Optimistic outlook for Singapore’s construction sector; full recovery to take at least a year: Industry players
SINGAPORE: Optimism is building up in Singapore's construction industry, as it overcomes cost and labour issues brought about by recent global events such as the COVID-19 pandemic and the ongoing war in Ukraine.
The sector has struggled to meet both demands and deadlines, in the face of a one-two punch from higher material costs and a persistent manpower crunch.
Now, firms are slowly catching up. A drop in metal prices has given them some breathing space, but they still have to contend with a labour shortage that has affected their productivity.
LOWER COSTS
Metal prices are easing from record highs, but still remain quite a sum. Mr Allan Tan, managing director of United Tec Construction, said that the price of steel, which is used heavily in construction projects, used to be under S$800 per tonne. A few months back, it soared to between S$1,200 and S$1,300 per tonne, he said. Today, it has fallen to S$900 per tonne. The price of aluminium has also risen as much as 70 per cent, but has since fallen back to just over 30 per cent from the original price.
Source: CNA
