Singapore's Building and Construction Authority projects that private-sector construction demand--measured by the value of contracts awarded--could fall to between 12 billion Singapore dollars ($9.8 billion) and S$15 billion in 2013 from an estimated S$18.8 billion last year.
Given the city-state's tepid economic growth, which officials expect at between 1% and 3% this year, and uncertain global demand, private-sector developers are "likely to take a more cautious stance in terms of new construction investments," the authority said. Full story
