With millions to billions of dollars involved in every construction development venture, one would assume that builders compete fiercely to secure these projects. That cannot be said about Singaporean constructors that have begun to collaborate with competitors amidst an anticipated growth of the industry.
Data from the “Singapore Construction Industry Databook Series” show that Singapore’s construction industry will grow by 2.1% to reach $36b in 2023. The Building and Construction Authority (BCA), meanwhile, estimates construction demand to range between $27b and $32b.
“Companies are actively exploring collaborations with competitors to risk-share and capitalise on new build projects,” Dennis Lee, partner at RSM Singapore, told Singapore Business Review. “Construction firms have [also] been looking closely at capacity management, reducing down time and working closer with authorities to explore flexibility and efficiency in project planning,” Lee added.
Catching up
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