Boston, MA -- (SBWIRE) -- 06/11/2014 -- Singapore's construction sector has experienced a rebound in growth from the low of Q413. Although this uptick was primarily due to the public sector, we believe the private sector is still set to play a significant role in driving construction growth over the rest of 2014. As such, although we still expect a moderation in Singapore's construction growth over the 2014-2020 period (as our assumptions for such a slowdown remain relevant), we revised up our construction growth forecasts for 2014 to 5.9% (previously 5.5%).
Key Trends And Developments:
- Between January and April 2014, six contracts worth slightly more than SGD2bn were awarded by Singapore's Land Transport Authority (LTA). These six contracts involve the construction of a section of the underground tunnel and five train stations (with associated tunnels) for the Thomson Mass Rapid Transit Line (MRT) in Singapore. Japan's Shimizu Corporation won the contract to construct new tunnels from Seletar Expressway/Woodlands Avenue 12 to Springleaf Station. The tunnels are scheduled to be completed in 2020. The five train stations - namely the Sin Ming station, Havelock station, Marina Bay station, Mt Pleasant station, Stevens station and Maxwell station - were awarded to Japan's Penta Ocean Construction, Hong Kong's Gammon Construction, Japan's Taisei Corporation, Taiwan's RSEA Engineering Corporation, South Korea's Daewoo Engineering & Construction, and Singapore's Hock Lian Seng Infrastructure respectively. These contracts are scheduled to start work in H114 and should be completed before or by 2021.
- In February 2014, the LTA launched the tender to seek consultants to conduct the environmental impact assessment (EIA) for the 50km Cross Island MRT Line. The LTA also said it will call a tender for an engineering feasibility study for the urban railway projects. The EIA and engineering feasibility study are expected to start in H214 and be completed in 2016.
- In March 2014, Sembcorp Industries announced it started building a waste-to-energy plant in Singapore in March 2014. The SGD250mn plant is in the Sakra area of Jurong Island and will start operating in 2016. Sembcorp claims that, once completed, the plant will be the largest waste-to-energy facility in the country and the first to utilise industrial and commercial waste to generate steam to serve firms on the island. The facility will be equipped with two boilers, with a combined capacity of 140 tonnes of steam per hour and will generate 50% less greenhouse gas emissions, compared with a coal-fired steam plant, according to Sembcorp.
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