THE CONSTRUCTION sector in Hong Kong is finally picking up pace after a five-year slump that saw mergers, consolidations and takeovers, with some international companies almost giving up hope of landing big new contracts.
With a wave of government projects and infrastructure developments back on the drawing board, the general mood is much more upbeat. These include the MTR West Island and South Island lines, the KCRC Express Rail Link between Hong Kong and Guangzhou, the proposed Sha Tin-to-Central rail link and several significant road projects.
There has also been renewed activity in the property market over the past 12 months, focusing on proposals for developments on the old Kai Tak airport site, in West Kowloon, and for the new government headquarters at the Tamar site. A HK$5billion-dollar upgrade at Ocean Park is also under way.
All these projects would help sustain the construction industry, said Stephen Porter, the East Asia regional managing director of Hyder Consulting, a designer of buildings and infrastructure. He said the industry relied on expertise and technical skills and needed a continuous flow of big projects to keep quality people and high standards.
The sector had received a boost from the enormous amount of construction Hong Kong had picked up in Macau and China. These areas were now offering great opportunities for people with skills and experience.
'Most of the big international design, engineering and architectural firms have looked to the mainland and Macau to supplement their workload,' Mr Porter said. 'Last year, a third of our Hong Kong business was for projects on the mainland, and I expect that this year it might be as much as half.'