Asia Construction

Costs Summary

Fourth Quarter 2016

9 Approximate Building Costs for Major Cities
in Asia

Guangzhou/Shen- Chongqing/
Shanghai Beijing
zhen Chengdu
Building Type

RMB / m2 CFA

DOMESTIC

 Apartments, high rise, average standard

- Shell and core 2,490 - 2,880 2,530 - 2,930 2,230 - 2,470 2,020 - 2,530
- Full fit 4,300 - 4,770 4,020 - 4,420 3,330 - 3,670 3,020 - 4,020

 Apartments, high rise, high end

- Shell and core 3,080 - 3,360 3,030 - 4,440 2,300 - 3,080 2,630 - 3,230
- Full fit 10,510 - 11,480 10,050 - 11,460 5,530 - 6,090 5,330 - 6,930

 Terraced houses, average standard

- Shell and core 2,880 - 3,080 2,930 - 3,430 2,510 - 2,780 2,530 - 3,540
- Full fit N/A 5,930 - 6,430 N/A N/A

 Detached houses, high end

- Shell and core 4,320 - 4,800 4,440 - 4,950 3,440 - 3,790 3,430 - 4,040
- Full fit N/A 11,460 - 11,960 N/A N/A

OFFICE / COMMERCIAL

 Medium/high rise offices, average standard 5,730 - 7,640 5,730 - 7,740 4,830 - 5,350 5,030 - 6,030

 High rise offices, prestige quality 7,640 - 9,550 7,740 - 12,760 6,660 - 7,360 6,530 - 9,050

 Out-of-town shopping centre, average standard N/A 4,440 - 5,960 4,630 - 5,100 4,040 - 5,350

 Retail malls, high end 8,120 - 10,500 7,940 - 10,950 6,800 - 7,510 6,530 - 9,250

INDUSTRIAL

 Industrial units, shell only. 3,330 - 3,800 3,430 - 3,940 3,160 - 3,480 2,830 - 3,540
(Conventional single storey framed unit)

 Owner operated factories, low rise, light N/A N/A N/A N/A
weight industry

HOTEL

 Budget hotels - 3-star, mid market 6,211 - 7,638 6,430 - 7,940 6,260 - 6,910 6,000 - 7,500

 Business hotels - 4/5-star 10,502 - 14,321 10,950 - 13,970 10,110 - 11,170 10,500 - 13,500

 Luxury hotels - 5-star 14,321 - 17,186 13,970 - 17,990 13,790 - 15,230 N/A

OTHERS

 Underground/basement car parks 4,800 - 6,730 4,950 - 5,450 3,190 - 5,110 N/A
(<3 levels)

 Multi storey car parks, above ground 2,390 - 3,360 2,930 - 3,430 2,280 - 2,510 1,820 - 2,320
(<4 levels)

 Schools (primary and secondary) 3,360 - 4,320 3,430 - 4,440 2,530 - 2,800 N/A

 Students' residences 2,390 - 3,360 2,420 - 3,430 1,620 - 1,790 N/A

 Sports clubs, multi purpose sports/leisure 6,210 - 7,640 5,930 - 7,940 4,710 - 5,210 N/A
centres (dry sports)

 General hospitals - public sector 9,550 - 12,410 7,940 - 9,950 N/A N/A

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 2
9 Approximate Building Costs for Major Cities
in Asia

Hong Kong Macau Singapore Kuala Lumpur Bangkok

Building Type
USD / m2 CFA (See also exchange rates per U.S. dollar below)

HK$ 7.80 MOP 7.98 S$ 1.40 RM 4.41 BAHT 35.04

DOMESTIC

 Apartments, high rise, average standard

- Shell and core N/A 1,679 - 2,481 N/A N/A 485 - 571
- Full fit 3,140 - 3,690 2,143 - 2,632 1,320 - 1,500 340 - 475$ 614 - 742

 Apartments, high rise, high end

- Shell and core N/A 2,481 - 3,709 N/A N/A 585 - 757
- Full fit 4,240 - 4,940 3,008 - 4,586 2,035 - 3,035 715 - 855 913 - 1,085

 Terraced houses, average standard

- Shell and core N/A 2,932 - 3,647 N/A N/A 285 - 371
- Full fit 4,310 - 5,030 3,672 - 4,373 1,715 - 1,930 205 - 295$$ 428 - 514

 Detached houses, high end

- Shell and core N/A 3,546 - 5,113 N/A N/A 499 - 713
- Full fit 5,580 - 6,350 4,461 - 5,802 2,180 - 2,895 695 - 860 742 - 899

OFFICE / COMMERCIAL

 Medium/high rise offices, average standard 3,080 - 3,650* 2,481 - 3,195 1,715 - 1,930@ 560 - 650$$$ 599 - 742#

 High rise offices, prestige quality 3,820 - 4,710 3,195 - 3,496 1,930 - 2,110@ 805 - 1,100$$$ 785 - 999##

