{"id":75328,"date":"2024-05-28T13:05:09","date_gmt":"2024-05-28T05:05:09","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=75328"},"modified":"2024-11-19T18:21:52","modified_gmt":"2024-11-19T10:21:52","slug":"construction-costs-singapore","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/construction-costs-singapore\/","title":{"rendered":"Construction costs in Singapore: A look into current trends"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\r\n<h3 id=\"h-table-of-contents\" class=\"wp-block-heading\">Table of contents<\/h3>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><a href=\"#h1\">Current construction market landscape<\/a><\/li>\r\n\r\n\r\n\r\n<li><a href=\"#h2\">Factors influencing construction costs<\/a><\/li>\r\n\r\n\r\n\r\n<li><a href=\"#h3\">Construction demand and output<\/a><\/li>\r\n\r\n\r\n\r\n<li><a href=\"#h4\">Major public and private sector projects<\/a><\/li>\r\n\r\n\r\n\r\n<li><a href=\"#h5\">Government initiatives and enhancements<\/a><\/li>\r\n\r\n\r\n\r\n<li><a href=\"#h6\">Performance assessment and industry transformation<\/a><\/li>\r\n\r\n\r\n\r\n<li><a href=\"#h6\">Conclusion<\/a><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p id=\"h1\">In Singapore, understanding construction costs is essential for developers, contractors, and stakeholders in the industry. With many projects in progress and more expected in the future, staying informed about current trends is important. This article explores the factors that influence construction costs, the current market landscape, and government initiatives that are shaping the sector.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h2 id=\"h-current-construction-market-landscape\" class=\"wp-block-heading\">Current construction market landscape<\/h2>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/www.businesstimes.com.sg\/property\/singapore-fourth-most-expensive-market-build-asia-due-skills-shortage-high-materials-costs\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">According to recent data<\/a>, Singapore is ranked as the fourth-most expensive construction market in Asia and the 37th globally. This high cost is attributed to factors such as a shortage of skilled labour and high material costs.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1200\" height=\"800\" class=\"wp-image-75333\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporealvinasuhardiounsplash.jpeg\" alt=\"construction costs singapore 2024\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporealvinasuhardiounsplash.jpeg 1200w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporealvinasuhardiounsplash-150x100.jpeg 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\r\n<figcaption class=\"wp-element-caption\">Image credit: Alvina Suhardjo on Unsplash.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p id=\"h2\">In comparison, <a href=\"https:\/\/www.arcadis.com\/en\/knowledge-hub\/perspectives\/asia\/research-and-publications\/construction-cost-handbook\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Tokyo, Hong Kong, and Macau have higher construction costs, with Tokyo being the most expensive city globally<\/a>. <a href=\"https:\/\/www.mti.gov.sg\/ITMs\/Built-Environment\/Construction\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The average cost of construction in Singapore is approximately US$2,079 per square meter<\/a>.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h2 id=\"h-factors-influencing-construction-costs\" class=\"wp-block-heading\">Factors influencing construction costs<\/h2>\r\n\r\n\r\n\r\n<h3 id=\"h-skilled-labour-shortage\" class=\"wp-block-heading\">Skilled labour shortage<\/h3>\r\n\r\n\r\n\r\n<p>The shortage of skilled labour is a significant factor contributing to rising construction costs in Singapore. This shortage has resulted in higher labour costs, especially in the mechanical and electrical work sectors.<\/p>\r\n\r\n\r\n<p style=\"border: 0.8px solid #808080; font-size: 17px; padding: 15px; text-align: left;\"><i>Read this: <a href=\"https:\/\/www.99.co\/singapore\/insider\/manpower-crunch-in-the-construction-sector-whats-the-situation-so-far\/\" target=\"_blank\" rel=\"noopener\">Manpower crunch in the construction sector: What\u2019s the situation so far <\/a><\/i><\/p>\n\r\n\r\n\r\n<p>As a result, tender prices are expected to remain volatile, with an expected increase of 10-15%.<\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-high-material-costs\" class=\"wp-block-heading\">High material costs<\/h3>\r\n\r\n\r\n\r\n<p>The prices of key construction materials have experienced significant increases because of global supply chain disruptions and high demand. For example, the cost of steel bars increased by 36.2%, and cement by 6% from December 2020 to June 2021.