As indicated in the latest market research report published by IMARC Group, titled "Singapore Construction Market Report by Sector (Residential, Commercial, Industrial, Infrastructure (Transportation), Energy and Utilities), Region (North-East, Central, West, East, North), and Forecast 2025-2033," this report provides an in-depth analysis of the industry, featuring insights into the market. It encompasses competitor and regional analyses, as well as recent advancements in the market.
Singapore Construction Industry Statistics:
The Singapore construction market size reached USD 39,210.3 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 56,683.9 Million by 2033, exhibiting a growth rate (CAGR) of 4.18% during 2025-2033.
Latest Market Trends:
The Singapore construction market is experiencing robust growth, driven by substantial government commitments to infrastructure development and urban transformation. The Building and Construction Authority has projected construction demand to reach between SGD 47 billion and SGD 53 billion, marking a significant increase from previous projections. This surge is largely attributed to major infrastructure projects including the development of Changi Airport Terminal 5 and the expansion of Marina Bay Sands Integrated Resort, which represent landmark investments in the nation's aviation and hospitality infrastructure.
Urban redevelopment initiatives continue to reshape Singapore's landscape, with the Greater Southern Waterfront project serving as a prime example of this transformation. Authorities are carefully studying existing port structures and historical buildings to integrate heritage elements into future developments, demonstrating a balanced approach between modernization and preservation. The Prima Flour Mills, Singapore's first flour mill from 1963, is among the structures being considered for retention and integration into new developments.
The sustainable urban renewal segment has gained significant momentum, with institutional capital flowing into green building projects. Investment funds focused on sustainable urban renewal now manage assets exceeding USD 1.7 billion, targeting opportunities across commercial, residential, life sciences, hospitality, and logistics sectors. This capital deployment reflects the growing recognition of sustainability as a core value driver in construction and real estate development.
Technology adoption is transforming traditional construction practices, with the introduction of new contract frameworks such as the NEC4 contract for construction and engineering projects. These innovations are designed to improve project delivery efficiency and enhance collaboration among stakeholders. The private sector is playing an increasingly important role, with survey data indicating that 62% of respondents believe private entities should take greater responsibility in infrastructure development, highlighting the shift towards public-private partnerships.
The residential sector remains a key growth driver, supported by ongoing public housing initiatives and upgrading programs. Transport infrastructure continues to attract substantial investment, particularly in rail connectivity projects such as the Thomson-East Coast Line extensions. The industrial and energy sectors are also witnessing increased activity, with significant contracts awarded for manufacturing facilities and utility infrastructure to support Singapore's economic diversification efforts.
Request Free Sample Report: https://www.imarcgroup.com/singapore-construction-market/requestsample
Market Scope and Growth Factors:
The scope of the Singapore construction market is expanding significantly as the government intensifies its focus on transforming the built environment through strategic infrastructure investments and sustainable development initiatives. The market is experiencing growth across multiple dimensions, with public sector projects forming the backbone of construction activity and private sector developments adding substantial value to the overall pipeline.
Government infrastructure spending remains a primary catalyst, with transportation networks receiving particular attention. Major rail projects, airport expansion, and port redevelopment are creating long-term construction opportunities that extend beyond immediate contract values. The emphasis on enhancing connectivity between different regions of Singapore is driving demand for sophisticated construction solutions that can deliver complex projects within tight urban constraints.
The urban renewal agenda is significantly broadening market opportunities, with authorities actively planning the transformation of brownfield sites into vibrant mixed-use developments. These projects typically involve multiple phases spanning several years, providing sustained work for construction firms while creating opportunities for specialized contractors in areas such as heritage preservation, environmental remediation, and advanced building systems integration.
Sustainability has emerged as a fundamental driver shaping project specifications and contractor capabilities. Green building standards are increasingly becoming mandatory rather than optional, pushing the industry toward adoption of energy-efficient systems, sustainable materials, and waste reduction practices. This transition is supported by regulatory frameworks that incentivize sustainable construction while establishing clear benchmarks for environmental performance.
Foreign investment continues to play a crucial role in market expansion, with international real estate developers and institutional investors bringing capital and expertise to large-scale projects. The expansion of major integrated resorts and commercial developments demonstrates Singapore's continued appeal as a regional hub for business and tourism, attracting substantial foreign direct investment into construction projects.
