Singapore Infrastructure Report Q3 2012.pdf
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1、Q3 2012 infrastructure report issn 1750-5461 published by Business Monitor international Ltd. sinGapore INCLUDES BMIS FORECASTS Business Monitor International 85 Queen Victoria Street London EC4V 4AB UK Tel: +44 (0) 20 7248 0468 Fax: +44 (0) 20 7248 0467 Email: Web: http:/ 2012 Business Monitor In
2、ternational. All rights reserved. All information contained in this publication is copyrighted in the name of Business Monitor International, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means grap
3、hic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believ
4、ed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omiss
5、ions affecting any part of the publication. All information is provided without warranty, and Business Monitor International makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained. SINGAPORE INFRASTRUCTURE REPORT Q3 2012 INCLUDES 10-YEA
6、R FORECASTS TO 2021 Part of BMIs Industry Report the public-led US$44bn investment plan into Singapores suburban metro system is a case in point. ? Year-on-year growth continues to outperform global indicators. ? Business environment is highly regulated and rated, giving investors confidence. ? High
7、ly developed transport and energy sectors provide strong base for construction projects. ? A relatively skilled workforce. Weaknesses ? Singapore has a mature infrastructure market that contributes a smaller percentage to construction industry value than other Tier I countries. ? Singapores export a
8、nd retail-lead economy is still highly sensitive to external factors such as global consumer confidence. Reliance on power imports and rises in fuel prices create uncertainty in determining cost of construction inputs. Opportunities ? Overseas markets, notably developing Asian countries, will provid
9、e local firms with opportunities to avoid drastic downturns in revenues. ? The governments work to improve the country, as a services and transport hub, will help support future infrastructure projects. ? The governments clear intention to turn Singapore into a regional green energy hub will provide
10、 many job opportunities. Threats ? Low-cost competitors, particularly in China, threaten Singapores export-oriented manufacturing industry. This could adversely impact infrastructural investments around new manufacturing units. ? Events such as the surge in property values show the underlying volati
11、lity still present in the market. ? The regulatory environment in the Asia-Pacific region as a whole remains far below developed standards and could impact Singapores rating. ? A relatively saturated and mature market may make nearby under-developed neighbours a more attractive investment prospect.
12、Singapore Infrastructure Report Q3 2012 Business Monitor International Ltd Page 7 Market Overview Singapore Despite being one of the markets most severely hit by the global recession, Singapores construction sector has recovered due to government stimulus efforts that were implemented in 2010. Prosp
13、ects for the industry remain extremely strong, despite the official statistics agency revising down its estimates from 2006 onwards. This momentum is evident throughout the countrys construction sector, where investments are channelled into port infrastructure to bolster Singapores maritime primacy,
14、 as well as transport, tourism and residential construction. Singapore re-affirmed its status as one of Asias most attractive infrastructure markets, following the successful completion of the second of Temaseks power divestments. A clear commitment to government investment saw the market bounce bac
15、k after a sharp fall, and a rise in manufacturing helped to buoy the export sector. The government has also taken steps to ensure that it is in a position to take advantage when markets recover through investment in centres of excellence. As a result, it is thought that the government will be examin
16、ing ways to allow a new wave of immigrants to enter the country to meet demand in the infrastructure market. It is estimated that as many as 100,000 foreign workers will be needed to cope with the surge in construction, according to Le Monde. Singapore is aiming to achieve the worlds highest growth
17、rate, at 13-15% of GDP. The country is one of the smallest markets in the Asia-Pacific region in terms of population and demographics are an issue for the economy. Although the government hopes the population will reach 6.5mn in the coming decades (mainly due to an influx of foreign expats and highl
18、y skilled labour) the populations average age is forecast to increase as birth rates decline. The issue of immigration remains a sensitive topic in the country, with Singaporean Prime Minister Lee Hsien Loong quoted during an official visit to the US as stating: If we dont allow the foreign workers
19、in, you are going to have overheating. We have to accept that. Arguably, the mass investment witnessed primarily in transport infrastructure, linking the financial districts with resorts and residential developments can be seen as an incentive to attract larger numbers of foreigners into the economy
20、. Its economic foundations lie in an advanced electronics sector and a strong export-oriented manufacturing sector. This is a double-edged sword, as exemplified by the economys exposure to drops in global demand. However, Singapore remains a hub for the international maritime industry and has the se
21、cond busiest port after Shanghai. The rise of China and India has produced fierce competition in the region, Singapore Infrastructure Report Q3 2012 Business Monitor International Ltd Page 8 challenging the traditional competitive advantages that many of the original Asian Tigers enjoyed. However, S
22、ingapores strong business environment looks set to weather this challenge. Despite the small size of its infrastructure market, Singapore has achieved the top spot in the Asia-Pacific region for infrastructure, as the government has shown keen interest in spending to improve productivity growth. Loc
23、al expertise is also among the highest in the world (especially in the water utilities sector) a characteristic that is lacking in the majority of the other emerging markets in the region. The city state ranks second out of the 167 countries in BMIs global risk/reward ratings. The country has a high
24、ly developed transport system that it is expanding further. In terms of utilities, the market is quite small although it ensures adequate supply from oil and gas to meet domestic demand and it does not produce any natural resources. The construction sector has produced some of the most elaborate str
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