,Singapore

Singapore ranks 4th most expensive market to build in Asia

Lion City’s construction market continues to face significant manpower shortages and supply chain constraints.

Singapore ranked the fourth most expensive market to build in Asia and the 37th most expensive globally in Turner & Townsend’s International Construction Market Survey 2021.

Construction costs in Singapore averaged US$2,079 per square metre (sqm) (approximately $2,825.98) according to the report. It followed Tokyo (US$4,001 per sqm), Hong Kong (US$3,894 per sqm), and Macau as the most expensive construction markets in Asia. Tokyo and Hong Kong are also the top two costliest cities globally.

Turner & Townsend noted that whilst Singapore’s construction sector showed gradual signs of improvement, it continues to be weighed down by the effect of border restrictions to prevent the spread of COVID-19.

Singapore’s construction market outlook is anticipated to remain uncertain in 2021. Although we could be seeing a gradual increase in terms of construction work demand (mainly driven by public sector projects), the overall market is still facing significant manpower shortages, supply chain constraints, and in particular escalating construction costs attributed to the current situation. There is also the need for the industry to further improve productivity to meet this growing demand,” said Khoo Sze Boon, managing director for Singapore, Vietnam, and the Philippines for Turner & Townsend.

According to the study, the price for steel, softwood and copper piping rose sharply globally over the year, affecting most international cities.

The study was based on data from 90 global markets. It measures input costs for materials and labour to calculate the average cost per sqm across 27 construction types. All local construction costs were converted into US dollars to allow comparisons.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The sector scored 72.7/100 points in customer satisfaction in the Customer Satisfaction Index of Singapore.
The new system, set for implementation in 2022, will provide migrant workers with quality, affordable and accessible healthcare catered to their needs.
Four medical suppliers saw an average 48% increase in stocks as markets reacted to the new variant.
Their pre-departure tests in South Africa on 26 November were negative.
The new skills maps serve as a resource for training providers and financial institutions to design family office-related training.
Its high costs make the country a top choice for companies with higher-valued-added manufacturing.
HongKongLand had the most growth for the day.
It surpassed the Bloomberg consensus estimate of 14.5%.
The agreement aims to grow tourism and economic activities as borders reopen. 
It will also enter a loan agreement worth $210.6m.
The acquisition will be fully funded by cash through internal resources.
These countries are Cambodia, the Maldives, Sri Lanka, Thailand, and Turkey.
The decrease was driven by profit declines in their beer and non-alcoholic businesses.
Sources say the state-owned Chinese firm is in talks with advisers about the potential divestment.