Construction costs in Singapore may increase by up to six per cent next year when new government regulations to restrict foreign workers kick in. According to the new Real Estate Sentiment Index, rising land prices and construction costs are some of the top concerns among developers. New rules that will kick in this month include an increase in foreign worker levy. There'll also be a reduction of...
Construction Costs
Health Minister Khaw Boon Wan said construction plans for the new Jurong General Hospital have been brought forward to take advantage of softening construction costs. In July, the government has said it is deferring another S$1.7 billion of public sector construction projects to ease pressure on the then red-hot construction sector. More hospital bed spaces are coming on-stream and drugs could get...
The new Khoo Teck Puat Hospital in Yishun is on track for opening in 2010 despite a hike in construction costs, says its CEO Liak Teng Lit. Commenting on the progress, Mr Liak said the structure of the hospital will be completed by the middle of 2009. Mr Liak said, "The lift shaft has reached level 3, basement is almost completed. So part of the hospital is now at level 1. From now on, every 3 weeks or...
With the Housing and Development Board's (HDB) development costs up over the last year, young couples looking to buy a new flat may ask: Would I have to pay more? For Financial Year 2007-8, tender prices for its construction works grew about 22 per cent. In June, National Development Minister Mah Bow Tan had estimated they could jump another 20 per cent this year. Releasing the HDB annual report on...
Sales of private homes by Singapore developers dropped by 56 per cent for the year ended June 30, with only about 7,200 units being sold. However, Real Estate Developers' Association of Singapore (REDAS) believes private home prices will not drop sharply this year, despite the tight credit market and economic slowdown. President of REDAS, Simon Cheong, said: "If it drops, it will not be much more. This...
S’pore contractor is happy concocting his own brews For small-time contractor Ernest Ng, the recent property boom largely passed him by. High material costs and the difficulty in getting skilled labour has made him reconsider the wisdom of staying on in the business. “The Government has said that the construction industry will be one of the sectors that will remain buoyant. But for small timers like...
Building government projects at a later time may cost more if prices of materials continue to rise. However, National Development Minister Mah Bow Tan said that is a calculated risk the government has to take. To cool the market, the government is deferring a total of about S$4.7 billion worth of public sector construction projects to 2010 and beyond. Construction is one of the hottest industries in...
TO help meet demand for flats in the northern part of the island, the Housing and Development Board (HDB) yesterday launched a: Build-To-Order (BTO) project in Woodlands town called Straits Vista @ Marsiling. The project, comprising 50 units of three-room and 332 units of four-room flats, is located near the Woodlands Regional Centre and is served by the Woodlands MRT station and bus interchange. It is...
National Development Minister Mah Bow Tan said the Housing and Development Board (HDB) is containing construction costs as much as it could even though they have gone up significantly recently. HDB is doing this by simplifying some of the projects or by combining them so that there are more economies of scale. A recent example is the Punggol Sapphire project which has more than a thousand units against...
Trade and Industry Minister Lim Hng Kiang has urged developers and contractors not to price in expectations of increases in costs into their tenders for projects. Speaking to reporters on the sideline of a groundbreaking ceremony on Friday, he said that the government would continue to manage the increase in cost of steel and other materials and try to mitigate the impact of higher costs. He said: “The...