The entire prelim construction demand estimated for 2019 for the private sector is S$14.4 billion, while the public sector S$19 billion.
Construction Demand To Retain Steady Untill Year 2024, says BCA
BCA also anticipates the construction demand to be stable in the mid term. Construction demand is visualized to hit S$27 billion to S$34 billion each year for both 2021 and 2022, and from S$28 billion to S$35 billion each year for both 2023 and 2024.
The public domain will still create the biggest demand and is foreseen to provide S$16 billion to S$20 billion annually from 2021 to 2024 to the sector, with building projects and civil engineering works taking up 50 percent of this demand.
Together with public residential projects, construction demand in the public sector in the medium term will be reinforced by a lot of mega infrastructure developments. BCA also forecasts the construction demand of the private sector to only be moderate because of current issues with the housing real estate overhang, and the current global economic uncertainties.
This is why the Dairy Farm Residences Price is competitive.
Total nominal construction volume for the year 2020 is predicted to grow between S$30 billion to S$32 billion, as compared to the earlier projected S$28 billion of 2019. The estimated growth is reinforced by the rise in total construction demand since the year 2018.
With the positive outlook in the mid term, Mr Zaqy Mohamad, Minister of State for National Development and Manpower, urges the sector to continue investing in a skilled and competent Singaporean workforce, and into those looking to start a Property Agent Career, who will pave the way for this industry into the bright future.
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