In 2024, Singapore’s construction sector experienced a significant growth of 5.9%, with total construction demand reaching $44.2 billion, exceeding previous forecasts. This was driven by a combination of robust public infrastructure projects and a surge in private sector activity.
| Company | Ticker(SGX) | 1-Year Returns （%） | Market capitalisation($’m) |
|---|---|---|---|
| Centurion Corp | OU8 | 148% | 1130 |
| OKP Holdings | 5CF | 122% | 205 |
| Hor Kew | BBP | 99% | 37 |
| Wee Hur | E3B | 93% | 384 |
| Hong Leong Asia | H22 | 92% | 898 |
| Pan United | P52 | 57% | 505 |
| Hua Tiong | 41B | 53% | 43 |
| ISOTeam | 5WF | 50% | 49 |
| BRC Asia | BEC | 47% | 864 |
| King Wan | 554 | 40% | 31 |
Public sector projects, including institutional and public housing, contributed significantly, while private residential awards and contract values also saw increases. Public sector projects are from a myriad of government bodies such as Housing and Development Board (HDB), Land Transport Authority of Singapore (LTA), Changi Airport Group (CAG) etc.
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According to the Department of Statistics , the total value of construction contracts issued grew by 29.5% YoY in 2024.
Besides significant public housing development as well as transport infrastructure such as train stations, major projects like Changi Airport Terminal 5 (T5) and Tuas Port also contributed to the overall growth in the construction sector.
Despite the positive growth, challenges such as the labor squeeze and rising labor costs were also noted.
Analysts expects the construction industry in Singapore to grow by 4.1% in real terms in 2025, driven by rising investments in commercial, housing, and transport infrastructure projects
This is probably why construction stocks in Singapore have been on a bull run over the last 12 months (as at 25 May 2025), with the top 10 performers returning between 40% and 148%.
Here we look at the top 10 performers and a short summary of their business.
1) Centurion Corp (SGX:OU8)
Centurion Corporation is primarily focused on owning, developing, and managing purpose-built accommodation for workers and students. The company operate under the Westlite Accommodation brand for workers and the Dwell brand for students with a total of nearly 70,000 beds across 37 assets.
Centurion’s operational worker accommodation comprises ten assets in Singapore, eight assets in Malaysia and one asset in China. Centurion’s operational student accommodation segment includes ten assets in the UK, three assets in US, two assets in Australia, and two assets in China.
With manpower being a requirement for any construction work, Centurion is the first beneficiary of this trend.
2) OKP Holdings (SGX:5CF)
OKP Holdings is a transport infrastructure and civil engineering company that specialises in construction and maintenance of various public and private projects. They primarily focus on airport runways and taxiways, roads and bridges, and oil and gas-related infrastructure for petrochemical plants and oil storage terminals. Additionally, they are involved in maintenance of roads and road-related facilities and building construction.
OKP was involved in large scale projects such as ExxonMobil’s second petrochemical complex and is also known for projects such as the viaduct under the Pan-Island Expressway and a variety of LTA and PUB projects.
3) Hor Kew (SGX: BBP)
Hor Kew Corporation Limited specialises in building construction, property development, and prefabrication. They are involved in both designing, manufacturing, and supplying building components and are also a main contractor for various construction projects. Their Prefabrication segment focuses on designing, manufacturing, and selling building components, including prestressed and precast concrete, as well as prefabricated architectural metal components.
Hor Kew has worked on countless HDB projects and even has their own prefabricated bathroom designed to simplify, speed up and also improve the construction quality. Hor Kew has also provided precast concrete components for train stations as well as staircase flights and planks for school campuses.
4) Wee Hur (SGX: E3B)
Wee Hur Holdings Ltd is a diversified construction company. They operate in various segments, including building construction, worker’s dormitories, property development, purpose-built student accommodation (PBSA) operation.
Wee Hur undertakes various construction projects, including residential, commercial, industrial, and institutional buildings, as well as restoration and conservation projects Wee Hur is also a registered contractor with a financial grade A1, allowing them to bid on public projects with unlimited contract values.
Locally, Wee Hur has worked on HDB, private residential and even industrial and religious projects. Wee Hur has also expanded its competency overseas to countries such as Australia.
