Recently published research from Business Monitor International, "Hong Kong Infrastructure Report Q4 2012", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 12/24/2012 -- Construction activity in Hong Kong remained robust in Q212 as the government's plan to boost housing supply and to improve the city's transport links moves into full swing. We expect the construction sector to grow relatively robustly for the rest of 2012, and have revised up our 2012 construction real growth forecasts to 9.0% (previously 7.1%), due to the strong Q212 performance. For 2013, we are cautiously optimistic towards the sector as the large pipeline of projects and the launch of another round of quantitative easing in the US should provide a solid base to support construction activity.
Key developments in Hong Kong's infrastructure sector include:
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- In July 2012, South Korea's Samsung Construction & Trading (Samsung C&T) won a construction contract in Hong Kong as part of a consortium with Hong Kong-based builder Hsin Chong. The HKD589mn (US$350mn) contract has been awarded by Hong Kong's rail operator Mass Transit Railway (MTR) and includes the construction of the 2.2km subway section of the Shatin to Central Link, and two stations. Samsung C&T holds a 60% stake in the project, which is likely to be completed in 69 months.
- In July 2012, UK engineering company Atkins secured a lead engineering design contract on the Hong Kong Link Road (HKLR) scheme worth GBP750mn (US$936mn) in Hong Kong. The 12km road, which is scheduled to be completed in early 2017, will link the Hong Kong- Zhuhai-Macao Bridge and Hong Kong International Airport through a dual three track carriageway. Under the contract, the company is to carry out main civil engineering works, in addition to work on a tunnel control building and tunnel ventilation systems. Additionally, the company will be responsible for establishing an environmental monitoring and audit programme. The company will be working for China State Construction Engineering (Hong Kong), which won a contract for the design and construction of the road. The contract was awarded by the Highways Department of Hong Kong Special Administrative Region.
- In August 2012, Cheung Kong (Holdings) won the contract to build a new residential and commercial complex above the Tsuen Wan West station in Hong Kong, reports Reuters. The company won the land tender with a bid of HKD9.6bn (US$1.24bn) from MTR Corporation. Cheung Kong will invest a further HKD20bn (US$2.6bn) in the project.
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