If the economists at Maybank are correct, the actual value this year will reach nearly $60 billion, with both public and private sector contracts accounting for half each. In their Sept 24 report, the Maybank economists point out that contracts awarded in the first six months of the year have already reached $27.7 billion, up 41% y-o-y.
With the recent infrastructure upcycle and pandemic-induced cost pressures easing, construction companies have been attracting greater investor interest.
Last year, total construction demand was $44.2 billion, double that at the pandemic trough of just over $20 billion. This year, the official projection by the Building and Construction Authority (BCA) is between $47 and $53 billion.
