Singapore – A country experiencing economic growth – pt 1
This week, Maxim Recruitment In Focus takes a look at the construction industry in Singapore, that rarest of things at the moment – a country whose economy is experiencing growth! In the first part, In Focus looks at transport infrastructure.
The South-East Asian Country is enjoying a bountiful economy at present, for three consecutive years the country has experienced strong double digit growth with figures of around $30Billion output in the construction market. And this looks set to continue throughout the rest of 2010 and 2011 with estimates of a 3-5% GDP growth and the contracts keep flooding in for this booming construction market and construction jobs abroad for quantity surveyors and engineers looking to go overseas are ever present in this region.
In recent years the government has invested significant funds into the construction business. In particular the infrastructure projects such as Downtown Line Stage 3 which will mark the completion of the Downtown MRT Line, the 5th line of its kind in Singapore, the line will be about 42km long with 34 stations. Similar to the need to expand in Hong Kong, Singapore has significant requirements to build more public housing, upgrade and develop new educational and healthcare facilities as well as constructing major industrial projects such as the LNG Terminal, Seletar Aerospace Park and Fusionopolis 2A.
This would agree with suggestions that the civil engineering construction market in Hong Kong will remain strong at around $8 Billion input in 2010 to expand Singapore’s road and rail networks. Projects such as the widening of the Keppel Viaduct, NParks’ contracts for Garden at Marina South, the arterial road from CTW to Yishun Avenue 7, Mechanical and Electrical services for Marina Coastal Expressway and Common Services Tunnel Phase 3B at Marina Bay.