In the property development market we have seen a growing sense of excitement from the initial slow start to 2017. Competition for land tenders is increasingly aggressive as both local and international clients look to increase their portfolios. Another trend we have been seeing is that developers have tended to be more active in acquiring existing properties for full-scale development or major refurbishment, restacking and/or rebranding such as TripleOne Somerset, AXA Tower and Golden Shoe.
Further investment into the regional markets has continued with cash flow into the likes of Malaysia, Vietnam, Thailand and Indonesia remaining strong – all of which points to an exciting 2018 with the market returning back to form. In recruitment terms, we have experienced a sharp increase in the need for quality Project and Development Managers. In addition, on the investment side, the hiring of good Business Development and Investment Managers has upturned.
The construction sector, not surprisingly, has echoed the development market with many main contractors cutting back on project staff and teams early in 2017. But projections suggest that between $20 billion and $24 billion has been awarded/spent in infrastructure construction alone, up from last year's $15.9 billion. Hence, we saw a noticeable change in the recruitment market in Q3 most likely down to some major packages being awarded across both civil infrastructure and building sectors such as DTSS Phase II, Circle Line 6 and Project Glory.
As we come to the end of the year the Singapore construction market is looking poised to have a busy 2018 with many contractors hiring ahead of plan and before Christmas and the CNY. The desire to find good Project and Construction Managers has been the flavour of recent months as well as Architectural Managers with large scale project experience.
Whilst the hospitality and retail sectors have been struggling in Singapore and will remain a key focus for change in 2018, the outlook for other major sectors remains strong. We anticipate strong levels of hiring to remain in commercial fit-out, data-centres and publicly funded projects.
All in all 2018 is a year the Cobalt team are looking forward to.
If you're looking for a new Construction role in 2018 contact our team today.
Article written by Leong Siu Meng, Principal Consultant - Property, Construction & Engineering