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Singapore Infrastructure Report Q4 2009
Market |
Construction |
Report Type |
Market Research |
Country |
Singapore |
Published |
1 September 2009 |
Number of Pages |
60 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
Singapore plans to double the size of the country’s rail network by 2020
Despite poor export numbers, Singapore’s infrastructure sector showed strong signs of growth on the back of continued government investment. A commitment to invest SGD18-20bn (US$12-13bn) in infrastructure development in 2009 has helped propel the sector. This has contributed to y-o-y growth moving back into positive territory, with a revised figure of 10.04% growth y-o-y for the construction sector in 2009 up from -6.53% previously. BMI also forecasts that the construction sector will increase as a percentage of GDP to account for 6.2% overall in 2009 .
With the guarantee of long-term government investment, major construction projects have been focused on improving Singapore’s reputation as an international hub. Transport infrastructure was a main area of development with two new terminals at Changi International Airport, and large-scale expansion of Pasir Panjang Port Terminal. There are also plans to double the size of the country’s rail network by 2020 with an investment of SGD40bn. In the power sector, the government has announced that it will take over the development and ownership of the city state's first liquefied natural gas (LNG) facility and plans to award construction contracts by the end of 2009 .
Singapore has been one of the main movers in BMI’s Business Environment rankings as a result of a huge bounce back from its poor Q109 results. Singapore has now moved from the bottom half of the table to near the top, with an overall score of 65.3. Not only are there large projects in the pipeline such as the Marina Coastal Expressway (MCE), but the near-perfect scores the country exhibits in terms of investment climate and institutional and financial infrastructure means that the infrastructure stimulus has had 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-thanexpected recovery 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 with a jump in growth from -24.3% in Q109 to just -1.5% in Q209. The services sector, which accounts for the remaining 70% of GDP, is expected to make a much slower recovery, hampered by concerns over swine flu among other problems. With a mild global economic recovery expected next year, Singapore's trade-dependent economy is unlikely to stage a strong rebound over the next 18 months.
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