New Construction market report from Business Monitor International: "Hong Kong Infrastructure Report Q2 2012"
Boston, MA -- (SBWIRE) -- 06/25/2012 -- BMI View: Construction activity in Hong Kong has moderately improved in the second half of 2011, with an increase in land supply boosting activity in the residential and non-residential building construction industry. Although the government is set to provide more land for middle-class housing, we remain convinced that this is the peak of the construction cycle, with a combination of factors (the weaning of the stimulus measures, the general decline in the appetite for residential construction and the weakness in the Chinese economy) causing a sharp slowdown in construction activity in 2012. We are forecasting construction real growth to reach 2.3% in 2012 and averaging 3.5% per annum between 2013 and 2016.
Key developments contributing to forecasts include:
- In March 2012, Hong Kong-based Gammon Construction, an equal joint venture company between Balfour Beatty and Jardine Matheson, secured an HKD6.2bn (US$802mn) contract for a new development at Hong Kong International Airport (HKIA). Under the contract, the company is to construct the new Midfield Concourse in the airport's central area. The concourse will feature 19 aircraft stands, fixed-link bridges and related transport connections. The project, which is due to be completed in September 2015, is the company's biggest ever solo contract.
- In December 2011, the Hong Kong government announced that it has begun constructing its new US$11bn Hong Kong-Zhuhai-Macao sea bridge, reports roadtraffic-technlogy.com. The 29.6km edifice will be the world's longest sea bridge and includes the creation of crossing facilities, at a cost of US$3.9bn, and the Hong Kong Link Road. It is being jointly developed by the regions of Guangdong, Hong Kong and Macao, and the crossing facilities will connect Hong Kong International Airport with Tung Chung New Town, the Northwest New Territories and other areas of Hong Kong. The bridge will reduce traffic congestion and travel times by up to 60-80% and is scheduled for completion by 2016.
- In December 2011, the Airport Authority Hong Kong, the operator of HKIA, recommended the construction of a third runway at the HKIA. The recommendation came about after AAHK completed a three-month public consultation regarding the development plans for the HKIA expansion project. The results of the survey showed that the majority of the public supported the construction of a third runway and were overwhelmingly in favour of AAHK to expeditiously come to a decision on HKIA's expansion plans. The project, which involves reclaiming land north of the HKIA, is estimated to cost HKD86.2bn (US$11.1bn) at current prices and boost the airport to a total passenger capacity of 97mn passengers per year.
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