Despite the subdued economic backdrop, the Building and Construction Authority (BCA) expects overall construction demand to remain strong, from between S$21 billion and S$27 billion for 2012. Minister of State for National Development, Tan Chuan-Jin said although this projection is lower than the 2011 construction demand, Singapore will continue to see a high level of on-site construction activity this...
Construction
Mapletree Logistics reported a slowdown in activity in the construction and industrial sectors. Mapletree is a real estate trust that specialises in logistics and industrial property. At the release of the logistic report on Wednesday, Mapletree's chief executive, Richard Lai, said high consumption rates in Singapore and around the region had kept demand for industrial space high, but the global economic...
Singapore's construction industry is set to grow over the next two years, but the global economic uncertainty ahead could cause "havoc" on financial markets and business confidence. President of the Singapore Contractors Association Limited (SCAL), Ho Nyok Yong, made this point at a dinner on Tuesday evening. Dr Ho said the construction industry's growth will be sustained by demand for public housing and...
Singapore ranked second on the list of the most expensive places to build in Asia, according to the 2011 International Construction Cost Report released by EC Harris. Coming in behind Japan and sharing the spot with Hong Kong, Singapore is also among the top 20 most expensive countries to build worldwide, the report added. According to the recent survey, the building prices in Asian countries have...
Construction and property group Chip Eng Seng reported on Thursday a year-on-year decrease of 14.2 per cent in its net profit for its second quarter to S$17.7 million. This is down from S$20.7 million recorded during the same period last year. The group also registered a 31.1 per cent decline in its second quarter revenue to SS$86 million compared to S$125 million a year ago. Its property development...
Analysts said the move by the Ministry of National Development to build more HDB flats may give the local construction industry a fresh boost. The majority of first time HDB home buyers can rejoice with the MND's decision to develop more build-to-order (BTO) flats this year. And with the decision to address rental flat shortages, industry observers said the planned supply changes would be positive for...
Mainboard-listed construction firm United Engineers on Tuesday said its net profit has jumped more than three-fold to S$186.2 million for the full year ended December 31. This compares to profits of S$52.2 million in 2009. The higher profit was on the back of a 28 per cent rise in revenue to S$901.4 million. United Engineers said revenue was mainly boosted by progressive revenue recognition from its...
Mainboard-listed construction firm Chip Eng Seng said third-quarter net profit grew 37 per cent from a year earlier to S$23.7 million. This compares with a net profit of S$17.3 million in the same three-month period last year. Meanwhile, revenue grew 10 per cent from a year earlier to S$115 million. The company said revenue growth was driven by property-development revenue, which jumped 79 per cent, led...
Construction and property firm Chip Eng Seng on Friday said its first-half net profit rose 76.1 per cent on-year to S$47.2 million. This is on the back of a 53 per cent on-year increase in revenue to S$225 million. Meanwhile, for the second quarter ended June, its profit increased 55.5 per cent on-year to S$22.4 million. Its revenue surged 83.5 per cent to some S$125 million. The group said the better...
onstruction firm Wee Hur Holdings on Friday said its first-half net profit rose 19 per cent on-year to S$10.4 million. This is despite revenue for the period falling 41 per cent to S$63.4 million. Wee Hur said revenue declined as new major construction projects are still in their early stages of work in progress and hence have lower revenue recognition. The firm said its newly-acquired subsidiary...