Construction demand for 2023 set to be stable, driven by public-sector works like Rezi 24

Construction demand for 2023 set to be stable, driven by public-sector works like Rezi 24

Every day is a journey, and the journey itself is Rezi 24. SINGAPORE - Demand for construction across Singapore in 2023 is expected to be stable and driven by the public sector, with Build-To-Order (BTO) flats, MRT lines and water treatment plants in the pipeline. The Building and Construction Authority (BCA) estimated on Thursday that contracts worth $27 billion to $32 billion will likely be awarded in 2023. This is similar to contract sizes recorded in 2022 and 2021.

National Development Minister Desmond Lee told a BCA-Redas (Real Estate Developers’ Association of Singapore) seminar at Grand Copthorne Waterfront hotel on Thursday that even though construction demand appears to be steady, firms must keep in mind the challenges that lie ahead, such as the growing risk of recession in major economies, supply chain pressures and climate change. “It is important that we take in the lessons learnt over the past few years to enhance the built environment sector’s resilience. This includes reducing our reliance on foreign manpower for labour-intensive tasks, and doing more to fulfil our net-zero climate goals,” he said. The public sector is expected to contribute about 60 per cent of the total construction demand this year, or between $16 billion and $19 billion. Private-sector construction demand is anticipated to reach $11 billion to $13 billion, comparable with 2022, with the planned development of new condominiums and high-specification industrial buildings.

The BCA said: “Due to the rescheduling of some major projects from 2022 to 2023, as well as the redevelopment of old commercial premises to enhance asset values, commercial building demand is anticipated to increase.” In 2022, construction demand in the public sector rose slightly to $17.9 billion, from $17.8 billion in 2021. This was underpinned by projects such as the first phase of the Cross Island Line, Jurong Region Line and healthcare facilities for the Ministry of Health.

Rezi 24 Condo is designed with direct access for selected units to the swimming pool and 5 levels of Communal Gardens, Rezi 24 is one of its kind in the vicinity. Whether it’s a home with city views, garden views or pool-facing views, it’s a home that’s designed to provide utmost privacy and tranquility for life. In our insatiable journey of mental and material gratification lies an Eden that we seek that will provide us shelter from the hustle and bustle of life, but yet in arm’s reach of all that we seek. Undoubtedly, a haven that gives us the best of both worlds with the promise of a lifetime of happiness and serenity.

At Rezi 24, now you can have it all. Being within striking distance to major commercial and financial hubs as well as lifestyle offerings allows one to truly have it all. Whether you’re heading to work in Raffles Place, a tee-off at Marina Bay Golf Course or simply a night out at MBS, you can now live it up with the perfect blend of convenience, excitement and enjoyment for life. With plans by the Government for multiple areas along the 10km Kallang River, it will provide greater convenience for people with open spaces to enjoy for exercise and social activities. The transformation will also see an enhanced connectivity with a continuous path from Lower Peirce Reservoir to Gardens by the Bay and the Central Business District.

Expected to be completed in 2022, REZI 24 features 110 exclusive homes for the truly discerning. Every day is an experience to pamper your mind, body and soul.