Building Products
Singapore
Overview
2004 2005 2006 (estimated)
Total Market Size 3254 3685 4118
Total Local Production 1754 2026 2290
Total Exports 2592 2934 3537
Total Imports 4092 4593 5365
Imports from the U.S. 247 303 325
Footnote: Exchange rates used:
2004: US$1 = S$1.63
2005: US$1 = S$1.66
2006: US$1 = S$1.56
The above statistics are unofficial estimates
Figures are in millions of US$
In 2006, the demand for construction services is projected to reach between US$9.3 and US$10.7 billion, putting the sector on track for its best year since 2000. The strong construction demand is the result of solid economic growth and is driven by major contracts awarded in 2006 that included two malls on Orchard Road and a wafer fabrication plant in Tampines.
Construction is also expected to continue its current momentum in the years to come with the Marina Bay gardens, the multi-billion dollar Integrated Resorts, the Business & Financial Centre and residential developments. Strong Government spending will also add to sustaining construction demand with emphasis on infrastructure projects. These developments will provide opportunities for U.S. firms to supply building materials.
Best Products/Services
The Government of Singapore, under the auspices of the Building and Construction Authority (BCA), has encouraged the adoption of environmentally sustainable buildings. To this end, the BCA has initiated the Green Mark accreditation to promote the use of “green technologies and designs.” BCA is actively promoting the Green Mark program to the Business & Financial Centre (BFC), Marina Bay Sands’ Integrated Resort (IR) and the Singapore Flyer projects. It is understood that the push for green could involve a state-of-the-art central district cooling system. Other prospective green features include energy efficient light fittings incorporated in common areas to reduce future maintenance, solar powered systems for heated pool, and green rooftops to reduce heat transmission. These developments will provide opportunities for U.S. firms to supply building materials to the Singapore construction industry, especially state-of-the-art building products and environmentally friendly building materials and systems.
Opportunities
Given the strong economic growth of between 7.5% and 8.0% in 2006, and a projected GDP growth of between 4.0% and 6.0% for 2007, it is anticipated that construction demand will grow in tandem. Private developments such as the construction of the Integrated Resort and Business & Financial Centre commencing in 2007 through 2009 will see a great jump in the award of construction contracts. Both the private developments and the public infrastructure undertakings will provide great opportunities for U.S. firms to supply building materials and technology to the local construction industry. Among the American building products imported by Singapore include paving blocks, slabs and tiles, steel and iron bars and rods of various types and sizes, glass sheets, silica & quartz sands, as well as plastic tubes, pipes, hoses and fittings.
Resources
Singapore Government Offices
Building & Construction Authority
Housing & Development Board
U.S. Commercial Service, Singapore Contact
NG Haw Cheng, Commercial Specialist
Email: Hawcheng.Ng@mail.doc.gov