Construction earnings peak pushed to FY29 on $43-$53b demand estimate

An estimated addition $5.5b in contracts are expected to be awarded in 2026-2027.

Earnings growth in Singapore’s construction sector is expected to extend, with earnings now projected to peak between FY28F and FY29F.

Earlier forecasts expected earnings to peak in FY27F–FY28F, according to a CGS International report.

Target prices are expected to rise by up to 24%, whilst valuations remain below historical averages for most companies.

CGS expects a longer construction upcycle, with strong contract awards in 2025 and 2026, followed by four years of elevated construction activity.

This follows the Building and Construction Authority’s increase in the 2026 construction demand forecast to $47b–$53b from $37b–$46b on 22 January.

Major projects driving the pipeline include Changi Terminal 5, with an estimated $13b in contracts remaining, and Marina Bay Sands Integrated Resort 2, with $5.5b of contracts expected to be awarded in 2026–2027.

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