Contents

1. Market Analysis

2. Approximate Building Costs in Hong Kong

3. Construction & Installation Price Index - Mainland China

4. Tender Price Index - Hong Kong

5. Materials

6. Labour

7. Gross Value of Construction Work Performed - Mainland China

8. Gross Value of Construction Work Performed - Hong Kong

9. Approximate Building Costs for Major Cities in Asia

Statistical data are compiled from sources deemed reliable but accuracy is not guaranteed. The
information contained herein should be regarded as indicative and for general guidance only.
Whilst every effort has been made to ensure accuracy, no responsibility can be accepted for
errors and omission, however caused. All rights reserved. Reproduction of this data, in whole or
in part, is permitted providing the source is quoted.
1 Market Analysis

Macro Economic Highlights:

Hong Kong’s economy in the fourth quarter of 2016 remained stable. A weak performance in the tourism
sector has led an economic decline since mid-2015. GDP growth in 2016 was 1.9 percent, although the
last quarter of 2016 had a notable quarter-on-quarter growth of 3.1 percent due to a strong performance
in the export sector.

The Hong Kong Consumer Price Index grew 2.3 percent year-on-year in 2016. For the last quarter of
2016, the average monthly growth rate was 1.2 percent. However, the forecast 2 to 3 percent GDP
growth by Hong Kong’s Financial Secretary may be dampened by risks such as a further rise in interest
rates and the uncertainty of trade policy in the US.

Construction Costs:

The majority of construction material prices have remained stable, except for steel and sand, which both
continue to rise. China and Southeast Asian steelmakers announced an increase in finished steel prices
at the end of 2016, hence we are not surprised to see steel prices continue to rise in 2017.

Labour wages for structure and building services workers rose steadily in 2016 but have moved quite
diversely for architectural trade workers. The average labour wages increased 5.2 percent year-on-
year. A steady rise in wages is anticipated by the construction industry as trade unions propose wage
increments to attract and retain a younger and better-trained workforce.

Hong Kong Outlook:

The value of new construction starts in Hong Kong’s private sector experienced a drop. Construction
trades that are early in the cycle (e.g. foundations and structure), have been returning lower than
expected tender prices. Hong Kong’s construction Tender Price Index as compiled by Arcadis recorded
the first quarter-to-quarter decrease since the second quarter of 2009.

Looking forward, the construction industry workload will be mainly sustained by already-approved
mega-projects such as the Hong Kong-Zhuhai-Macau bridge and the Hong Kong International Airport
third runway. However, the increased difficulties and uncertainties faced by LegCo in approving more
public works in the upcoming financial year has cast doubt on the volume of future public works. Hence,
we anticipate that construction costs for building works will fall by 2% in 2017 and remain flat for 2018.

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 1
1 Market Analysis

Mainland China Outlook:

Prices of major materials such as steel reinforcement, copper and concrete have significantly increased
in the fourth quarter: around 10% for copper and concrete, and around 30% for steel rebar.

The implementation in October 2016 of government policies to tighten property transactions and
mortgages possibly caused investors to move their investments away from property and into commodities
markets. Prices for construction materials have rebounded to levels last seen in 2014.

However, a decline in property sales has yet to significantly lower the demand for construction material.
As increases in material prices do not directly mean a recovery in the construction market, developers
remain cautious in making investment decisions.

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 2
2 Approximate Building Costs in Hong Kong

Building Type HK$/m2 CFA Outline Specification

DOMESTIC
 Apartments, high rise, public authority 11,000 - 14,000 Apartment units with fit-out, based on Hong Kong Housing
standard Authority Non-standard Cruciform Block design

