Singapore Defers S$1.7 Billion of Projects on Building Costs

Bloomberg.com
22 Jul 2008

July 22 (Bloomberg) -- Singapore is deferring a further $1.7 billion ($1.3 billion) of construction projects as material and labor costs rose as much as 5 percent in the first quarter, National Development Minister Mah Bow Tan said today.

This brings the total value of public-sector projects deferred in the city-state to S$4.7 billion, Mah said in a written reply to lawmakers e-mailed to reporters today. Building costs rose 30 percent last year and labor and equipment prices jumped 19 percent, Mah said in the statement.

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