Singapore is Asia's third most expensive market for construction: report

SINGAPORE is the third most expensive market for construction within the Asia region, according to the International Construction Cost Report, which was released on Thursday. This is despite the country having seen significant relative cost reductions over the past year.

Singapore has also moved down five places on the global ranking, compared with the previous global ranking.

In Asia, Hong Kong is the most expensive market for construction, followed by Macau.

The annual study, which benchmarks building costs in 43 markets across the globe, found that relative construction costs have been affected by currency fluctuations, commodity prices and increasing demand for development in some recovering economies. These changes have seen the relative cost of building in Asia markets decrease significantly compared to markets in other regions.