<\/p>\r\n\r\n\r\n\r\n<p>These trends are consistent with observations in other global markets.<\/p>\r\n\r\n\r\n<p><iframe loading=\"lazy\" style=\"border: none; width: 350px !important; box-shadow: 0px 2px 12px rgb(11 17 52 \/ 15%); border-radius: 16px;\" src=\"https:\/\/www.99.co\/property-value-widget?contentSource=insider-blog&amp;contentId=construction-costs-singapore-2024\" width=\"350\" height=\"370\" scrolling=\"no\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\"><\/span><\/span><\/iframe><\/p>\n\r\n\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h2 id=\"h-construction-demand-and-output\" class=\"wp-block-heading\">Construction demand and output<\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1200\" height=\"797\" class=\"wp-image-75341\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporenuralishaunsplash.jpeg\" alt=\"construction costs singapore 2024\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporenuralishaunsplash.jpeg 1200w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporenuralishaunsplash-150x100.jpeg 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\r\n<figcaption class=\"wp-element-caption\">Image credit: Nur Alisha on Unsplash.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<h3 id=\"h-2023-performance\" class=\"wp-block-heading\">2023 performance<\/h3>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/www.constructionplusasia.com\/sg\/singapore-construction-review-2023-and-forecast-2024\/#:~:text=OVERVIEW%202023&amp;text=For%20the%20current%20year%2C%20the,key%20driver%20of%20this%20trend.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">In 2023, Singapore witnessed the awarding of construction contracts worth $33.8 billion, exceeding the initial forecast range of $27 billion to $32 billion<\/a>. This increase was attributed to higher tender prices, accelerated contract awards for private residential projects, and an escalation of public housing projects.<\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-2024-forecast\" class=\"wp-block-heading\">2024 forecast<\/h3>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/www1.bca.gov.sg\/about-us\/news-and-publications\/media-releases\/2024\/01\/15\/steady-demand-for-the-construction-sector-projected-for-2024\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">In 2024, the Building and Construction Authority (BCA) anticipates a range of $32 billion to $38 billion in construction contracts<\/a>. It is projected that the public sector will account for approximately 55% of this demand. This is attributed to major projects including new Build-To-Order flats, the Cross Island MRT Line, and infrastructure works for Changi Airport Terminal 5.<\/p>\r\n\r\n\r\n<p style=\"border: 0.8px solid #808080; font-size: 17px; padding: 15px; text-align: left;\"><i>Read this: <a href=\"https:\/\/www.99.co\/singapore\/insider\/bto-projects-mop-2024-2025-near-the-mrt\/\" target=\"_blank\" rel=\"noopener\">Full list of BTO projects hitting MOP in 2024\/2025 &amp; Our top picks near the MRT <\/a><\/i><\/p>\n\r\n\r\n\r\n<h3 id=\"h-medium-term-outlook-2025-2028\" class=\"wp-block-heading\">Medium-term outlook (2025-2028)<\/h3>\r\n\r\n\r\n\r\n<p>Between 2025 and 2028, the annual construction demand is projected to range from $31 billion to $38 billion. Public sector projects are expected to make substantial contributions, with expected investments of $19 billion to $23 billion per year.<\/p>\r\n\r\n\r\n\r\n<p id=\"h4\">Notable developments during this period include the expansion of the <a href=\"https:\/\/www.straitstimes.com\/singapore\/transport\/new-sungei-kadut-mrt-station-linking-north-south-and-downtown-lines-could\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Downtown Line to Sungei Kadut<\/a>, the r<a href=\"https:\/\/www.moh.gov.sg\/news-highlights\/details\/speech-by-mr-ong-ye-kung--minister-for-health--at-the-groundbreaking-ceremony-of-the-redeveloped-alexandra-hospital-campus-on-15-may-2024--9.00am#:~:text=The%20redeveloped%20Alexandra%20Hospital%20is,Integrated%20General%20Hospital%20(IGH).\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">edevelopment of Alexandra Hospital<\/a>, and the <a href=\"https:\/\/www.straitstimes.com\/singapore\/pandemic-ready-tech-enabled-new-hospital-campus-with-1400-beds-to-open-in-the-east-by-2030#:~:text=SINGAPORE%20%E2%80%93%20A%20new%20hospital%20campus,and%20the%20Eastern%20Community%20Hospital.\">construction of a new integrated hospital in Bedok<\/a>.