Summary of all input variables after feature engineering
| Var. | Variable name | Project characteristic | Economic factor | Description |
|---|---|---|---|---|
| X1 | Project size | x | The project size was classified with reference to tendering limits set by BCA for different grades of registered contractors who are eligible to participate in tenders for public sector CW01 and CW02 projects. All project values (winning contracts) were first updated to a common base using the BCA TPI December quarter 2022 to facilitate the project size classification into small (≤ S$ 5 mil), medium (>S$5 mil and up to S$ 50 mil), large (>S$5 mil and up to S$ 105 mil) and extra-large (> S$105 mil) projects | |
| X2 | Work nature | x | The work nature of projects and there are two types, namely, new and alteration/upgrading | |
| X3 | Construction workhead (CW) | x | The construction workhead of projects and there are two groups, namely, general building and civil engineering | |
| X4 | Year | x | The calendar year when the tender closed | |
| X5-1 | TPI_close | x | Quarterly tender price index (TPI) when the tenders closed, which is compiled quarterly by the Singapore BCA [44]. It indicates the level of tender prices for all new building projects, but it excludes piling, substructure works, external works and mechanical and electrical services | |
| X5-2 | TPI_trend | x | TPI trend when the tender closed, 1 = an increase in TPI from preceding quarter; −1 = a decrease in TPI from preceding quarter; and 0 = no change in TPI from preceding quarter | |
| X5-3 | TPI_ROC | x | TPI rates of change from preceding quarter when the tenders closed, which were expressed in percentage terms | |
| X6-1 | Construction demand_close | x | Quarterly construction demand based on total value of contracts awarded (in S$ million) by both public and private sectors for building and civil engineering works (excluding reclamation works) when the tender closed. This is compiled quarterly by the Singapore BCA [40] | |
| X6-2 | Construction demand_trend | x | Construction demand trend when the tenders closed, 1 = an increase in demand from preceding quarter; −1 = a decrease in demand from preceding quarter; and 0 = no change in demand from preceding quarter | |
| X6-3 | Construction demand_ROC | x | Construction demand rates of change from preceding quarter when the tender closed, which were expressed in percentage terms |
| Var. | Variable name | Project characteristic | Economic factor | Description |
|---|---|---|---|---|
| X1 | Project size | x | The project size was classified with reference to tendering limits set by BCA for different grades of registered contractors who are eligible to participate in tenders for public sector CW01 and CW02 projects. All project values (winning contracts) were first updated to a common base using the BCA TPI December quarter 2022 to facilitate the project size classification into small (≤ S$ 5 mil), medium (>S$5 mil and up to S$ 50 mil), large (>S$5 mil and up to S$ 105 mil) and extra-large (> S$105 mil) projects | |
| X2 | Work nature | x | The work nature of projects and there are two types, namely, new and alteration/upgrading | |
| X3 | Construction workhead (CW) | x | The construction workhead of projects and there are two groups, namely, general building and civil engineering | |
| X4 | Year | x | The calendar year when the tender closed | |
| X5-1 | TPI_close | x | Quarterly tender price index (TPI) when the tenders closed, which is compiled quarterly by the Singapore BCA [44]. It indicates the level of tender prices for all new building projects, but it excludes piling, substructure works, external works and mechanical and electrical services | |
| X5-2 | TPI_trend | x | TPI trend when the tender closed, 1 = an increase in TPI from preceding quarter; −1 = a decrease in TPI from preceding quarter; and 0 = no change in TPI from preceding quarter | |
| X5-3 | TPI_ROC | x | TPI rates of change from preceding quarter when the tenders closed, which were expressed in percentage terms | |
| X6-1 | Construction demand_close | x | Quarterly construction demand based on total value of contracts awarded (in S$ million) by both public and private sectors for building and civil engineering works (excluding reclamation works) when the tender closed. This is compiled quarterly by the Singapore BCA [40] | |
| X6-2 | Construction demand_trend | x | Construction demand trend when the tenders closed, 1 = an increase in demand from preceding quarter; −1 = a decrease in demand from preceding quarter; and 0 = no change in demand from preceding quarter | |
| X6-3 | Construction demand_ROC | x | Construction demand rates of change from preceding quarter when the tender closed, which were expressed in percentage terms |
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