Singapore to splurge $38b on construction projects this year

Public infrastructure projects remain robust.

The Building and Construction Authority estimates that the total contracts to be awarded for construction works this year could reach up to $38 billion.

This was revealed by Senior Minister of State for National Development and Trade & Industry, Mr Lee Yi Shyan, at the 2014 BCA-REDAS Built Environment and Property Prospects Seminar held today.

This estimate also gives the lower bound of $31 billion, which is based on the assumption that some developers decide to delay projects into future years.

"For 2015 and 2016, BCA has projected anywhere between $25 billion and $34 billion worth of contracts to be awarded annually. You can see a really strong and sustained demand for the built environment industry going into the next few years," he said.

"This demand is fuelled largely by public infrastructure projects such as the Thomson MRT line, Eastern Region Line, North-South Expressway and the various healthcare infrastructural developments, as well as key commercial and institutional developments such as Project Jewel and Changi Airport Terminals 4 and 5," he further added.