- Singapore’s construction sector is gaining traction, underpinned by strong infrastructure demand and rising ready-mix concrete (RMC) volumes, with industry demand projected to reach up to 14.5m m³ in 2025. Key projects like Changi T5 and Cross Island MRT support a healthy pipeline, while stable RMC prices in 1H25 improved the margin outlook. These trends enhance earnings visibility across the value chain.
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RMC usage continues to rise...
- Ready-mix concrete (RMC) deliveries rose to 1.113m m³ in Apr 25, up from 1.042m m³ in Mar 25. Industry demand is projected to grow from 13.4m³ in 2024 to 13.0m³-14.5m³ in 2025, reflecting strong sector momentum. Public infrastructure is fuelling demand, with major projects like the Cross Island MRT line, Changi Airport Terminal 5 and Tuas Port expansion, as well as new HDB developments.
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…while costs remain stable.
- As of May 25, steel rebar was priced at about S$697/tonne, down by around 14 % y-o-y, while cement (~S$104/tonne) fell 6% y-o-y and ready-mix concrete (~S$120/m³) remained stable y-o-y. The tender price index edged up modestly to 138.4 in 1Q25 from 137.7 in 2024, signalling that input-cost inflation remains subdued.
Maintain OVERWEIGHT.
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