In a statement, the investment bank retained its “overweight” call on the sector.

Kenanga IB stated that the private-sector building jobs, backed by significant investments in new semiconductor foundries and data centres, will further boost the sector.

“Contractors under our coverage delivered a superb first quarter of 2024, with results either meeting or beating our expectations.

“The sector’s earnings should improve further throughout the year as work progresses and new projects come in,” said Kenanga IB.

In addition to the aforementioned projects, Singapore’s prime minister Lawrence Wong reportedly said yesterday that the republic is open to new ideas, including proposals for the Kuala Lumpur-Singapore High-Speed Rail (HSR) project.

This is expected to be discussed at the 11th Malaysia-Singapore Leaders’ Retreat, scheduled to be held in Malaysia later this year.

Wong mentioned that during the retreat, Singapore would review the progress of ongoing discussions between the two countries.

“And of course, along the way, there may be new ideas that come up, and we are open to hearing from Malaysia if there are proposals for the HSR project,” he said at a joint press conference with Prime Minister Anwar Ibrahim in Putrajaya yesterday.