RLB新加坡和区域建筑市场更新2022年6月

JUNE 2022JUNE 2022 CONTENTSCONTENTS Introduction1Highlights2MarketsSingapore4Cambodia6Indonesia8Malaysia10Myanmar12Vietnam14Philippines16Japan18Commodity Price Trends21Currency Exchange Rates21Construction Prices in the Region22Professional Services24Our Offices25 INTRODUCTIONINTRODUCTION General MarketGeneral Market Global prices for copper, aluminium and structural steel remainmore than 50% above pre-COVID prices, despite the recentsoftening of costs in May 2022. Sanctions and import bansimposed on Russia reduced global crude oil supply, driving oilprices above US$100/barrel for the first time since 2014. Giventhat long term demand is expected to sustain, prices are likelyto remain high in the near term. Global gross domestic product (GDP) grew by an estimated5.7% in 2021, after an historically deep recession the previousyear. The global economy is projected to moderate to 2.9% in2022, largely reflecting forecast markdowns in the two largesteconomies and economic damage from the conflict in Ukraine.The rapid increase in fuel and food prices add to inflation,triggeringcentral banks to hike interest rates aggressivelyto counter inflationary pressures, which in turn could triggerother global ramifications. Despitethe easing of international border restrictions,theimbalance in labour supply and demand in countries that relyheavily on imported labourers are not corrected. This is inpart due to a surge in demand for the same pool of workers inseveral countries. Comparedto 2021,more countries have eased borderrestrictions and protocols, transiting to an endemic phase ofCOVID-19. Fiscal and monetary policy support provided duringthe pandemic are further pared back with the recovery fromCOVID-induced economic setbacks. Elevated construction prices are likely to persist throughoutthe year on the back of high construction material prices andlabour costs for the cities covered in this report. Construction IndustryConstruction Industry In comparison to the world economy, the construction industrycontinues to suffer from the impacts of the COVID-19 pandemic,on top of the effects of the conflict in Ukraine. Worldwide, construction material prices are driven by boththe increase in demand and lack of supply. Dry bulk carriersremain in short supply as demand remain elevated and portscongested.The combined effect,together with a strongergreenback, is that of a continued upward pressure on prices ofimported goods. HIGHLIGHTSHIGHLIGHTS SINGAPORESINGAPORE COVID-19 (Temporary Measures) Act 2020COVID-19 (Temporary Measures) Act 2020 Construction Market •Part 2 and Part 8B on co-sharing of cost: relief periodended on 28 Feb 2022•Part 10A on addressing foreign manpower costincreases in respect to work permit holders: reliefperiod ended on 30 Jun 2022 S$29b to S$32bS$29b to S$32bConstruction output forecastConstruction output forecastfor 2022for 2022S$26.2b (32.5% Y-o-Y) in 2021S$26.2b (32.5% Y-o-Y) in 2021 Key policies introducedKey policies introduced Price movementPrice movementfrom 4Q 2021 to 1Qfrom 4Q 2021 to 1Q20222022••Construction materialConstruction material••LabourLabour •Built Environment Transformation GFA IncentiveScheme in place from 24 Nov 2021 to 23 Nov 2026•Enhancements to Code of Practice and regulations toaccelerate adoption of DfMA from 30 Apr 2022•New CONQUAS 2022 standard from 1 Jun 2022 S$27b to S$32bS$27b to S$32bConstruction demandConstruction demandforecast for 2022forecast for 2022S$29.9b (42.2% Y-o-Y) in 2021S$29.9b (42.2% Y-o-Y) in 2021 Tender prices remain on upward trendTender prices remain on upward trend •Material and labour costs expected to remain elevatedin the near term•More private employers considering price fluctuationadjustments for specific materials to manage risks•Productivity reportedly taken a hit with inflow of lessskilled workers and outflow of higher-skilled workers Economy Indicators 2.2%2.2%Unemployment rateUnemployment rate1Q 20221Q 20222.7% in 20212.7% in 2021 Residential property market cooling measuresResidential property market cooling measures •Prices expected to continue increasing in the near termdue to rising construction costs, inflation and interestrates SINGAPORESINGAPORE Note: ƒPrices of granite and concreting sand excluded local delivery charges to concrete batching plants.ƒThe market prices of ready mixed concrete are based on conctracts with non-fixed price, fixed price and market retail price for Grade40 pump.ƒExchange rate assumption (1Q2022): 1 USD = 1.35 SGD CAMBODIACAMBODIA Construction Market Key Prakas issuedKey Prakas issued •National Council for Building TechnicalRegulations set up to study and developeffective sustainable regulations•All constructions that require permits must beinspected and certified prior to occupationfrom Jan 2022 6.2%6.2%TPI forecast 2022TPI forecast 20225.9% Y-o-Y as at 1Q5.9% Y-o-Y as at 1Q2022 (Phnom Penh)2022 (Phnom Penh) 8.8%8.8%ConstructionConstructionsector growthsector growth2022 forecast2