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Govt bringing forward another S$700m of construction projects to help SME contractors
THE government is bringing forward another S$700 million in construction projects, among other measures, to help local SME (small and medium enterprise) contractors through the difficult time the sector is currently experiencing.
This is on top of the S$700 million worth of public infrastructure projects that the government is bringing forward to 2017 and 2018, as announced during the Budget this year, bringing the total amount to S$1.4 billion.
Minister for National Development and Second Minister for Finance Lawrence Wong announced this during his speech at the Singapore Contractors Association's 80th anniversary gala dinner on Thursday.
He said the projects will generally be smaller, such as upgrading of neighbourhood facilities, that will benefit SME contractors.
These projects are expected to be launched over the next one to two years but some projects may stretch to end-2019 as time will be needed for design and planning, he noted.
Mr Wong added that the government will continue to monitor the industry closely and adjust the pace of the public sector projects if necessary.