DOUBTS over Hongkong's political future are making Singapore more attractive to foreign investors, according to the January issue of Singapore Quarterly Risk Report. ''Spurred along by the continuing uncertainties in Hongkong, several of the colony's companies are hedging their bets further south,'' says the report. ''Jardine Matheson is one of the most recent in a long line of Hongkong companies which have found Singapore a useful place in which to do business,'' it adds. A subsidiary of Jardine Matheson - the group attacked by Beijing last December for supporting the territory's political reform package - announced the purchase of a 16 per cent stake in Singapore's Cycle and Carriage for S$212.5 million (about HK$990.2 million) in the same month. The deal followed its earlier acquisition of Cold Storage retail chain for S$130 million. ''Other companies concerned about the long-term legal implications of the 1997 handover . . . are beginning to look to Singapore as a more convenient base from which to manage China projects,'' says the report, prepared by Political and Economic Risk Consultancy. The business climate in the Lion City is favourable for foreign investment, despite the official talk about encouraging the growth of local enterprises. ''This year, lower wage pressure and a more stable currency should help the nation remain competitive internationally,'' says the report. On the co-operative front, the Hongkong-Singapore trade link has been strengthened. The country's exports to the territory grew about 43 per cent last year.