Govt to defer $1.7bil of construction projects
Singapore’s government is deferring a further 1.7 billion dollars worth of construction projects as material and labour costs rose as much as 5 percent in the first quarter.
National Development Minister Mah Bow Tan gave the update in a parliamentary written reply issued today.
The move brings the total value of public-sector projects deferred to 4.7 billion dollars.
In the reply, Mr Mah said building costs have risen 30 percent last year while labour and equipment prices jumped 19 percent.
But projects that are essential to meet Singapore’s economic and social needs will proceed as planned.
Mr Mah added that the government will continue to monitor the situation closely and work with key industry stakeholders to mitigate the cost increase.
Prices of materials used in construction such as steel bars and concrete have risen to record highs because of global demand and increasing fuel costs.
Among the major projects that are continuing in Singapore are the two casino-resorts, the sports hub and the extension of the MRT lines
Source: 938Live
Filed under: About Singapore, Construction, General, Property News | Tagged: construction projects
