Construction: Business Times reported that Singapore’s builders are entering 2016 with large debts due, alongside falling confidence and declining earnings, with data from Bloomberg showing that a record $9.6b worth of bonds were repaid this year, with $6.4b expected to mature in 2016, $2.3b in 2017 and $7.4b in 2018.
Recent SGX filings reveal that contractors Ley Choon and Swee Hong are restructuring their debt with lenders, while crane operator Tat Hong is attempting to get bondholders to ease its financial covenants for its Jul ’18 notes.
A recent quarterly survey of local firms by Singapore Commercial Credit Bureau, revealed that the construction sector emerged as one of the least optimistic industry, while separately, government statics showed that building and construction awards appear set to decline for the first time since 2012.
The situation also is not helped by some of Singapore’s biggest property developers building up their overseas land banks, as they look for newer avenues of growth in light of the lacklustre domestic property market.
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