Redevelopment of a Queenstown, Singapore - Business Plan Example

Project Manager to Develop a Project Plan for 9. Redevelopment of a Small Town and Facilities Table of Contents Introduction 3 External Analysis 3 PESTLE Analysis 3 Porter’s Five Force 6 Internal Analysis 7 SWOT Analysis 8 Strategic Options 9 Recommendations 9 Conclusion 10 References 11 Introduction Queenstown is counted as one of the most pre-emptively built townships within Singapore during the period of 1950 and thus, can be considered as a sufficing aspect for this management project. The town projects itself as the ‘first satellite township’ established within the central-western part of Singapore and exhibits the cultural as well as societal trend of Singapore (PropertyGuru Pte. Ltd., 2014; National Heritage Board, 2014; Queenstown Community Centre, 2013; Streetdirectory, 2013). In this regard, the assignment intends to discuss about the efforts made in terms of reconstructing this township to rejuvenate the glamour factor of a modem township. Furthermore, the discussion will also include multiple facts elaborating the types of resources that will be necessary for sufficing the redevelopment initiative. Simultaneous efforts will be also made towards evaluating all the positivity and negativity associated with the surrounding environment in order to understand the kind of impact that these factors will lay on the overall proceedings of the initiated project. External Analysis PESTLE Analysis Political The political aspects associated with Singapore depict high signs of rigidity in terms of investments. The government of this island follows a bureaucratic style to maintain the economic stability. Political parties do not pay adequate attention towards the abidance of structured policies and inhabitant rights. Thus, the developmental activities are carried out depending on the conditions favourable to the government. Considering these factors, it can be stated that sanctioning of appropriate resources and governmental permissions that will be required for accomplishing the redevelopment project in Queenstown may turn out to be tedious from multiple perspectives (UNSW Australia Business School, 2014; Muralitharan & et. al., 2006). Economical The economic aspects appear to be contradictory to that of the political aspects. With the introduction of drastic industrial revolution, the economic conditions of Singapore have developed in an enhanced manner. The economic development of the country has led towards better GDP growth and per capita income. As per the recent record projection, the ‘Purchasing Power Parity’ (PPP) rate of Singapore projects to about $76,850, which appears to be quite high in comparison to that of Hong Kong and Malaysia. Singapore has also attained significant level of development in the areas of technology and infrastructure. Justification to this statement can be provided taking consideration of the present GDP growth rate that has been projected as under Fig 1: Economic developmental pattern of Singapore Source: (The World Bank Group, 2014) Considering these aspects, it is worth mentioning that initiating such a redevelopment project within Queenstown may not turn out to be a failure. Socio-Cultural The socio cultural perspective of Singapore implies that the government appears to be highly flexible in terms of ensuring the safety and the welfare aspects associated with the inhabitants. Appropriate establishments of publicly funded facility establishment can be seen throughout Singapore that can be perceived as a form of governmental efforts in terms of providing better quality of support to the inhabitants (Naveed, 2013; National Taipei University, 2012). Environmental From the environmental perspective, it can be stated that the country appears to have laid considerable amount of attention in terms of developing the standard of the policies and acts that are meant to ensure environmental protection. Appropriate water and air preservation acts have been formulated through which the nation can minimize the level of hazardous industrial waste exposure to the surrounding environment. These governmental initiatives by direct or indirect mean have significant affected the overall structuring of the redevelopment project (Monetary Authority of Singapore, 2014). Technological Singapore is identified to have significant progress in the areas of innovation and technological advancement. The progress in the technological aspects has been observed owing to industrial revolution. Thus, the technological aspects may turn out to be highly beneficial for initiating the redevelopment plan regardless of the fact that major investment plan will also be required for accomplishing the entire project in an effective manner (Lucintel, 2014; Media Development Authority, 2014). Legal The legal aspects of this nation appear to be quite strict within the infrastructure development and foreign investment. The government appears to have shown much flexibility towards permitting in foreign funded infrastructure development programs with the prime intension of facilitating more financial inflow within the nation. Thus from this perspective, it can be stated that government may be lenient with the financial aspects associated with the redevelopment project (LinkedIn Corporation, 2014). Porter’s Five Force New Entrant Threat Township redevelopment projects are always accompanied by huge amount of financial investments. As a result, competition associated with new market entrant also appears to be considerably high. Moreover, the government may provide special support to those infrastructure developers who can accomplish redevelopment task within set time and with minimal amount of resource consumption. Moreover, due to the steady economic growth rate during the period of 2012, there appears to be a greater chance that the government may show some sort of undertaking such as massively funded redevelopment projects (Timetric, 2014; Singapore Workforce Development Agency, 2010). Bargaining Power of the Suppliers This aspect appears to be favourable for the construction and planning organizations, which intends to accomplish redevelopment work. Justification to this aspect can be provided depending on the level of economic and technological advancement available within this nation. As a result, the number of suppliers available for providing the required raw material and technology for the undertaken projects can be considered as high. However, the supplier selection process can be termed to be completely dependent on the price rates for providing raw materials (Timetric, 2014). Threat from Substitution The substitution threat for the provided context appears to be considerably low due to the fact that no product related aspects could be seen in the provided case. Moreover, the presence of minimum number of construction organizations in the redevelopment project implies that majority of the bargaining power in terms of switching raw material types will remain in their part in cases of certain quality issues