 Apartments, high rise, average standard
 Apartments, high rise, high end
 Terraced houses, average standard
 Detached houses, high end
OFFICE / COMMERCIAL
 Medium/high rise offices, average
standard
 High rise offices, prestige quality
 Out-of-town shopping centre, average
standard
 Retail malls, high end
INDUSTRIAL
 Owner operated factories, low rise, light
weight industry
HOTEL
 Budget hotels - 3-star, mid market
 Business hotels - 4/5-star
 Luxury hotels - 5-star
24,500 - 28,800 Apartment units with fit-out, including air-conditioning,
kitchen cabinets and home appliances, but excluding
decorative light fittings and loose furniture
33,100 - 38,500 Apartment units with good quality fit-out, including air-
conditioning, kitchen cabinets and home appliances, but
excluding decorative light fittings and loose furniture
33,600 - 39,200 Houses with fit-out, including air-conditioning, kitchen
cabinets and home appliances, but excluding decorative
light fittings, loose furniture, garden and parking
43,500 - 49,500 Houses with good quality fit-out, including air-conditioning,
kitchen cabinets and home appliances, but excluding
decorative light fittings, loose furniture, garden and parking
24,000 - 28,500 RC structure, curtain wall/window wall, including public area
fit-out, tenant area with screeded floor, painted wall and ceiling
29,800 - 36,700 RC structure, curtain wall, including public area fit-out, tenant
area with raised floor/carpet, painted wall and false ceiling
24,500 - 28,800 Including public area fit-out and M&E, but excluding shop
fit-out
32,600 - 38,700
18,800 - 23,900 RC structure, including small office with simple fit-out and
M&E, but excluding a/c and heating
31,300 - 33,800 1) Interior decoration
2) Furniture (fixed and movable)
32,800 - 38,800
3) Special light fittings (chandeliers, etc.)
38,400 - 44,500 4) Operating Supplies and Equipment (OS&E) excluded

OTHERS
 Underground/basement car parks 18,500 - 23,000 RC structure
(<3 levels)
 Multi storey car parks, above ground 11,500 - 13,500 RC structure, natural ventilation, no facade enclosure
(<4 levels)
 Schools (primary and secondary) 20,200 - 21,900 Public authority standard, including fit-out, no a/c, complete
with basic external works but excluding educational
equipment

 Students' residences 19,800 - 23,000 Including fit-out, loose furniture and a/c

 Sports clubs, multi purpose sports/
leisure centres (dry sports)
 General hospitals - public sector
31,000 - 35,000 Dry sports (no swimming pool) and are for 'leisure centre'
type schemes including main sports hall, ancillary sports
facilities, changing and showers, restaurant / cafe, bar, etc.
Costs include a/c, Furniture, Fittings and Equipment (FF&E)
40,000 - 45,500 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.

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 3
3 Construction & Installation Price Index
- Mainland China

Construction & Installation Price Index
Published (by NBS of China) Projected (by Arcadis)
Index (Base : Corresponding Quarter in (Base : Q4/2002 = 100)
Preceding Year = 100) (see explanatory notes below)
Quarter / Year 2013 2014 2015 2016 2013 2014 2015 2016
1st Quarter 100.2 101.5 98.6 96.4 150.1 152.4 150.3 144.9
2nd Quarter 99.8 100.7 98.2 99.1 155.1 156.2 153.3 152.0
3rd Quarter 100.1 100.4 96.3 100.0 159.9 160.6 154.6 154.6
4th Quarter 101.1 99.7 95.9 102.2 163.8 163.3 156.6 160.0

Source : National Bureau of Statistics (NBS) of China

Explanatory Notes:

Data are published on a quarterly basis, measuring the year-on-year change in price level of each quarter, but the quarter-on-quarter change is not
published, ie. the changes between consecutive quarters are not given.

To give an illustration of the price trend over time, Arcadis applies a hypothetical calculation to derive the data table and chart as above, basing on
the following understanding and assumptions:

1. Only indices from 1st Quarter 2003 and onwards are published.

2. For 2002 and before, indices were only published annually. This annual index indicates that the average fluctuation of 2002 was moderate.
Arcadis' own in-house data further substantiates that the construction costs in 2002 were rather stable throughout the year.

3. Changes between quarters in 2002 are assumed to be evenly distributed throughout the year. This establishes a notional relationship between
the four quarters in 2002 and can be compared with the published data for 2003 to find their notional quarter-on-quarter changes.

