Steady growth amid market shifts
The second half of 2024 saw stable economic growth despite ongoing geopolitical uncertainties. While material costs and labour availability remain key cost drivers, macroeconomic factors such as inflation and interest rates are now exerting greater influence.
Regionally, tender price escalations varied, with Singapore, Ho Chi Minh City, Jakarta, and Kuala Lumpur experiencing increases, while Manila, Phnom Penh, and Tokyo saw a slowdown. In addition, sustainability and disaster resilience continue to shape policy changes, with new regulations promoting green building initiatives.
Looking ahead, tender prices are expected to rise between 2.0% and 5.0% in 2025 amid continued demand growth. This report provides valuable insights into price movements, policy updates, and construction outlooks, helping industry stakeholders navigate an evolving market.
