The value of Singapore construction market is forecasted by GlobalData to grow by 5.4% in real terms in 2024, having grown by 6.6% in 2023. A key growth market will be the infrastructure market, with output rising by 3.8% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Here are the five largest construction projects initiated in Singapore during Q1 2024, according to GlobalData’s construction projects database.
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1. ACC-1 Cable System
The project involves the construction of an 18,000km submarine fiber-optic cable system, which connects Singapore, Indonesia, Australia, Japan and the US.
Construction work started in Q1 2024 and is expected to be completed in Q4 2025.
The project aims to provide a broader network and increase network capacity for Business-to-Consumer (B2C) and Business-to-Business (B2B) services.
2. Pesawat Drive Semiconductor Substrate Plant
The project involves the construction of a 95,000m2 semiconductor package substrate FC-BGA plant in Singapore.
Construction work commenced in Q1 2024 and is expected to finish in Q4 2026.
3. Jurong Hydrogen Ready CCPP Power Plant 600 MW
The project involves the construction of a 600MW hydrogen-ready combined cycle power plant (CCPP) on Jurong Island.
Construction work started in Q1 2024 and is forecast to complete in Q4 2026.
4. Tuas Biomedical Park Biologics Manufacturing Facility Expansion
The project involves the expansion of a biologics manufacturing plant with a production capacity of 24,000 liters in Tuas Biomedical Park.
Construction work commenced in Q1 2024 and is expected to be completed in Q4 2026.
5. Tembusu Grand Residential Development
The project involves the construction of four 20, and 21-story residential blocks comprising 640 residential units on 1.9ha of land in Singapore.
Construction work started in Q1 2024 and is expected to be completed in Q4 2031.
For more details on the latest construction projects, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
