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With researchers in dormitories comprising nearly all COVID-19 instances in Singapore, the government has established a $1.36 billion fund to assist construction companies resume operate safely and fast, declared the Building and Construction Authority (BCA) on 27 June.
Dubbed the Building Support Bundle, the fund aims to help construction companies cancel extra compliance costs because of COVID-19, expand progress payment for public sector projects in addition to offer support for prolongation expenses.
BCA revealed a 525.8 million finance will be made accessible to building companies to assist them in procuring extra material/equipment, like PPEs, masks, barricades and extra portable toilets, to comply with security measures demands.
“The financing will be awarded to building projects regardless of if they’ve declared or are pending restart, because these compliance costs would finally be incurred,” said BCA.
To guarantee the construction sector is going to have a secure restart, the authorities will continue to shoulder the expenses of COVID-19 testing to the industry before 31 March next year.
BCA said developers project private business projects may also embrace the tradition of co-sharing prolongation prices with builders.
The authorities will even extend progress payments to construction companies focusing on public sector projects to this stage once the jobs secured approval to resume, capped at 5% of the contract amount or $10 million, whichever is lower.
Before awarded advance payments for April and May, principal contractors for these endeavors are mandated to pass onto part of the advance payment on sub-contractors.
Besides the support steps, building companies may also avail of foreign worker levy rebates at $90 a month each workforce holder from August to December following year.