National Development Minister Khaw Boon Wan said the local construction industry needs to raise productivity through standardisation and prefabrication. In his latest blog entry, he said Singapore can try to build more flats with fewer foreign workers, if construction productivity is raised. Singapore is adding another 25,000 public flats this year through the Build-to-Order scheme, and needs some 30,000...
Construction
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...
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...
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...
Homegrown building construction company Lian Beng has clinched a S$119.5 million contract to build The Scala - a 99-year leasehold condominium development located at Serangoon Avenue 3. The contract was awarded by the Hong Leong Group and covers the construction of five 17- to 18-storey blocks. It also covers the construction of podium and basement carparks, clubhouse, and other recreational and communal...
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...
Homegrown building construction company Lian Beng has reported a profit of S$24 million for the full year ended May. This was a 41.3 per cent increase compared to the same period a year ago. The company said this was driven by strong performance across the construction, property development and ready-mixed concrete divisions. Revenue for the year stood in at S$345.7 million, a 12.1 per cent increase...