

Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2018-27

Table 12: Singapore, Top Institutional Construction Projects by Value

Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2018-27

Table 14: Singapore, Top Residential Construction Projects by Value

Table 15: Singapore, Key Contractors

Table 16: Singapore, Key Consultants

Table 17: Singapore, Construction Output Value (Real, $ Million)

Table 18: Singapore, Construction Output Value (Nominal, SGD Million)

Table 19: GlobalData Construction Market Definitions

Table 20: Risk Dimensions

Table 21: Ratings, Scores and Definitions

List of Figures

Figure 1: South and South-East Asia, Construction Output (Real % Change), 2021-27

Figure 2: Singapore, Construction Output by Sector (Real % Change), 2021-23 and 2024-27

Figure 3: Singapore, Risk Summary

Figure 4: Singapore, Risk Regional Comparison

Figure 5: Singapore, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2018-27

Figure 6: Singapore, Construction Output Value, by Sector (Real, $ Million), 2018-27

Figure 7: Singapore, Progress Payments Certified for Construction (in SGD Million)

Figure 8: Singapore, Construction Contracts Awarded (SGD Million)

Figure 9: Singapore, Construction Value Add (in SGD Million, 2015 Chained Prices)

Figure 10: Singapore, Construction Material Market Prices, % Change YoY

Figure 11: Singapore, Construction Projects Momentum Index

Figure 12: South-East Asia, Construction Projects Momentum Index

Figure 13: Singapore, Progress Payment Issued for Commercial Construction, In SGD Million

Figure 14: Singapore, Commercial Construction Output by Project Type (Real, $ Million), 2018-27

Figure 15: Singapore, Progress Payment Issued for Commercial Construction, In SGD Million

Figure 16: Singapore, Contracts Issued for Commercial Construction (SGD Million)

Figure 17: Singapore, Retail sales index, Chained Volume Terms, 2017=100

Figure 18: Singapore, Office Price and Rental Index, 1998=100

Figure 19: Singapore, Supply of Retail Space in the Pipeline, GFA, In Thousand m2

Figure 20: Singapore, Supply of Office Space in the Pipeline, GFA, In Thousand m2

Figure 21: Singapore, Hotel Room Supply

Figure 22: Singapore, International Visitor Arrivals (In Thousands)

Figure 23: Singapore, Industrial Construction Output by Project Type (Real, $ Million), 2018-27

Figure 24: Singapore, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 25: Singapore, Contracts Issued for Industrial Construction (SGD Million)

Figure 26: Singapore, Industrial Production Index, 2019=100

Figure 27: Singapore, Purchasing Managers’ Index (PMI)

Figure 28: Singapore, Total Merchandise Exports, in SGD Billion

Figure 29: Singapore, Progress Payment Issued for Industrial Construction (SGD Million)

Figure 30: Singapore, Infrastructure Construction Output by Project Type (Real, $ Million), 2018-27

Figure 31: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 32: Singapore, Progress Payments Issued for Civil Engineering Works, in SGD Million

Figure 33: Singapore, Contracts Issued for Civil Engineering, in SGD Million

Figure 34: Singapore, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018-27

Figure 35: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 36: Singapore, Electricity Generated, in GWh

Figure 37: Singapore, Institutional Construction Output by Project Type (Real, $ Million), 2018-27

Figure 38: Singapore, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 39: Singapore, Progress Payments for Institutional Construction (SGD Million)

Figure 40: Singapore, Contracts Issued for Institutional Construction, in SGD Million

Figure 41: Singapore, Residential Construction Output by Project Type (Real, $ Million), 2018-27

Figure 42: Singapore, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 43: Singapore, Progress Payments Issued for Residential Construction (SGD Million)

Figure 44: Singapore, Hedonic Property Price Index

Figure 45: Singapore, Contracts Issued for Residential Construction (SGD Million)

Figure 46: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 47: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)

Frequently Asked Questions

The construction market in Singapore was sized at $22 billion in 2022.

The construction market in Singapore is projected to achieve an AAGR of more than 4% during 2024-2027.

The residential construction sector led the Singapore construction market and is expected to grow significantly during the forecast period, supported by government initiatives to improve the stock of affordable housing.

The key contractors in the Singapore construction market are Samsung Group, Shanghai Urban Construction (Group) Corp., China Communications Construction Group Ltd, Penta-Ocean Construction Co. Ltd, Wai Fong Construction Pte Ltd, Toda Corp., Hock Lian Seng Holdings Ltd, Vinci SA, Nishimatsu Construction Co. Ltd, and China Minmetals Corp.

The key consultants in the Singapore construction market are Temasek Holdings (Private) Ltd, Arup Group Ltd, SAA Architects Pte Ltd, AECOM, DP Architects Pte Ltd, Lowe Enterprises Inc., Tritech Consultants, KCAP Architects & Planners, S333 Architecture + Urbanism Ltd, and Hassell Studios.

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