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Construction Cost Review 3Q2023

On 22 November 2023, the Ministry of Trade and Industry (MTI) announced that Singapore’s economy grew by 1.1% on a year-on-year basis in 3Q2023. The GDP growth forecast for Singapore is projected to come in at around 1.0% in 2023 and between 1.0% and 3.0% in 2024. Looking ahead, the construction industry is likely to face persistent challenges in the months ahead, as the projected global growth slows due to ongoing geopolitical tensions, persistently high inflation, and elevated interest rates.

Construction Cost Review 2Q2023

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.


Commentary Note on Collaborative Contracting
This commentary note examines the key core drivers and impetus for collaboration and also discusses the critical success factors, potential benefits and challenges, and the possible approaches and some watchpoints flowing from collaboration principles in standard contract forms and bespoke agreements.
Construction Cost Review

Construction Cost Review 1Q2023

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.

Moments That Defined Us. A Look Back at 2023.


AIS Deepavali 2023


Asia Infrastructure Solutions (AIS) Singapore Townhall | Oct 2023


AIS-NUS Fireside Chat


World Mental Health Day: Quotes for Mental Resilience from #TeamAIS