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h2 id=\"h-major-public-and-private-sector-projects\" class=\"wp-block-heading\">Major public and private sector projects<\/h2>\r\n\r\n\r\n\r\n<h3 id=\"h-public-sector-projects-in-2024\" class=\"wp-block-heading\">Public sector projects in 2024<\/h3>\r\n\r\n\r\n\r\n<p>Key public sector projects planned for 2024 include the construction of new Build-To-Order flats, contracts for the second phase of the <a href=\"https:\/\/www.99.co\/singapore\/insider\/3-insights-phase-2-cross-island-line-mrt-stations\/\" target=\"_blank\" rel=\"noreferrer noopener\">Cross Island MRT Line<\/a>, <a href=\"https:\/\/www.changiairport.com\/corporate\/our-expertise\/changi-east.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">infrastructure works for Changi Airport Terminal 5<\/a>, and the <a href=\"https:\/\/www.mpa.gov.sg\/maritime-singapore\/port-of-the-future#:~:text=At%20its%20targeted%20completion%20in,mil%20TEUs%20handled%20in%202021.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">development of Tuas Port<\/a>.<\/p>\r\n\r\n\r\n<p style=\"border: 0.8px solid #808080; font-size: 17px; padding: 15px; text-align: left;\"><i>Read this: <a href=\"https:\/\/www.99.co\/singapore\/insider\/hdb-bto-june-2024\/\" target=\"_blank\" rel=\"noopener\">HDB BTO June 2024: From Jurong East to Tampines, &amp; more (HDB BTO June 2024 project locations and details) <\/a><\/i><\/p>\n\r\n\r\n\r\n<p>These projects underscore the government\u2019s commitment to enhancing public infrastructure.<\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-private-sector-projects-in-2024\" class=\"wp-block-heading\">Private sector projects in 2024<\/h3>\r\n\r\n\r\n\r\n<p id=\"h5\">In 2024, private sector demand is expected to arise from various sources such as residential developments under the <a href=\"https:\/\/www.ura.gov.sg\/Corporate\/Land-Sales\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Government Land Sales (GLS) programme<\/a>, <a href=\"https:\/\/www.straitstimes.com\/business\/integrated-resorts-expansion-plan-2-years-in-the-making-part-of-singapores-growth-strategy\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">expansion of the two integrated resorts<\/a>, redevelopment of commercial premises, and the development of mixed-use properties and industrial facilities.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h2 id=\"h-government-initiatives-and-enhancements\" class=\"wp-block-heading\">Government initiatives and enhancements<\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1200\" height=\"900\" class=\"wp-image-75337\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporedanielwongunsplash.jpeg\" alt=\"construction costs singapore 2024\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporedanielwongunsplash.jpeg 1200w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporedanielwongunsplash-150x113.jpeg 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\r\n<figcaption class=\"wp-element-caption\">Image credit: Daniel Wong on Unsplash.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<h3 id=\"h-transforming-the-built-environment-sector\" class=\"wp-block-heading\">Transforming the built environment sector<\/h3>\r\n\r\n\r\n\r\n<p>The Singapore government is transforming the built environment sector by emphasising higher productivity and sustainability standards. Collaborative contracting is being promoted to manage risks and additional costs, including those arising from pandemics.<\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-standard-consultancy-agreement-sca-review\" class=\"wp-block-heading\">Standard Consultancy Agreement (SCA) review<\/h3>\r\n\r\n\r\n\r\n<p>In collaboration with industry associations and consultancy firms,\u00a0the government has reviewed the <a href=\"https:\/\/www1.bca.gov.sg\/procurement\/post-tender-stage\/standard-consultancy-agreement\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Standard Consultancy Agreement (SCA)<\/a>\u00a0to provide clearer definitions of service scope, ensure fair and timely remuneration with the ability to request fee adjustments and achieve a more balanced allocation of risk.<\/p>\r\n\r\n\r\n\r\n<p>These enhancements aim to foster healthier practices between public sector developers and consultants.<\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-quality-fee-method-qfm-enhancements\" class=\"wp-block-heading\">Quality Fee Method (QFM) enhancements<\/h3>\r\n\r\n\r\n\r\n<p id=\"h6\">The <a href=\"https:\/\/www1.bca.gov.sg\/procurement\/tender-stage\/quality-fee-method-qfm-framework#:~:text=The%20Quality%20Fee%20Method%20(QFM,evaluate%20construction%2Drelated%20consultancy%20tenders.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Quality Fee Method (QFM)<\/a> framework for public sector consultancy tenders is being enhanced to place greater emphasis on quality. This includes more merit-based short-listing and increased differentiation in quality scores. These enhancements are expected to be implemented later in 2024.