Firms not surprised by S$10b cut in forecast for construction demand

Singapore

CONSTRUCTION firms say they are not surprised that the Building and Construction Authority (BCA) has lowered its forecast for this year's projected construction demand by S$10 billion, given the slow recovery in the sector since resuming operations.

The BCA had, in January, said it expected demand to come in at S$28 billion to S$33 billion; on Thursday, it reduced the range to between S$18 billion and S$23 billion, following its mid-year review of construction contracts awarded in H1 2020, and the public and private sector projects for the rest of the year.