Singapore Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028

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Singapore Construction Market Report Overview

The Singapore construction market size was $25.4 billion in 2023. The market will achieve an AAGR of more than 4% during 2025-2028. Investments in clean energy projects and transport and public housing projects will drive the construction market demand in Singapore.

Singapore Construction Market Outlook, 2023-2028 ($ Billion)

Singapore Construction Market Outlook, 2023-2028 ($ Billion)

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The Singapore construction market research report gives a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence the Singapore construction market growth in the coming years.

Market Size (2023) $25.4 billion
AAGR (2025-2028) >4%
Forecast Period 2023-2028
Historical Period 2019-2022
Key Sectors ·        Commercial Construction

·        Industrial Construction

·        Infrastructure Construction

·        Energy and Utilities Construction

·        Institutional Construction

·        Residential Construction

Key Contractors ·        Samsung Group

·        Penta-Ocean Construction Co Ltd

·        Shanghai Urban Construction (Group) Corp

·        Chip Eng Seng Corporation Ltd

·        Temasek Holdings (Private) Ltd

Key Consultants ·        Temasek Holdings Pvt Ltd

·        Arup Group Ltd

·        WSP Global Inc

·        Tritech Consultants

·        AECOM

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Singapore Construction Market Segmentation by Sectors

The residential construction sector accounted for the highest market share in the Singapore construction market in 2023

The key sectors in the Singapore construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.

Residential construction: The project types in this sector include single-family housing and multi-family housing. The investments to address the rising housing demand and BTO developments will support the residential sector output over the forecast period.

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 improvement in tourism activity and an increase in the value of contracts awarded for commercial buildings will drive the commercial sector’s growth during the forecast period.

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. Growing investments in the manufacturing and services industry will drive the sector’s growth during the forecast period.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government in the modernization and expansion of rail infrastructure, with the government aiming to expand the rail network to 360km by the end of 2030 will support the infrastructure sector’s output during the forecast period.

Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The public and private investments in renewable energy projects will drive the sector growth during 2025-2028.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The rising investment in the healthcare, education, and research sectors will fuel the institutional construction sector growth during the forecast period.

Singapore Construction Market Analysis by Sectors, 2023 (%)

Singapore Construction Market Analysis by Sectors, 2023 (%)

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Singapore Construction Market - Competitive Landscape

Samsung Group emerged as the leading contractor and Temasek Holdings Pvt Ltd was the leading consultant in the Singapore construction market in 2023

A few of the leading contractors in the Singapore construction market are:

  • Samsung Group
  • Penta-Ocean Construction Co Ltd
  • Shanghai Urban Construction (Group) Corp
  • Chip Eng Seng Corporation Ltd
  • Temasek Holdings (Private) Ltd

Foreign contractors account for most of the project pipeline in the Singaporean construction market.

Singapore Construction Market Analysis by Contractors, 2023 (%)

Singapore Construction Market Analysis by Contractors, 2023 (%)

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A few of the leading consultants in the Singapore construction market are:

  • Temasek Holdings Pvt Ltd
  • Arup Group Ltd
  • WSP Global Inc
  • Tritech Consultants
  • AECOM

Consultants with headquarters within Singapore are involved in most of the project pipeline by value.

Singapore Construction Market Analysis by Consultants, 2023 (%)

Singapore Construction Market Analysis by Consultants, 2023 (%)

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Singapore Construction Market - Latest Developments

  • In early March 2024, the Ministry of National Development announced it plans to begin the construction of 10,000 new homes in the new Yishun estate of Chencharu. Of the total, at least 80% of the units will be public housing.
  • The construction works on AbbVie’s expansion of its biologics manufacturing facility at the Tuas Biomedical Park started in January 2024 and will be completed by the end of 2026.

Segments Covered in the Report

Singapore Construction Sectors Outlook (Value, $ Billion, 2019-2028)

  • Commercial Construction
  • Industrial Construction
  • Infrastructure Construction
  • Energy and Utilities Construction
  • Institutional Construction
  • Residential Construction

Scope

This report provides:

  • A comprehensive analysis of the construction industry in Singapore.
  • Historical and forecast valuations of the construction industry in Singapore, featuring details of key growth drivers.
  • Segmentation by sector 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.

