Boston, MA -- (SBWIRE) -- 01/01/2014 -- Our forecast for a slowdown in construction activity in Singapore continues to unfold, with construction growth in Q313 the lowest quarterly growth rate since Q211. 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 4.0% 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.

Recent developments affecting infrastructure growth are:

- In July 2013, South Korean construction company Samsung C&T secured a contract worth US$285mn to upgrade Singapore's Caldecott Mass Rapid Transit (MRT) station into an interchange. The station would connect the Circle Line with the planned Thomson Line. The interchange link would facilitate easier access to the Singapore Association of the Visually Handicapped, Lighthouse School, MacRitchie Reservoir, Lions Home for the Elders and Mount Alvernia Hospital. The interchange will enable the commuters to directly travel between Woodlands and Caldecott stations in just 25 minutes. The construction work for the station and tunnels is scheduled to begin in August 2013, with completion due in 2020.
- In August 2013, Singapore's Prime Minister Lee Hsien Loong presented an infrastructure master plan for the city-state, fleshing out some of the details of the major projects - namely in the airport and port sectors - taking place in Singapore over the long term. Under the master plan, a new mixed-use complex, known as Project Jewel, will be built at Changi airport, while the passenger handling capacity of the airport's existing Terminal 1 will be expanded to 24mn passengers per annum. Combined with the new Terminal 4, this will boost the capacity of the Changi airport to 85mn passengers per annum by 2018. Besides these projects, the government also plans to complete a fifth terminal (Terminal 5), a fourth runway and a new military airbase by the mid-2020s. As part of the master plan, Singapore will also build a new transhipment port in Tuas and relocate all of its container ports in Tanjong Pagar, Keppel, Brani and Pasir Panjang to the new location once their leases expire from 2027. Previous announcements of the Tuas port project indicate that it is designed to have an annual handling capacity of 65mn twenty-foot equivalent units (TEUs), compared with the current capacity of 35mn TEUs.

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