SINGAPORE: An Industry Transformation Map for the construction sector will be launched later this month at the Singapore Construction Productivity Week, said Finance Minister Heng Swee Keat on Tuesday (Oct 3).

Speaking at the launch of the Greyform building, an integrated construction and pre-fabrication hub (ICPH) by Straits Construction Group, Mr Heng said that productivity remains a challenge for most construction industries worldwide.

"The boom and bust cycle in the sector incentivises companies to rely more heavily on variable factors of production such as labour and less on capital investments in new technologies," he said.

Singapore's construction sector must move "quickly and decisively" to raise productivity, he added.

According to Mr Heng, the transformation roadmap will bring together stakeholders to act on initiatives such as creating lead demand and rapidly increasing supply capacity to reduce costs of newer construction methods.

Other initiatives include using digitised construction plans to facilitate collaboration and preparing students and mid-career professionals with the knowledge to take up jobs made available by new technologies.

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