SINGAPORE - More Singapore construction and consultancy firms ventured overseas in 2015, with the number of projects secured nearly doubling from the previous year.
This was according to survey findings released by the Building and Construction Authority (BCA) on Wednesday (June 14).
Its Construction Export Survey 2016, which polled more than 1,400 firms, found that 38 contractors and 62 consultancy firms ventured abroad last year, up from 22 contractors and 26 consultancies in 2014.
These companies snagged 594 projects in 2015 from the 289 in 2014.
BCA said the majority of the overseas projects involved renovation and interior works, as well as building construction works in the residential and hospitality sectors.
Contracts valued at about S$1.74 billion were secured in overseas market in 2015, including in Myanmar, India, Malaysia, Thailand, Indonesia and the United Arab Emirates.
This was slightly up from the S$1.7 billion annual average total export value over the past five years.
BCA noted that consultancies thrived in China, India and South East Asia, which accounted for 87 per cent of their overseas projects in 2015.
The top four consultancy services provided were architectural, civil and structural, mechanical and electrical engineering designs, and master planning.
"The rise in new consultancy services indicate a shift in demand in the international markets and that Singapore consultancy firms are adapting to evolving international market demands and have positioned their services accordingly," BCA said in the statement.
New services included feasibility studies and consultancy training, which made up about 7 per cent of the consultancies' overseas projects in 2015.
To encourage more companies to internationalise, the BCA has offered a range of services such as conducting market familiarisation trips and seminars, providing market intelligence and helping to match Singapore firms with potential overseas partners.