 Out-of-town shopping centre, average standard 3,140 - 3,690 2,331 - 3,496 1,930 - 2,035 495 - 595 585 - 756

 Retail malls, high end 4,180 - 4,960 3,672 - 4,398 2,035 - 2,250 625 - 795 785 - 813

INDUSTRIAL

 Industrial units, shell only. N/A N/A 715 - 930 300 - 375 457 - 571
(Conventional single storey framed unit)

 Owner operated factories, low rise, light 2,410 - 3,060 N/A N/A 400 - 455 N/A
weight industry

HOTEL

 Budget hotels - 3-star, mid market 4,010 - 4,330 3,258 - 3,684 2,145 - 2,360 935 - 1,305 1,071 - 1,184

 Business hotels - 4/5-star 4,210 - 4,970 4,424 - 5,288 2,750 - 3,110 1,615 - 1,890 1,370 - 1,570

 Luxury hotels - 5-star 4,920 - 5,710 5,288 - 6,253 2,750 - 3,110 1,800 - 2,095 1,598 - 1,712

OTHERS

 Underground/basement car parks 2,370 - 2,950 1,930 - 2,845 930 - 1,250 335 - 460 514 - 671
(<3 levels)

 Multi storey car parks, above ground 1,470 - 1,730 1,065 - 1,404 645 - 930@@ 210 - 255 171 - 274
(<4 levels)

 Schools (primary and secondary) 2,590 - 2,810** 2,130 - 2,481 N/A 235 - 270$$$$ N/A

 Students' residences 2,540 - 2,950 1,704 - 1,967 1,570 - 1,715 275 - 305$$$$$ N/A

 Sports clubs, multi purpose sports/leisure 3,970 - 4,490 N/A 1,965 - 2,110 540 - 625 N/A
centres (dry sports)

 General hospitals - public sector 5,130 - 5,830 N/A 2,750 - 2,895 805 - 1,000 N/A

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 3
9 Approximate Building Costs for Major Cities
in Asia

Jakarta Brunei Manila Seoul

Building Type
USD / m2 CFA (See also exchange rates per U.S. dollar below)

IDR 13,055 B$ 1.36 PHP 48.60 KRW 1,170

DOMESTIC

 Apartments, high rise, average standard

- Shell and core N/A N/A N/A 983 - 1,171∆
- Full fit 692 - 784 805 - 1,105 880 - 990 1,316 - 1,598∆

 Apartments, high rise, high end

- Shell and core N/A N/A N/A 1,025 - 1,265∆∆
- Full fit 954 - 1,077 994 - 1,294 1,200 - 1,490 1,581 - 1,966∆∆

 Terraced houses, average standard

- Shell and core N/A N/A N/A N/A
- Full fit 367 - 477 520 - 821 780 - 925 N/A

 Detached houses, high end

- Shell and core N/A N/A N/A 992 - 1,240
- Full fit 998 - 1,116 792 - 1,092 1,500 - 1,950 2,145 - 3,282

OFFICE / COMMERCIAL

 Medium/high rise offices, average standard 683 - 756 805 - 1,105 840 - 890 1,171 - 1,368

 High rise offices, prestige quality 1,007 - 1,124 1,138 - 1,438 1,280 - 1,390 1,350 - 1,709

 Out-of-town shopping centre, average standard 587 - 650 781 - 1,081 750 - 880 1,103 - 1,752

 Retail malls, high end 648 - 700 1,030 - 1,330 1,100 - 1,250 1,282 - 2,137

INDUSTRIAL

 Industrial units, shell only. 316 - 343 371 - 672 450 - 460 640 - 821∆∆∆
(Conventional single storey framed unit)

 Owner operated factories, low rise, light 342 - 377 505 - 806 560 - 650 N/A
weight industry

HOTEL

 Budget hotels - 3-star, mid market 1,186 - 1,402 1,521 - 1,821 1,200 - 1,370 1,598 - 2,026∆∆∆∆

 Business hotels - 4/5-star 1,620- 1,705 2,146 - 2,446 1,350 - 1,685 2,239 - 3,868∆∆∆∆

 Luxury hotels - 5-star 1,723 - 1,943 2,203 - 2,503 1,600 - 2,020 2,487 - 3,974∆∆∆∆

OTHERS

 Underground/basement car parks 486 - 597 N/A 510 - 560 915 - 1,094∆∆∆∆∆
(<3 levels)

 Multi storey car parks, above ground 316 - 343 412 - 713 460 - 600 564 - 774
(<4 levels)

 Schools (primary and secondary) N/A 603 - 904 690 - 760 1,282 - 1,538

 Students' residences N/A 706 - 1,006 700 - 800 1,342 - 1,462

 Sports clubs, multi purpose sports/leisure 1,064 - 1,595 1,623 - 1,924 1,200 - 1,450 N/A
centres (dry sports)

 General hospitals - public sector N/A 1,824 - 2,125 1,350 - 1,500 N/A

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 4
9 Approximate Building Costs for Major Cities
in Asia
Building Type Outline Specification

