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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Singapore tops Asean for 2018 property market growth forecasts

Singapore's property market looks the most promising among a ranking of Asean markets.

Morgan Stanley Research, which compiled the league table, is so bullish that it expects home prices here to rise 8 per cent this year and again in 2019, with demand outweighing a tight supply.

It also expects higher sales of new homes as a buoyant collective sale market drives up demand while reducing the supply of units to buy.

"As a result of a surge in (collective sale) activity, fewer units available for sale in the secondary markets will channel more home buyers to the primary market, driving take-ups for newly launched projects," it said.

Morgan Stanley's top Singapore developer stock pick is City Developments (CDL), which it sees as the best proxy for the sector upturn. CDL also has the largest land bank among the developers that it covers.

Morgan Stanley also believes that CDL has not priced in the property market upcycle, as it still trades at a discount to revalued net asset value. It added that the developer also has the largest earnings exposure.

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SmartBuild Asia is the leading business intelligence provider to the construction industry in Singapore and Malaysia.

SmartBuild Asia gets 180,000+ page views per month: it is the leading private construction-focused website in Singapore. SmartBuild Asia gathers an unique set of 42,000+ companies, 18,000+ ongoing & recently completed construction projects as well as 12,000+ private & public tenders.

SmartBuild Asia made it easy for sub-contractors and suppliers to search for projects & tenders: you go straight to the information you need and make the best use of the 15+ existing filters (i.e stage, type, value, stakeholder names, projects status dates, etc.). Also construction buyers can efficiently create, list and run their tenders. Check out our videos!

For more information, please visit SmartBuild Asia now and contact us at contact@smartbuild.asia.