EAST ASIA Ӏ CONSTRUCTION REPORT


LARGE INVESTMENTS Renewable energy has seen large- scale investments – such as the Hai Long offshore wind project (TWD117 billion/~$3.8 billion) – which are central to Taiwan's net- zero by 2050 ambitions. Only about 11% of the country's electricity, however, was from renewables by the end of 2024. This was short of government targets. When it comes to transport and infrastructure, rail and road projects are in the spotlight. Signature projects like the Miaoli Formosa 4 Offshore Wind Farm (4.4GW), Taipei–Yilan Direct Railway Line, and upgrades to water production and supply (e.g., a large Taoyuan water facility) reflect both public and private sector commitment.


The institutional construction sector is projected to grow by 2–3.7% annually, supported by substantial planned government spending on education and healthcare facilities (e.g., a proposed 8.3% budget boost for Ministry of Education in 2025). With regards to residential and


commercial sectors, the residential sector is expected to grow at around 3% per year, aided by housing demand, redevelopment, and a stable flow of new licenses, while the commercial and industrial sectors are supported by the ongoing tech and semiconductors boom.


INDUSTRY MAKEUP Taiwan’s construction market includes over 20,000 companies (2024), with a growing mix of A, B, C-class builders, and civil engineering contractors. Employment in the sector


showed consistent growth – up 1.4% year-on-year in the first nine months of 2024.


PROJECT PIPELINE Taiwan’s construction project pipeline includes mega projects worth $237.1 billion, with a strong


From left to right: Sheik Allaudeen (GM) and Kohki Uemura (president & CEO) of Denzai Huationg; Joyce Foo Hui Chin (CEO) and Kenny Lim Teck Huat (director of corporate strategy and development) of Hiap Heng


bias toward projects already in execution. Potential headwinds, however, include supply chain disruptions, rising material and labour costs, and the impact of global tech cycles on semiconductor-driven construction. There’s active government


support for infrastructure and climate goals, and rising lending to the construction sector. This signals confidence in the industry’s sustainability and growth through the decade.


THE HONG KONG CONSTRUCTION MARKET After an estimated 10.8% real growth in 2023, the construction market faced a modest contraction of 1.2% in 2024, linked to inflation,


high interest rates, and restrained private sector demand. Growth is projected to resume, with a 0.7% increase expected in 2025 and a 2.3–2.6% annual average through 2028–2029. Government investment


remains the anchor with annual public infrastructure spending remaining consistently above HK$100 billion. The government has set ambitious targets like supplying 440,000 housing units over 10 years and major long-term projects such as the Northern Metropolis development. With regards to transport and Infrastructure major drivers include three strategic railway projects, three new road schemes, and major utility upgrades.


DENZAI AND HIAP HENG FOCUS ON SINGAPORE MARKET


Japanese heavy lifting and transport specialist Denzai has signed a Memorandum of Understanding (MOU) with Hiap Heng Heavyequipment Co. to jointly pursue opportunities in the Singapore market. Hiap Heng, founded in Singapore in 1983, offers rough terrain and all terrain cranes up to 350 tonnes, a fleet of heavy transport equipment, lorry cranes, and mobile elevated work for a wide variety of jobsites. “Singapore is entering a new era of infrastructure development that will define the city’s future,”


says Kohki Uemura, President & CEO, Denzai. “By combining Denzai’s global heavy lifting expertise and equipment with Hiap Heng’s trusted fleet… we can offer comprehensive solutions that cover the full spectrum of construction needs. Together, our teams and our people bring the strength, precision, and reliability to support Singapore’s most ambitious projects, today and in the years ahead.”


CRANES TODAY 21


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