BMI Singapore Infrastructure Report Q4 2011.pdf
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1、Q4 2011 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:/ 2011 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 Q4 2011 INCLUDING 5-YEA
6、R INDUSTRY FORECASTS BY BMI Part of BMIs Industry Report the public-led US$44bn investment plan into Singapores suburban metro system over the next 10 years is a case in point. ? Year-on-year growth continues to outperform global indicators. ? Business environment is highly regulated and rated, givi
7、ng investors confidence. ? Highly 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 c
8、ountries. ? Singapores export and 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 developi
9、ng Asian countries, will provide 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 regiona
10、l green energy hub will provide 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. ? Recent events, such as the surge in pro
11、perty values show the underlying volatility still present in the market. ? The regulatory environment in the Asia-Pacific region as a whole remains far below developed standards and as a result this may impact Singapores rating. ? Relatively saturated and mature market may make nearby under-develope
12、d neighbours a more attractive investment prospect. Singapore Infrastructure Report Q4 2011 Business Monitor International Ltd Page 8 Market Overview Singapore One of the markets most severely hit by the global recession, Singapore has seen excellent results due to government stimulus efforts that w
13、ere implemented in the first half of 2010. Despite the official statistics agency revising down its estimates from 2006 onwards the prospects for the industry remain extremely strong. This momentum is evident throughout the countrys construction sector, where investments are channelled into port inf
14、rastructure to bolster Singapores maritime primacy, and also into 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 commitme
15、nt to government investment saw the market bounce back 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 res
16、ult it is expected that the government will be examining 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. Afte
17、r strong growth of 18% in the first half of 2010, Singapore is now aiming to achieve the worlds highest growth rate at 13-15% of GDP. Singapore 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 hop
18、es the population will reach 6.5mn in the coming decades (mainly due to an influx of foreign expats and highly 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
19、 Lee Hsien Loong quoted during an official visit to the US as stating: If we dont allow the foreign workers in, you are going to have overheating. We have to accept that. Arguably, the mass investment witnessed primarily, although not exclusively, in transport infrastructure, linking the financial d
20、istricts with resorts and residential developments can be seen as an incentive to attract larger numbers of foreigners into the economy. 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 t
21、he economys exposure to drops in global demand. However, Singapore remains a hub for the international maritime industry, and has the second busiest port after Shanghai. The rise of China and India has produced fierce competition in the region, challenging the traditional competitive advantages that
22、 many of the original Asian Tigers enjoyed. However, Singapores strong business environment looks set to weather this challenge. Singapore Infrastructure Report Q4 2011 Business Monitor International Ltd Page 9 Despite the small size of its infrastructure market, Singapore has achieved the top spot
23、in the Asia-Pacific region, as the government has shown keen interest in spending on infrastructure to improve productivity growth. Local 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
24、 markets in the region. The city state ranks second among 167 countries ranked in BMIs Global Business Environment ratings. The country has a highly developed transport system that it is expanding further. In terms of utilities, the market is quite small although it ensures adequate supply from oil
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