30 billions : Public works, en bloc projects to fuel S$26 b - S$31 b of construction demand in 2018: BCA
THE BUILDING and Construction Authority (BCA) on Thursday projected that S$26 billion to S$31 billion in construction contracts could be awarded in 2018, up from the S$24.5 billion estimated to have been awarded in 2017.
The projected higher construction demand is due to an anticipated increase in public sector work, which is expected to grow from S$15.5 billion in 2017 to between S$16 billion and S$19 billion this year.
This contributes to about three-fifths of 2018's total projected demand. But the remainder, coming from the private sector, is also expected to be an improvement, from S$9 billion in 2017 to between S$10 billion and S$12 billion in 2018. The growth will come on the back of a stronger economic outlook and upturn in property market sentiment, BCA said.
BCA also explained that last year's total construction demand was slightly lower than expected because a few major public-sector infrastructure projects - such as the North-South corridor - were rescheduled to 2018 amid longer preparation times required for complex, large-scale projects.
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