Technological advancement is reshaping industry capabilities, with digital tools enabling better project management, quality control, and safety outcomes. The adoption of Building Information Modeling (BIM), prefabrication, and automation technologies is helping address labor productivity challenges while improving construction quality. These technological shifts are supported by government initiatives aimed at advancing industry capabilities and competitiveness.
The smart city development agenda is creating demand for construction projects that integrate advanced technologies from the design phase. This includes infrastructure for autonomous vehicles, smart utility networks, and buildings equipped with Internet of Things (IoT) systems. Such projects require construction firms to collaborate closely with technology providers, creating new business models and partnership structures within the industry.
Recent News and Developments:
- The Building and Construction Authority announced that construction contracts in Singapore are projected to range between SGD 47 billion and SGD 53 billion, reflecting strong demand driven by large-scale infrastructure projects.
- Major contract awards are expected for the development of Changi Airport Terminal 5, representing one of the largest aviation infrastructure projects in the region and creating substantial opportunities for construction contractors.
- The Marina Bay Sands Integrated Resort expansion project has been identified as a key driver of construction demand, involving significant investment in hospitality and entertainment infrastructure.
- Keppel successfully secured institutional capital for its Sustainable Urban Renewal Fund, achieving a first close that brings total funds under management to over USD 1.7 billion focused on sustainable real estate development.
- The Building and Construction Authority launched the NEC4 contract framework for construction and engineering projects at the BuildSG Leadership Engagement and Development Summit, introducing new standards for project delivery.
- Urban Redevelopment Authority commenced detailed studies of historical structures in the Greater Southern Waterfront area to determine which buildings could be preserved and integrated into future developments.
- Thomson-East Coast Line extension works continue to progress, with additional contracts awarded for construction activities that will enhance rail connectivity across Singapore.
- Survey findings revealed that 58% of Singaporeans find public transportation increasingly stressful, highlighting the importance of ongoing investments in transport infrastructure improvements.
- Public housing and upgrading programs remain active, with substantial contract awards supporting the government's commitment to providing quality affordable housing for residents.
- Industrial sector construction is experiencing growth with new contracts awarded for manufacturing facilities and logistics infrastructure to support Singapore's economic development objectives.
Singapore Construction Market Outlook, Highlights & Segmentation Analysis:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest Singapore Construction Market Share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.
Segmentation by Sector:
- Residential
- Commercial
- Industrial
- Infrastructure (Transportation)
- Energy and Utilities
Segmentation by Region:
- North-East
- Central
- West
- East
- North
Competitor Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/singapore-construction-market
Key highlights of the Report:
- Historical Market Performance
- Future Market Projections
- Impact of COVID-19 on Market Dynamics
- Industry Competitive Analysis (Porter's Five Forces)
- Market Dynamics and Growth Drivers
- SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
- Market Ecosystem and Value Creation Framework
- Competitive Positioning and Benchmarking Strategies
Major Advantages of the Report:
- This report provides market leaders and new entrants with accurate revenue estimates for the overall market and its key subsegments.
- Stakeholders can leverage this report to gain a deeper understanding of the competitive landscape, enabling them to strategically position their businesses and develop effective go-to-market strategies.
- The report provides stakeholders with valuable insights into the market dynamics, offering a comprehensive analysis of key drivers, restraints, challenges, and opportunities.
Why Choose IMARC Group:
- Extensive Industry Expertise
- Robust Research Methodology
- Insightful Data-Driven Analysis
- Precise Forecasting Capabilities
- Established Track Record of Success
- Reach with an Extensive Network
- Tailored Solutions to Meet Client Needs
- Commitment to Strong Client Relationships and Focus
- Timely Project Delivery
- Cost-Effective Service Options
Note: Should you require specific information not included in the current report, we are pleased to offer customization options to meet your needs.
Discuss Your Needs with Our Analyst -- Inquire or Customize Now: https://www.imarcgroup.com/request?type=report&id=23737&flag=C
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
Americas: +1-201971-6302 | Africa and Europe: +44-702-409-7331
Comments