Construction demand in Singapore may fall by up to a third this year, the city-state’s Building and Construction Authority (BCA) said on Wednesday, Reuters reported.
BCA said construction demand, which refers to value of contracts awarded, is expected to fall to $21 billion to $27 billion in 2012, down from $32 billion in 2011.
It added, however, that “the high volume of contracts awarded in 2011 will translate into strong on-site construction activity at least over the next one to two years”.
Singapore’s construction sector contracted by an annualised rate of 6.7% in the fourth quarter of last year on a sequential basis.
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