Singapore Infrastructure Report Q4 2009: Industry Report

Singapore Infrastructure Report Q4 2009

Product Type: Market Research Report
Published by: Business Monitor International
Published: September 2009
Product Code: R302-7936

Description

Despite poor export numbers, Singapore’s infrastructure sector showed strong signs of growth on theback of continued government investment. A commitment to invest SGD18-20bn (US$12-13bn) ininfrastructure development in 2009 has helped propel the sector. This has contributed to y-o-y growthmoving back into positive territory, with a revised figure of 10.04% growth y-o-y for the constructionsector in 2009 up from -6.53% previously. BMI also forecasts that the construction sector will increase asa percentage of GDP to account for 6.2% overall in 2009.

With the guarantee of long-term government investment, major construction projects have been focusedon improving Singapore’s reputation as an international hub. Transport infrastructure was a main area ofdevelopment with two new terminals at Changi International Airport, and large-scale expansion of PasirPanjang Port Terminal. There are also plans to double the size of the country’s rail network by 2020 withan investment of SGD40bn. In the power sector, the government has announced that it will take over thedevelopment and ownership of the city state's first liquefied natural gas (LNG) facility and plans to awardconstruction contracts by the end of 2009.

Singapore has been one of the main movers in BMI’s Business Environment rankings as a result of ahuge bounce back from its poor Q109 results. Singapore has now moved from the bottom half of the tableto near the top, with an overall score of 65.3. Not only are there large projects in the pipeline such as theMarina Coastal Expressway (MCE), but the near-perfect scores the country exhibits in terms ofinvestment climate and institutional and financial infrastructure means that the infrastructure stimulus hashad the desired effect. In terms of its BMI Project Finance rating, Singapore also remained near the top,in second place behind Hong Kong, for the Asia Pacific region.

Although Singapore still faces some of the most severe economic problems in its region, a stronger-thanexpectedrecovery in Q209 has provided some hope for growth. As an export- and services-lead economy,the manufacturing sector accounts for some 30% of GDP and it showed strong signs of improvement witha jump in growth from -24.3% in Q109 to just -1.5% in Q209. The services sector, which accounts forthe remaining 70% of GDP, is expected to make a much slower recovery, hampered by concerns overswine flu among other problems. With a mild global economic recovery expected next year, Singapore'strade-dependent economy is unlikely to stage a strong rebound over the next 18 months.

Table of Contents

Executive Summary: Market Overview; Singapore; Global Overview; Governments To The Rescue: The Global Surge In Infrastructure Spending
Table: Infrastructure Stimulus Plans List: SWOT Analysis; Singapore Infrastructure Industry SWOT; Singapore Political SWOT; Singapore Economic SWOT; Singapore Business Environment SWOT; Major Infrastructure Developments and Key Projects; Transport Infrastructure Overview; New And Ongoing Projects; Airports; Ports; Road Networks; Rail Networks; Energy And Utilities Infrastructure Overview; New And Ongoing Projects; Power Plants And Transmission Grids
Table: Who Bid And Who Won In Singapore's Power Divestments: Oil And Gas Pipelines, LNG And Refineries; Water; Construction Overview; New And Ongoing Projects; Residential Construction; Tourism Construction; Major Projects
Table: Major Projects - Transport
Table: Major Projects - Construction: Industry Forecast Scenario
Table: Singapore Construction Industry Forecast: Business Environment Ratings
Table: Regional Infrastructure Business Environment Ratings: Limits Of Potential Returns; Risks To Realisation Of Potential Returns; Infrastructure Project Finance Ratings: Outlook For Asia Pacific
Table: Design And Construction Rating
Table: Commissioning And Operating Rating
Table: Overall Project Finance Rating: Political Outlook; Domestic Politics; Foreign Policy; Macroeconomic Forecast
Table: Singapore - Economic Activity: Company Monitor; Sembcorp Industries; Dragages Singapore; Hock Lian Seng Infrastructure Limited

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