CTR Holdings ($1416)
A subcontractor with an impressive portfolio of data center and semicon projects in Singapore
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Dear readers,
This write-up from Iqbal (with some contributions from Singapore) pulls together our research on CTR Holdings Limited (“CTR”).
This is an illiquid Hong Kong listed company and may not be suited or accessible to everyone. We will have an update on our Japanese semiconductor supply chain ideas later this week, but there are also periodic threads about that in the subscriber chat.
Introduction
CTR is a Singapore-based construction contractor specializing in structural engineering works (e.g. reinforced concrete, steel reinforcement, formwork, precast installation) and wet architectural works (masonry, plastering, tiling, waterproofing).
The Group serves both public sector projects (such as government hospitals and MRT subway stations) and private sector developments (e.g. residential estates, office buildings, data centers, semiconductor fabs) .
Founded in 2006, CTR built a track record in Singapore’s construction industry and listed on the Hong Kong Main Board in January 2020 . The Hong Kong listing was intended to enhance its capital base and reputation in the industry .
Today, CTR operates solely in Singapore and has proven capabilities to execute complex infrastructure and building projects in its niche.
The company completed 15 projects in FY2025 alone (vs 13 in FY2024) and had 20 ongoing projects as of Feb 2025 . Notably, structural engineering contributes the bulk of revenue (over 90% in the latest year) while wet works comprise the rest . This focus on structural works positions CTR in a higher-value segment of construction, leveraging its expertise in critical building structures.
Market Opportunity
Singapore’s construction sector is in a multiyear upcycle underpinned by strong public infrastructure and housing demand. The Building and Construction Authority (BCA) projects record construction contract awards of S$47–53 billion in 2025, up from an estimated S$44.2 billion in 2024.
Major planned projects include Changi Airport Terminal 5, new MRT rail lines (e.g. Cross Island Line phase 3, Downtown Line extension), large public housing developments, and marquee private investments like the Marina Bay Sands expansion.
Looking further out, BCA forecasts annual construction demand of S$39–46 billion per year from 2026 through 2029, indicating sustained high activity beyond the near-term peak . This robust pipeline should translate into abundant tender opportunities for contractors.
CTR is well positioned to participate in Singapore’s infrastructure boom, particularly in public projects (which CTR already has experience with, e.g. MRT station contracts & Woodland Health Campus).
Additionally, renewed private sector demand such as new data centers (the Singapore government has gradually lifted moratoriums on data center construction) and advanced manufacturing facilities provides further growth avenues. Below are some images of past projects from CTR, followed by images from our visits to ongoing projects. We visited some of these sites at the request of our paying subscribers.
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