1、RIDER LEVETT BUCKNALL RIDER LEVETT BUCKNALL SINGAPORE AND SINGAPORE AND REGIONAL REPORTREGIONAL REPORTDECEMBER 2025DECEMBER 2025CONSTRUCTION MARKET UPDATECONSTRUCTION MARKET UPDATEH2H220252025Introduction 1Highlights 2Markets Singapore 5Cambodia 7Indonesia 9Malaysia 11 Vietnam 13Philippines 15Japan
2、17Commodity Price Trends 20Currency Exchange Rates 20Construction Prices in the Region 21Professional Services 23Our Offices 24Rider Levett Bucknall|Singapore&Regional Report 2H 2025CONTENTSCONTENTSINTRODUCTIONINTRODUCTIONGeneral Market General Market Entering the second half of 2025,global econ
3、omic conditions remain broadly stable but fragile.Disinflation has continued across many major economies,easing some pressure on interest rates,although financing conditions remain restrictive by historical standards.Growth momentum is increasingly shaped by geopolitical developments,trade policy un
4、certainty,and uneven recovery patterns across regions,particularly for economies with high exposure to global supply chains.Global output growth is expected to remain modest,with the International Monetary Fund forecasting expansion of around 3.0%in 2025 and edging slightly higher in 2026 to 3.3%as
5、technology and adaptability offset trade policy headwinds.Advanced economies are seeing slower expansion as fiscal support tapers and borrowing costs stay elevated,while emerging and developing economies continue to provide the main source of incremental growth.Within the region,economic performance
6、 remains differentiated.Vietnam and Indonesia are benefiting from infrastructure spending,manufacturing activity and domestic demand,while Singapore and Japan are experiencing more restrained growth amid mature markets,cost pressures and policy recalibration.These varying macroeconomic conditions tr
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