{"id":3057,"date":"2019-05-14T08:24:52","date_gmt":"2019-05-14T08:24:52","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3057"},"modified":"2021-06-04T14:24:14","modified_gmt":"2021-06-04T07:24:14","slug":"whats-next-for-the-construction-sector-in-southeast-asia","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/whats-next-for-the-construction-sector-in-southeast-asia\/","title":{"rendered":"What\u2019s next for the construction sector in Southeast Asia?"},"content":{"rendered":"

A forecast of the markets moving earth, literally, in the region<\/p>\n

\"\"
Private residential construction along Braddell Road, Singapore. Jnzl’s Photos \/Flickr<\/figcaption><\/figure>\n

Southeast Asia\u2019s major building markets are bracing for wide variations of growth this year, according to the latest Arcadis International Construction Costs report.<\/p>\n

The construction industries of the Philippines and Vietnam rank third and fifth worldwide, respectively, for forecast annual real growth in value in 2019. Ireland and Qatar take the pole and runner-up positions, in that order.<\/p>\n

The management consultancy expects the Philippine construction market to remain strong in 2019 and 2020 due to ongoing government and private investments in major projects.<\/p>\n

\u201cThe government\u2019s commitment to decongest Metro Manila and provide accessible travel to Manila and Clark International Airport is expected to create more jobs and spur economic growth in the city and across other parts of the country,\u201d Ross McKenzie, country head of Arcadis Philippines, told BusinessWorld<\/a>.<\/p>\n

Indonesia and Thailand rank sixth and 13th, respectively, followed by Malaysia at 15th and Singapore at 24th.<\/p>\n

More: Where are the most expensive Asian cities for construction?<\/strong><\/a><\/p>\n

The Malaysian construction market will grow by 4.7 percent in 2019, while its tender price index is slated to increase by 0-2 percent.<\/p>\n

\u201cIn 2019, the [Malaysian] construction sector will grow at a slower pace, due to major revisions around mega infrastructure projects and a general slowing down of global construction projects. The Malaysian government\u2019s allocation of over USD362 million for affordable housing, may well stimulate industry growth this year,\u201d the consultancy predicted.<\/p>\n

The construction market in Singapore, which sits 48th in Arcadis\u2019 ranking of the most expensive cities to build in, is slated to grow by five percent in 2019. Its tender price index is also set to increase by one percent to three percent.<\/p>\n

\u201cOne factor that will likely have a major influence on the market is the government\u2019s push to transform the construction industry with Integrated Digital Delivery (IDD). IDD will connect stakeholders in construction projects, mandate the adoption of Building Information Modelling (BIM) and establish the Singapore Virtual Design and Construction Guide,\u201d Arcadis researchers noted.<\/p>\n

Still, the Singaporean construction sector\u2019s GDP shrank by 3.4 percent last year, primarily due to a slowdown in public sector activities. Prices for key construction materials remained stable over 2018, with key construction material prices expected to rise in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

A forecast of the markets moving earth, literally, in the region<\/p>\n","protected":false},"author":8,"featured_media":20056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[214,224,223],"class_list":["post-3057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-apac","tag-arcadis","tag-asia-pacific","news_country-asia","news_author-property-report"],"acf":[],"yoast_head":"\nWhat\u2019s next for the construction sector in Southeast Asia? | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/whats-next-for-the-construction-sector-in-southeast-asia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s next for the construction sector in Southeast Asia? 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