encountered. Thus from an overall perspective, the threat from substitute may pose certain issues on behalf of the suppliers rather than the intermediary construction organizations carrying out this project (Timetric, 2014). Bargaining Power of the Consumers The buying power may be of major significance for the overall accomplishment of the task. This is due to the fact that the government of Singapore has the potential power in this case and it has the capability of switching to other construction agencies in case the presently hired agency does not meet the requirements as demanded. Thus, it can be stated that the threat associated with bargaining power of the customers will be high (United Nations, 2002). Competitive Rivalry The competitive rivalry factor may also appear to be high due to the fact that majority of the construction companies will be competing regarding their superiority in terms of service and quality. Much competition can be recognised within the financial and the resource utilization sections, as a sign of displaying efficiency (MarketResearch.com, 2014). Internal Analysis In terms of external analysis, it can be stated that Singapore does possess a high potential for undertaking development initiative as being economically developed. The economic growth and revenue earning figures that will be attained by this country has been estimated to be reaching $342 billion by the end of the financial year 2018. However, these expectations are hypothetical and thus, may be subjected to change in due course of time taking consideration of the pattern of present economic functionality. Justification to this fact can be found within the economic growth rate of this nation during the period of 2012. Regardless of these facts, high amount of investment and effort implementation can be identified from the government’s side within the areas of infrastructure development. Reflection of these can be found with the vast growing percentage of privatization that currently accounts to a considerable section of the market. The country is also recognised to be culturally strong for hosting different festivals and cultural events annually. The infrastructural development in relation to logistics and transportation has been effective for managing different redevelopment projects. Considering these aspects, it can be also perceived that financing massive redevelopment projects will not be a problem for the government. However, the scenario may differ from the political, technological and legal perspectives (RESEARCHANDMARKETS, 2014). SWOT Analysis Strengths Weakness Existence of single government party Complete abidance of existing governmental policies as suited for public interest Contribution of both public and private sectors in the development of the E-governmental initiative and redevelopment projects Implementation of appropriate policies for supporting E-commerce activities Initiative of government for implementing high level security in the areas of online businesses Presence of high percentage IT employee forces Existence of loopholes within the government system Lack of new governmental policy implementation Introduction and widening of economic gap due to SARS outbreak Lower percentage of younger generation employees who will be comfortable enough of handling IT related aspects. Un-user friendly nature of the governmental business websites Opportunities Threat Governmental willingness of continuing with the developments in the areas of IT development and infrastructure growth Motivated nature of the employee forces in terms of learning all the aspects of IT and thus, contributing to the development of the nation Continuous addressing of cyber terrorism activities Illegal utilization of the established IT infrastructure in terms of publicizing false political declarations and announcements Emergence of multiple chances of online social threats Source: (Ha and Coghill, n.d.) Strategic Options Taking into consideration of all the above mentioned facts, multiple strategic opinions can be strategized for undertaking the redevelopment program in Queenstown, Singapore. The first strategic opinion can be related to the attainable governmental support. With this support, the project team will have easy access to the resources that will be needed for accomplishing the objective (Info-communications Development Authority of Singapore, 2014; Singapore Economic Development Board, 2014). The second strategy can be linked up with the utilization of the established IT infrastructure through which the project may be accomplished before the set deadlines. Regardless of these, the most crucial strategy that should be taken into account is regarding checking of the present level of market competition, adhering to which the hired organization can easily structure its project cost and accordingly, select their resource suppliers (Western Australia. Wastesmart, 2014; Chen & et. al., 2013; iN2015Enterprise, 2006, Rastogi, n.d.). Recommendations The above mentioned aspects project crucial details regarding the types of resources and governmental flexibilities that can be attained in terms of accomplishing the redevelopment projects. The first recommendation is the implementation of information systems through which appropriate record can be maintained regarding the quality and the exact quantity of resource that will be required for accomplishing the projects. The second recommendation will be towards the selection of appropriate suppliers who will be capable of delivering quality goods within set period to prevent any sort of delay within the project. For the final aspect, it is worth mentioning that to structure the design plan in the initial phase to understand the loopholes. In this respect, the risks associated with the project can be analysed and modified, so that the activities of the project are performed in an appropriate manner (Chen & et. al., 2013). Conclusion Thus, it can be comprehended that Singapore has been developing in the sphere of infrastructure, technology and economy. Moreover, the government is also identified to be providing financial considerations and supportive measures in ascertaining that redevelopment projects are conducted successfully. In this respect, the redevelopment project may be effective for restructuring the town i.e. Queenstown, Singapore. References Chen, Z. H. & et. al., 2013. A Case-based Analytical Study on the Strategic Evaluation of Common Equity Performance of SIA in a Global Organic Environment. Journal of Contemporary Management, pp. 51-62. Ha, H. & Coghill, K., No Date. E-Government in Singapore —A Swot and Pest Analysis. Asia-Pacific Social Science Review, pp.103-130. iN2015Enterprise, 2006. Growing to Go Global. Development for Singapore-based Infocomm Companies, pp. 1-36. Info-communications Development Authority of Singapore, 2014. About Us. Home. [Online] Available at: http://www.ida.gov.sg/About-Us [Accessed October 5, 2014]. LinkedIn Corporation, 2014. 21331604 Pest-Singapore. 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