Home prices, rental rates likely to keep rising amid construction cost pressures

Supply chain disruptions and the war in Ukraine are among factors that have driven up the cost of construction materials. ST PHOTO: ONG WEE JIN
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SINGAPORE - An extra $2 million - that is how much main contractor Unison Construction has forked out in the past two years to meet the soaring cost of steel rebar alone for one ongoing construction project.

Yet its contracts director Goh Boo Kui is thankful, as the hit to the firm's bottom line could have been far worse, had it not earlier signed a fixed price contract for $700 a tonne and already secured a large quantity of steel from another supplier.

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