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Property & Construction Market Overview
2013 has been a strategic year for the market leaders in Property and Construction, remaining relatively stable over the last year. Despite the continued concerns over global economic stability, there was increased focus in securing stronger regional footprints outside Singapore. As a result, we have seen a rise in demand for strategic hires for succession planning within Real Estate Developers and a greater demand for strong technical personality with strong business networks in the APAC region.
Singapore is still viewed as a major hub for Asia operations which will continue to grow in the future. Certain companies have outlined expansion plans for next year which is encouraging for Singapore and regional outlook.
As business becomes more competitive and companies look to differentiate themselves, employers are prioritising the need for incumbents with proven familiarity here and regionally. Industry professionals with technical expertise in project development and design engineering will be in high demand, of course not forgetting longer-term employment records. Mandarin language skills are still in high demand within the industry creating a barrier for some international candidates.
Over the next year, we are likely to see professionals with those sought after skills attracting the higher package. Hiring is likely to remain steady over the next year as the Asian economy continues to grow. Employers will need to offer strong packages including monetary and non monetary benefits in order to attract and retain the best talent. Job security, career development, challenging job roles and management responsibility are among the key motivational factors for employees.