Singapore - The infrastructure industry is growing by the minute and not only does it affect the leading cities in Asia like China and India on its growth but developing nations as well such as Indonesia and Singapore.
Axis Capital Group, with branches on both countries, has predicted this growth and has leveled with the biggest names in the industry in Singapore. In pursuance of delivering only quality construction equipment, the company also aims to provide Singapore as well as Indonesia with all the assistance it can give for growth.
In Singapore alone, construction contracts are predicted to reach between $29 billion to $36 billion this year, given a sustained pipeline of public sector projects. This is according to the Building and Construction Authority (BCA) Singapore. This follows an exceptionally strong performance from last year where a total construction demand set a new record of $37 billion, fuelled by a higher volume of institutional and civil engineering construction contracts.
According to Global Intelligence, Singapore is the ninth most attractive city for real-estate investors for 2015. Many foreign investors have come to the country in search of greener pastures. However, as many alien nations seek out Singapore’s potential, many of the country’s wealthy business owners travel abroad for the expansion of their own brands, especially in UK, Australia, America, Japan and in the capital of Indonesia, Jakarta.
Nevertheless, the nation’s growth remains debatable and has been contested by other reviews.
According to Bloomberg Business, Singapore said a global slowdown in the final months of the year will cap full-year economic growth at about 3 percent before an uneven recovery in 2015.The country’s main economy remains modest despite the slight increase but many still believes that there is still a bright future ahead for the construction industry.
A new hospital and subway lines may have helped Singapore’s construction industry grow the most in a year last quarter, a bright spot in an economy otherwise hurt by an uneven global recovery. Construction, which made up 4.4 percent of gross domestic product last year, rose 8 percent in the three months through December from the previous period, data showed today.
Axis, along with other construction specialist in the country remains optimistic as projects from both the public and private sectors are materialized. With that in mind, in an arduous journey towards growth, Singapore trusts in its allegiance with private companies that care for the country.