5) Hong Leong Asia (SGX: H22)
HLA is a diversified Asian multinational with core businesses in Powertrain Solutions and Building Materials. It designs, manufactures, and sells diesel engines and related products, as well as provides building materials for the regional construction industry
The PowerTrain segment includes the design, manufacture, and sale of heavy-to-light duty engines, with its NYSE-listed subsidiary China Yuchai (NYSE:CYD) being a key player.
One of its divisions produces engines for highway vehicles, generator sets, and marine and industrial applications. It also offers diesel-related products, such as power generators and other engines
The Building Materials segment focuses on providing building materials to the construction industry and is a a major supplier of ready-mixed concrete in Singapore.
6) Pan United (SGX:P52)
Pan United is a global leader in low-carbon concrete technologies catalysing change in the concrete space. They are among the world’s biggest producers of carbon mineralised concrete (CMC) which leverages carbon capture & utilisation (CCU) technology to sequester industrial waste CO2 within concrete.
7) Hua Tiong (SGX:41B)
Hua Tiong primarily provides civil engineering services, inland logistics support, and sells construction materials. They have been involved in numerous large infrastructure projects in Singapore over the last 30 years in the civil engineering space for numerous large infrastructural construction projects in Singapore including certain stations of the Downtown Line MRT and Circle Line MRT, the Kallang-Paya Lebar Expressway (“KPE”) and the Marina Coastal Expressway (“MCE”). Its customers in the civil engineering segment include, among HDB and the LTA.
Hua Tiong also offers a wide range of civil engineering services, including earthworks, infrastructure works, demolition and excavation, site clearance, drainage works, and more.
It is registered with as an A1 contractor under the category of CW02 for civil engineering and B2 under the category CW01 for General Building.
8) ISOTeam (SGX:5WF)
ISOTeam Ltd is a facilities maintenance and upgrading specialist, primarily serving the public sector. They offer a range of services including repairs, redecoration, additions and alterations, specialized coating and painting, mechanical and electrical engineering, and interior design. ISOTeam also focuses on eco-conscious practices and has experience in renewable energy installations.
ISOTeam has been involved in projects such as the Neighborhood Renewal Programme (NRP) which upgrades and enhancing residential neighborhoods, the Hawker Centres Upgrading Programme (HUP) which handle upgrades and maintenance for hawker centers as well as the Estate Upgrading Programme (EUP which aims to improve the overall quality of living in residential estates.
ISOTeam is also involved in the Home Improvement Programme and even in Electrical Load Upgrading projects which upgrade existing electrical infrastructure to meet new demands.
9) BRC Asia (SGX: BEC)
BRC Asia is a leading provider of prefabricated steel reinforcement solutions in Singapore and Pan-Asia, offering a wide range of products and services for the construction industry. They offer services like prefabrication, cut and bend services for rebar, and manufacture of standard and customized welded wire mesh.
They are recognized for their contributions to iconic landmarks like Marina Bay Sands, Resorts World Sentosa, Gardens by the Bay, Marina Bay Financial Centre, National Library of Singapore and Pinnacle @ Duxton, as well as various public housing developments. Besides these landmarks in Singapore, This growing list, BRC Asia has been part of iconic railway projects in Shanghai and Beijing as well as upscale resorts in the Maldives.
10) King Wan (SGX:554)
King Wan Corporation Limited is a integrated building services company. They primarily provide Mechanical and Electrical (M&E) engineering services for the building and construction industry, including plumbing, air conditioning, electrical systems, fire protection, and communication and security systems. In addition to these core services, they also offer other services like civil engineering, repair & redecoration, and mobile loo services.
Some of their notable projects include Jewel Changi Airport, Singapore Sports Hub, and the Pinnacle @ Duxton. They are also involved in public housing developments, executive condominiums, and private residential projects.
Closing thoughts
Singapore’s construction sector, fueled by robust public and private projects, sees a promising outlook, with several listed companies poised to benefit from the increased demand.
With many major projects just commencing and with a continued demand for housing, the industry is expected to continue its strong performance. This growth is likely to benefit companies across the construction supply chain, including those producing building materials and those involved in construction services.
The Singapore-listed construction stocks cover a range of solutions, some of which are niche while others are more broad based. We would prefer the larger and more well-established players who not only have a longer track record but would also be better able to better manage its costs and quality if the growth cycle gets overwhelming.
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