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h2 id=\"h-performance-assessment-and-industry-transformation\" class=\"wp-block-heading\">Performance assessment and industry transformation<\/h2>\r\n\r\n\r\n\r\n<h3 id=\"h-consultant-performance-assessment\" class=\"wp-block-heading\">Consultant performance assessment<\/h3>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/www1.bca.gov.sg\/docs\/default-source\/docs-corp-procurement\/pspc_terms.pdf?sfvrsn=2ea9e85_8\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Government entities that handle procurement will assess consultants involved in public sector projects every six months<\/a>. Consultants will receive a performance score out of 100 points. Firms scoring below 50 points will be temporarily suspended from tendering for public sector projects for three months. This initiative aims to ensure high standards and accountability within the sector.<\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-call-to-private-developers\" class=\"wp-block-heading\">Call to private developers<\/h3>\r\n\r\n\r\n\r\n<p id=\"hc\">Private developers should adopt the public sector\u2019s standard provisions for collaborative contracting. Although these changes might initially lead to higher costs and cause process adjustments, they are essential for the industry\u2019s long-term transformation. Embracing these practices will create a more resilient, dynamic, and innovative sector, ultimately benefiting all stakeholders in the long run.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h4 id=\"h-conclusion\" class=\"wp-block-heading\">Conclusion<\/h4>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1200\" height=\"702\" class=\"wp-image-75339\" style=\"width: 768px; height: auto;\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporeabhinavchitikelaunsplash.jpeg\" alt=\"construction costs singapore 2024\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporeabhinavchitikelaunsplash.jpeg 1200w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2024\/05\/constructionsingaporeabhinavchitikelaunsplash-150x88.jpeg 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\r\n<figcaption class=\"wp-element-caption\">Image credit: Photo by Abhinav Chitikela on Unsplash.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>In conclusion, the construction industry in Singapore is dealing with high costs, a shortage of skilled labour, and volatile tender prices. With government initiatives focused on sustainability and productivity, the sector is expected to experience growth and transformation. Staying informed and adapting to these changes is important for all stakeholders in the market.<\/p>\r\n\r\n\r\n\r\n<p>By understanding these trends and leveraging the provided insights, industry players can better prepare for future challenges and opportunities. Singapore\u2019s construction sector is expected to remain a crucial part of its economic growth, driven by public and private sector projects that will influence the nation\u2019s built environment in the coming years.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<p><em>This article is a product of\u00a0<a href=\"http:\/\/99.co\/\" target=\"_blank\" rel=\"noreferrer noopener\">99.co<\/a>\u00a0and is based on information gathered from various sources, including The Straits Times, The Business Times, and mti.gov.sg, Construction Plus Asian, and Arcadis. These sources are used in good faith to provide valuable insights. The source of the referenced content is duly credited and we recommend readers refer them for a comprehensive understanding of the topic.\u00a0<a href=\"http:\/\/99.co\/\" target=\"_blank\" rel=\"noreferrer noopener\">99.co<\/a>\u00a0is not responsible for errors, omissions, or consequences from using this information.<\/em><\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>","protected":false},"excerpt":{"rendered":"<p>Table of contents In Singapore, understanding construction costs is essential for developers, contractors, and stakeholders in the industry. With many projects in progress and more expected in the future, staying informed about current trends is important. This article explores the factors that influence construction costs, the current market landscape, and government initiatives that are shaping&hellip;<\/p>\n","protected":false},"author":143,"featured_media":75339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53631,53642,53912],"tags":[53645,58424,55351,53796,58871,58872,58873],"persona":[57125,57127,57126,57128],"class_list":{"2":"type-post","22":"entry","23":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Construction costs in Singapore: A look into current trends - 99.co<\/title>\n<meta name=\"description\" content=\"With the rising price trends of materials and manpower, construction costs are a growing worry for most. 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