It is crucial to have the ability and budget accurately for a construction project. A consistent cash flow and a comprehensive understanding of market operations can make all the difference between breaking even, making a profit or even exceeding the budget.
Asia Infrastructure Solutions is pleased to offer a Construction Cost Review, which aims to keep you informed of the latest costs and trends in Singapore.
Tender prices for 2Q2023 have continued to be stable compared to 1Q2023. Despite the downward trend observed for some key material prices, labour costs remain high. Hence, tender prices for 2Q2023 have been maintained at a level similar to those of 1Q2023, attributed by the prevailing market uncertainty.
Tender prices in 1Q2023 have shown an increase compared to 4Q2022. The upward trend is primarily driven by the increase in material prices and labour costs. Looking ahead, key construction material prices are expected to remain stable, while labour costs are anticipated to continue increasing. The projected price movement for the next twelve months is estimated to range from +3% to +6%, depending on prevailing market sentiment and any potential adverse ramifications of current economic instability.
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