Boston, MA -- (ReleaseWire) -- 02/24/2014 -- As expected, Singapore's construction sector in 2013 appears to have grown at the slowest pace since 2010. Despite this bearish performance, we believe that the outlook for Singapore's construction sector for 2014 has improved and have revised up our forecasts accordingly. This improving outlook is primarily due to resilience in private sector investment, particularly in the residential and non-residential building sector. We also highlight that contract awards in the infrastructure sector could reach recordhighs in 2014. However, we do not believe such scenario would naturally mean record-high infrastructure activity in 2015 due to longer construction periods for these planned projects.
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Recent developments affecting infrastructure growth are:
- In October 2013, four civil contracts worth SGD1bn were awarded by the Land Transport Authority. These four construction contracts projects - namely the Woodlands train station, Lentor station, Mayflower station and the Mandai depot - were part of the planned 30km Thomson Line and were awarded to South Korea's GS Engineering & Construction, China Railway No. 5 Engineering, Hong Kong's Gammon Construction, and Singapore's Jurong Primewide, respectively. This was followed by the awarding of the Springleaf station and a two km section of twin, bored tunnels to a joint-venture between Australian companies Leighton Holdings and John Holland in November 2013. These contracts are scheduled to start construction works in Q114 and be completed before or by 2020.
- In November 2013, Singapore's Land Transport Authority (LTA) is planning to acquire part of land at Keppel terminal to construct the Stage 6 of the Circle Line. The land is currently owned by the country's port authority, PSA. The LTA is planning to extend the existing Circle Line in order to improve connectivity between the central east and central west areas of Singapore. The 4km long line of the Circle Line Stage6 (CCL6) will link the HarbourFront station and the Marina Bay station. The authority expects the line to be commercially operational by 2025.
- In December 2013, Japan-based construction firm Takenaka secured a SGD985mn (US$775.71mn) construction contract from Changi Airport Group (CAG) for the Changi Airport's Terminal 4 (T4) in Singapore. The contract involves the development of a new passenger terminal building, a multi-storey car park and an open-air car park, a two-storey holding area, road improvement works, a bridge and a 68m-high Ramp Control Tower. An appointed architect and design consortium including SAA Architects, Benoy, AECOM Singapore and Beca Carter Hollings & Ferner S.E Asia, in collaboration with Takenaka and CAG, will improve the design of T4 before construction. Construction work is scheduled to begin in Q114, with T4 expected to be completed in 2017.
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