Table of Contents

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

– Outlook

– Latest news and developments

– Construction Projects Momentum Index

4.2 Commercial Construction

– Outlook

– Project analytics

– Latest news and developments

4.3 Industrial Construction

– Outlook

– Project analytics

– Latest news and developments

4.4 Infrastructure Construction

– Outlook

– Project analytics

– Latest news and developments

4.5 Energy and Utilities Construction

– Outlook

– Project analytics

– Latest news and developments

4.6 Institutional Construction

– Outlook

– Project analytics

– Latest news and developments

4.7 Residential Construction

– Outlook

– Project analytics

– 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

About GlobalData

Contact Us

Table

Table 1: Construction Industry Key Data

Table 2: Singapore, Key Economic Indicators

Table 3: Singapore, Commercial Construction Output by Project Type (Real % Change), 2019–28

Table 4: Singapore, Top Commercial Construction Projects by Value

Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2019–28

Table 6: Singapore, Top Industrial Construction Projects by Value

Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2019–28

Table 8: Singapore, Top Infrastructure Construction Projects by Value

Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28

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

Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2019–28

Table 12: Singapore, Top Institutional Construction Projects by Value

Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2019–28

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

Figures

Figure 1: South and South-East Asia, Construction Output (Real % Change), 2022–28

Figure 2: Singapore, Construction Output by Sector (Real % Change), 2022–24 and 2025–28

Figure 3: Singapore, Risk Summary

Figure 4: Singapore, Risk Regional Comparison

Figure 5: Singapore, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28

Figure 6: Singapore, Construction Output Value, by Sector (Real, $ Million), 2019–28

Figure 7: Singapore, Construction Value Add (SGD Million, 2015 Chained Prices)

Figure 8: Singapore, Total Fixed Capital Formation in Construction (2015 Chained Prices, SGD Million)

Figure 9: Singapore, Progress Payments Certified for Construction (SGD Million)

Figure 10: Singapore, Construction Contracts Awarded (SGD Million)

Figure 11: Singapore, Construction Material Market Prices, % Change YoY

Figure 12: Singapore, Construction Projects Momentum Index

Figure 13: South-East Asia, Construction Projects Momentum Index

Figure 14: Singapore, Commercial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 15: Singapore, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

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

Figure 17: Singapore, Contracts Issued for Commercial Construction (SGD Million)

Figure 18: Singapore, Retail sales index, Chained Volume Terms, 2017=100

Figure 19: Singapore, Office Price and Rental Index, 1998=100

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

Figure 21: Singapore, Supply of Office Space in the Pipeline, GFA, In Thousand m2

Figure 22: Singapore, Hotel Room Supply (in Number)

Figure 23: Singapore, International Visitor Arrivals (In Thousands)

Figure 24: Singapore, Industrial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 25: Singapore, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 26: Singapore, Manufacturing Value Add (SGD Million, 2015 Chained Prices)

Figure 27: Singapore, Contracts Issued for Industrial Construction (SGD Million)

Figure 28: Singapore, Industrial Production Index, 2019=100

Figure 29: Singapore, Purchasing Managers’ Index (PMI)

Figure 30: Singapore, Total Merchandise Exports (SGD Billion)

Figure 31: Singapore, Progress Payment Issued for Industrial Construction (SGD Million)

Figure 32: Singapore, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28

Figure 33: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 34: Singapore, Progress Payments Issued for Civil Engineering Works (SGD Million)

Figure 35: Singapore, Contracts Issued for Civil Engineering (SGD Million)

Figure 36: Singapore, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28

Figure 37: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 38: Singapore, Electricity Generated, in GWh

Figure 39: Singapore, Institutional Construction Output by Project Type (Real, $ Million), 2019–28

Figure 40: Singapore, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 41: Singapore, Progress Payments for Institutional Construction (SGD Million)

Figure 42: Singapore, Contracts Issued for Institutional Construction (SGD Million)

Figure 43: Singapore, Residential Construction Output by Project Type (Real, $ Million), 2019–28

Figure 44: Singapore, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 45: Singapore, Real estate Value Add (in SGD Million, 2015 Chained Prices)

Figure 46: Singapore, Progress Payments Issued for Residential Construction (SGD Million)

Figure 47: Singapore, Contracts Issued for Residential Construction (SGD Million)

Figure 48: Singapore, Private Residential Property Price Index (2009=100)

Figure 49: Singapore, GFCF in residential buildings (2015 chained prices, SGD Million)

Figure 50: Singapore, Supply of Private Residential Properties in the Pipeline by Development Status (End of Period), Quarterly

Figure 51: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 52: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)

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