New Construction research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/09/2013 -- The performance of Singapore's construction sector in the first half of 2013 is within our expectations, with growth in H113 lower than in H112. We therefore maintain our view that construction activity in Singapore will moderate in 2013 and continue to decline until the end of this decade. Real growth for Singapore's construction sector is forecast to reach 6.2% in 2013 and average 3.7% per annum between 2014 and 2020. This is due to declining housing demand, lower infrastructure spending by the government and a poor export outlook, which could curb investment in non-residential buildings.
The key drivers affecting infrastructure growth are:
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- In April 2013, Changi Airport Group appointed a consortium to design the SGD600mn Terminal 4 at Changi International Airport. The consortium consists of SA Architects, Aecom Singapore as well as Beca Carter and Ferner (SEA). The terminal is expected to start construction works in Q413 and be completed in 2017. Once completed, the terminal will be able to handle 16mn passengers per annum.
- In May 2013, Railway Technology reported that a consortium consisting of Aecom Singapore, Aecom Perunding and SA Architects won a SGD52.8mn contract to carry out an architectural and engineering consultancy study on the proposed project. Under the deal, the consortium will be responsible for developing alignment options for the RTS Link, as well as carrying out detailed design on the preferred route, which will be finalised by the Iskandar Malaysia Joint Ministerial Committee. The governments of Singapore and Malaysia have also agreed to equally share the cost of the rapid transit system link study, according to Channel News Asia.
- In June 2013, construction works at three stations on the Downtown Line Stage 2 (DTL2) - namely King Albert Park, Sixth Avenue and Tan Kah Kee stations - were halted after their main contractor, Austria's Alpine Bau, filed for insolvency. This development is expected to increase the cost and delay the completion of the DTL2, which was scheduled to be completed by 2015. A caretaker contractor has since been appointed to ensure at the stalled section of the DTL2.
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