2025年下半年新加坡及区域建筑行业市场更新报告

CONTENTSCONTENTS Introduction1Highlights2MarketsSingapore5Cambodia7Indonesia9Malaysia11Vietnam13Philippines15Japan17Commodity Price Trends20Currency Exchange Rates20Construction Prices in the Region21Professional Services23Our Offices24 INTRODUCTIONINTRODUCTION Across the region, construction markets in 2H 2025 continue to beinfluenced by a combination of cost pressures, policy interventions,and project pipeline dynamics. Tender price escalation forecast trendsreflect these conditions, with more pronounced increases anticipated in General MarketGeneral Market Entering the second half of 2025, global economic conditions remainbroadly stable but fragile. Disinflation has continued across many majoreconomies, easing some pressure on interest rates, although financingconditions remain restrictive by historical standards. Growth momentum Several recurring themes are evident across the markets covered in this Globaloutput growth is expected to remain modest,with theInternational Monetary Fund forecasting expansion of around 3.0% in2025 and edging slightly higher in 2026 to 3.3% as technology andadaptability offset trade policy headwinds. Advanced economies are Infrastructure-ledinvestment continues to anchor constructionactivity in many economies, particularly where governments are Regulatoryand procurement reforms are reshaping projectdelivery,includingtightertenderrequirements,contract Withinthe region,economic performance remains differentiated.Vietnam and Indonesia are benefiting from infrastructure spending,manufacturing activity and domestic demand, while Singapore and Sustainability, resilience, and labour policy measures are becomingincreasingly embedded in construction planning and execution, Construction IndustryConstruction Industry Lookingahead,construction activity in the new year is expectedtoremain resilient but uneven.Markets with strong public sectorinvestment and clear policy direction are better positioned to sustain Based on our regional survey on construction cost escalation issues(page 3), material costs and labour availability remain in general the keydrivers of the tender price escalation. However, the weightage for input HIGHLIGHTSHIGHLIGHTS f: forecastLegend:IncreasedRemainedDecreased HIGHLIGHTSHIGHLIGHTS REGIONAL* CONSTRUCTION INDUSTRY INFLUENCES ON ESCALATIONREGIONAL* CONSTRUCTION INDUSTRY INFLUENCES ON ESCALATION SINGAPORESINGAPORE Happening in Singapore Construction Market CORENET XCORENET X •Serves as a one-stop integrated digital shopfrontfor approval of building works Economy Indicators Tender prices expected to trend upward inTender prices expected to trend upward in20262026 •Spike in raw material prices due to oreshortages, sanctions and unrest•Labour cost per worker continues to outpace theincrease in labour productivity, resulting in anincrease in unit labour cost SINGAPORESINGAPORE Note: The market prices of ready mixed concrete are based on contracts with non-fixed price, fixed price and market retail price for Grade40 pump. CAMBODIACAMBODIA Construction Market Infrastructure-led growth anchors constructionInfrastructure-led growth anchors constructionmarketmarket •Infrastructure-dominant project pipeline in2H 2025 with projects concentrated in theindustrial, infrastructure, logistics and energysectors•Approximately 55 investment projects totalling 2.1%2.1% from 2Q 2025 tofrom 2Q 2025 to3Q 20253Q 2025Construction materialConstruction materialLabourLabour(Phnom Penh)(Phnom Penh)TPI 2026(f)TPI 2026(f)1.8% Y-o-Y in1.8% Y-o-Y in1Q 20251Q 20252.9% Y-o-Y in2.9% Y-o-Y in2025(f)2025(f)(Phnom Penh)(Phnom Penh)ConstructionConstructionsector growthsector growth2026(f)2026(f)5.2% Y-o-Y in5.2% Y-o-Y in3Q 20253Q 20255.2% Y-o-Y in5.2% Y-o-Y in •Investment sentiments remain cautious withuneven recovery•Demand shown resilience in mid-marketresidential but remains subdued in high-end Economy Indicators Cautious optimism amid global uncertainty inCautious optimism amid global uncertainty in20262026 •Continued infrastructure development andmanufacturing expected to support medium-term growth•Optimism muted by global trade uncertainties, 4.5% to 5.0%4.5% to 5.0%GDP 2026(f)GDP 2026(f)4.9% Y-o-Y in 3Q 20254.9% Y-o-Y in 3Q 20254.9% Y-o-Y in 2025(f)4.9% Y-o-Y in 2025(f) Inflation 2026(f)Inflation 2026(f)1.8% Y-o-Y in1.8% Y-o-Y in3Q 20253Q 20252.0% Y-o-Y in2.0% Y-o-Y in2025(f)2025(f)Unemployment rateUnemployment rate2026(f)2026(f)0.3% in 3Q 20250.3% in 3Q 20250.3% in 2025(f)0.3% in 2025(f) CAMBODIACAMBODIA INDONESIAINDONESIA Happening in Indonesia Construction Market Key construction policies introduced in 2H 2025Key construction policies introduced in 2H 2025 •Eased minimum paid-up capital for foreign-owned companies from IDR10 billion to IDR2.5billion, easing investment rules Rp 365tRp 365tConstruction demand 2026(f)Construction demand 2026(f)Rp 349t as at 3Q 2025Rp 349t as at 3Q 2025Rp 382t in 2025(f)Rp 382t in 2025(f) 3.0%3.0% from 2Q 2025 tofrom