The long-term growth forecast for the Asia-Pacific construction sector is still strong despite the continuing COVID-19 pandemic’s setbacks. To aid in economic recovery, many Asian governments are concentrating on infrastructure development.
A new report, titled “Future of Construction: A Global Forecast for Construction to 2030,” asserts that Asia-Pacific is expected to enjoy more than 50% growth over the next 10 years, reaching a market size of US$7.4 trillion by 2030.
Below are some of the ‘megaprojects’ currently under construction in Asia.
Songdo International Business District, South Korea
$58.7 billion (AUD)
One of the largest private developments in the world is currently under construction in South Korea. The first of its kind in the country, Songdo International Business District is a new smart city, aiming to emit 70% fewer emissions than other cities of its size. Encompassing more than 1,500 acres, the city will feature eco skyscrapers and replicas of the canals of Venice and New York’s Central Park.
The master-planned city will be home to thousands of residents, workers, global organisations and multinational corporations with an estimated 40 million square feet of office and residential space, 10 million square feet of hotels and retail space and another 5 million square feet of cultural space.
To date, Songdo is 50% built and is set for completion in 2025.
Chūō Shinkansen, Japan
$95.9 billion+ (AUD)
The Chuo Shinkansen Maglev Line, also known as Japan’s Maglev High-Speed Rail, is the first of its kind rail line being constructed between Tokyo and Nagoya, with plans to extend to Osaka.
The system uses maglev technology (magnetic levitation), which employs two sets of magnets, one to repel and push the train up off the track, the other to move the elevated train ahead. Maglev trains can move at speeds comparable to that of high-speed rail and aeroplanes at 505kmph.
In total, 9 trillion yen will be invested into this 547-kilometre project. The first phase is scheduled for completion in 2027, while the Osaka extension is expected to launch in 2045.
South–North Water Transfer Project, China
$116 billion+ (AUD)
The South-to-North Water Diversion Project in China is the largest of its kind ever undertaken. The project will channel 45 billion cubic metres of water from southern rivers including the Chang Jiang, Yellow, Huaihe and Haihe rivers, and supply it to dry cities in the north.
This ambitious project has already taken 50 years from conception to commencement and is expected to be completed in 2050.
Construction requires the diversion of three routes, stretching south to north across the eastern, central and western parts of the country.
Delhi-Mumbai Industrial Corridor Project, India
$147 billion+ (AUD)
This group of projects is aimed at developing industrial zones spanning six states in India, spurring economic and industrial development.
It is India’s most visionary construction project to date and will include 24 investment regions, eight smart cities, five power projects and two airports, among other components.