DOMESTIC
Apartments, high rise, average standard Shell and core, including finishes to public area, but excluding finishes to apartment
units
Full fit, with air-conditioning, kitchen cabinets and home appliances, but excluding
decorative light fittings and loose furniture
Apartments, high rise, high end Shell and core, including finishes to public area, but excluding finishes to apartment
units
Full fit, good quality provisions, with air-conditioning, kitchen cabinets and home
appliances, but excluding decorative light fittings and loose furniture
Terraced houses, average standard Shell and core, joined houses in row(s), excluding garden, parking, finishes and
fittings to house interior
Full fit, joined houses in row(s), with air-conditioning, kitchen cabinets and home
appliances, but excluding decorative light fittings, loose furniture, garden and parking
Detached houses, high end Shell and core, good quality facade, excluding garden, parking, finishes and fittings
to house interior
Full fit, good quality provisions, with air-conditioning, kitchen cabinets and home
appliances, but excluding decorative light fittings, loose furniture, garden and parking
OFFICE / COMMERCIAL
Medium/high rise offices, average standard RC structure, curtain wall, including public area fit-out, tenant area with raised floor/
High rise offices, prestige quality carpet, painted wall and false ceiling

Out-of-town shopping centre, average standard

Including public area fit-out and M&E, but excluding shop fit-out
Retail malls, high end

INDUSTRIAL
Industrial units, shell only. (Conventional single storey RC structure with steel roof and M&E to main distribution, but excluding a/c, heating
framed unit) and lighting
Owner operated factories, low rise, light weight industry RC structure, including small office with simple fit-out and M&E, but excluding a/c
and heating
HOTEL
Budget hotels - 3-star, mid market 1) Interior decoration
2) Furniture (fixed and movable)
Business hotels - 4/5-star
3) Special light fittings (chandeliers, etc.)
Luxury hotels - 5-star 4) Operating Supplies and Equipment (OS&E) excluded

OTHERS
Underground/basement car parks (<3 levels) RC structure

Multi storey car parks, above ground (<4 levels) RC structure, natural ventilation, no facade enclosure

Schools (primary and secondary) Including fit-out and a/c, but excluding educational equipment

Students' residences Including fit-out, loose furniture and a/c

Sports clubs, multi purpose sports/leisure centres (dry Dry sports (no swimming pool) and are for 'leisure centre' type schemes including
sports) main sports hall, ancillary sports facilities, changing and showers, restaurant / cafe,
bar, etc. Costs include a/c, Furniture, Fittings and Equipment (FF&E)
General hospital - public sector Excluding medical and operating equipment

Notes: 1. The costs for the respective categories given above are averages based on fixed price competitive tenders. It must be understood that the actual cost of a
building will depend upon the design and many other factors and may vary from the figures shown.
2. The costs per square metre are based on Construction Floor Areas (CFA) measured to the outside face of the external walls / external perimeter including lift
shafts, stairwells, balconies, plant rooms, water tanks and the like.
3. All buildings are assumed to have no basements (except otherwise stated) and are built on flat ground, with normal soil and site conditions. The cost excludes
site formation works, external works, land cost, professional fees, finance and legal expenses.
4. The standard for each category of building varies from region to region and do not necessarily follow that of each other.
5. “Shell and core” generally covers ONLY base building elements. “Shell” refers to overall structure and foundations, exterior walls, floors and roof, completing
with common areas, staircases, lift shafts, service ducts and fire services systems to local statutory requirements. “Core” refers to fully-fitted public areas (like
lobbies, corridors and lavatories) and M&E main plant and upfeed, with tenant or occupant areas unfurnished.
6. “Full fit” buildings should complete with all elements that allow the buildings to be ready for operation, including public and tenants’ (or occupants’) areas (i.e.
with ALL finishes, fittings and M&E distributions).
7. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.
8. Hong Kong: *
(i) Tenant area with screeded floor, painted wall and ceiling (ii) Facade in curtain wall/window wall
**
Public authority standard, no a/c and complete with basic external works
Singapore: @ Excluding carpet
@@ Open on all sides with parapet
Kuala Lumpur $ 6-12 units per floor, 46m2 - 83m2 per unit; excluding air-conditioning $$ Excluding air-conditioning, Kitchen cabinets and
home appliances $$$ Exclude Tenant fit-out $$$$ Standard government provisions $$$$$ University standard
Bangkok: # (i) Excluding raised floor/carpet and inter-tenancy partition (ii) Facade in windows and brick wall/pre-cast concrete panel
## Excluding raised floor/carpet and inter-tenancy partition
Seoul ∆ Excluding home appliance ∆∆ Curtain wall to external wall ∆∆∆ Steel structure ∆∆∆∆ Medium to high grade cladding,
with garden ∆∆∆∆∆ Mechanical ventilation and car guidance system

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 5
 ARCADIS ASIA LIMITED

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Kwun Tong, Kowloon, Hong Kong
Tel: (852) 2830 3500 Fax: (852) 2576 0416
Email: asiainfo@arcadis.com

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