Construction cost going up announced by Minister

Construction costs in Singapore will increase as authorities impose a new COVID-19 testing regime on workers in the industry, said National Development Minister Lawrence Wong.

As announced that all workers both large-scale and individual, safety measures will be implemented this resulted in s

urging cost and expenses adding to the labor shortage in view of safe distancing.

Rising construction cost is the No.1 concerning factor for new launch developments, where the increase in overall production cost will directly impact the higher selling price. The cringe of manpower due to many labourers' work have been put to halt during circuit breaker, this means that the cost of labour has to be adjusted to an increase. On the other hand, the material and supply see great fluctuations in prices as the curb prevents access of materials and supply to be shipped in and the probability to outsource from other regular vendors that will cause a jump in the cost.

Expect lesser new launch developments as the new revision and pricing will see price increase. Experts recommend buying now.

Property is an important sector in Singapore. It contributed the largest component of household wealth and interest loans form a huge portion of banking systems’ loan books, while the construction sector is a material contributor to economic growth. This linked to the country's economic affairs and financial stability.

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