Source : Asia Property Report, Nov 17, 2007
Key figures in Singapore´s real estate industry have claimed that the country´s property boom will continue for at least another two years after the government announced the postponement of a number of public sector building projects in order to make more labour and materials available.
Although the complete list of projects to be postponed has yet to be finalised, some US$2 billion worth of public developments are expected to be put on hold. Among those already named are planed extensions to the Asian Civilisations Museum, the National Addiction Management Centre, the Communicable Disease Centre and the extension of Changi Prison Complex; all of which have been frozen until 2010 at the earliest.
Desmond Hill, president of the Singapore Contractors Association, said the move should help ease pressure being placed on the country´s construction industry. He added, “The uptake of projects has been too fast, and we´re facing a manpower shortage. This move ensures that our construction boom can be extended past 2010.”
As well as shortages in manpower, raw materials such as cement and metal bars, have also been in short supply. The price of some construction materials have risen by over 20 per cent over the last year.
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