4. For comparison purposes, 4th Quarter 2002 is referred to as base and the base index as 100.

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 4
4 Tender Price Index - Hong Kong

Quarter / Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ASD BWTPI (Base = 100, at Year 1970)
Q1 1,118 1,074 1,134 1,273 1,414 1,516 1,621 1,732 1,775
Q2 1,305 983 1,161 1,320 1,438 1,532 1,648 1,761 1,776
Q3 1,401 1,111 1,249 1,369 1,467 1,559 1,679 1,777 1,783
Q4 1,262 1,107 1,266 1,408 1,496 1,590 1,703 1,775
ASD BSTPI (Base = 100, at Year 1989)
Q1 148 128 130 149 149 193 211 (N/A) 257
Q2 163 134 135 162 200 230 178 189 236
Q3 170 129 143 187 281 215 (N/A) 225 257
Q4 145 133 148 175 203 219 (N/A) 196
Arcadis TPI (Base = 100, at Year 1970)
Q1 1,239 1,245 1,297 1,385 1,511 1,688 1,789 1,946 1,992 1,966*
Q2 1,360 1,242 1,315 1,425 1,552 1,713 1,808 1,958 1,992 1,956*
Q3 1,355 1,253 1,342 1,452 1,595 1,747 1,857 1,963 1,993
Q4 1,281 1,273 1,367 1,491 1,632 1,786 1,903 1,984 1,986

Source: Competitive tenders received by Arcadis, Building Works Tender Price Index (BWTPI) and Building Services Tender Price Index (BSTPI)
of Architectural Services Department (ArchSD) of HKSAR.

Notes: 1. [*] denotes forecast figures.

2. Both BWTPI (ArchSD) and Arcadis TPI measure the trend of general builder’s works only. Special works and Mechanical and
Electrical Services would have to be considered separately.
3. All indices were published quarterly. For reference purpose, only indices from 1st quarter of 1998 and onwards are given in detail,
whereas indices between the years 1970 to 1997 are shown with their 4th Quarter figures.

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 5
5 Materials
Mainland China

Construction Material Prices
Year-on-Year Change

Quarter / Year 2014 2015 2016

1st Quarter (-)0.4% (-)4.5% (-)7.2%
2nd Quarter (-)1.2% (-)4.6% (-)3.0%
3rd Quarter (-)1.6% (-)3.7% (-)1.4%
4th Quarter (-)2.4% (-)8.2% (+)1.9%

Source : National Bureau of Statistics of China

Basic Construction Materials

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 6
6 Labour
Mainland China

Construction Labour Prices
Year-on-Year Change

Quarter / Year 2014 2015 2016

1st Quarter (+)6.9% (+)5.7% (+)3.7%
2nd Quarter (+)6.0% (+)4.5% (+)3.6%
3rd Quarter (+)5.7% (+)3.9% (+)3.3%
4th Quarter (+)5.9% (+)4.3% (+)3.4%

Source : National Bureau of Statistics of China

Hong Kong SAR

No. of Workers Employed
Age Group
by Construction Industry

Age 15 - 24 33,157 8.0%

Age 25 - 39 107,513 26.0%

Age ≥ 40 272,945 66.0%

Total (as at Sep 2016) : 413,615 100.0%

Source : Census & Statistics Department, Hong Kong SAR

Age Distribution of Workers

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 7
7 Gross Value of Construction Work Performed
- Mainland China

Value Performed (RMB¥Billion)

Quarter
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
A. Construction
1st Quarter 579 727 882 1,118 1,422 1,661 1,994 2,311 2,544 2,712
2nd Quarter 1,012 1,267 1,537 1,906 2,419 2,826 3,355 3,866 3,899 4,158
3rd Quarter 1,087 1,307 1,673 2,082 2,634 3,111 3,687 4,113 4,068 4,322
4th Quarter 1,682 2,041 2,572 3,318 4,016 4,427 5,078 5,425 5,517 5,994
Year Total : 4,360 5,342 6,664 8,424 10,490 12,025 14,115 15,714 16,028 17,186
B. Installation
1st Quarter 71 83 100 115 141 165 200 230 255 277
2nd Quarter 108 130 153 183 214 251 300 333 331 366
3rd Quarter 113 141 173 196 224 271 322 346 363 374
4th Quarter 201 245 277 333 378 413 514 517 548 561
Year Total : 494 599 702 827 957 1,100 1,336 1,426 1,498 1,578
C. Others
1st Quarter 21 24 30 38 47 57 69 83 91 96
2nd Quarter 30 34 48 60 69 86 100 118 117 138
3rd Quarter 37 41 56 66 77 97 123 126 126 137
4th Quarter 60 74 86 107 133 166 189 205 216 222
Year Total : 148 174 220 270 326 406 481 531 550 593
Annual gross value performed (A + B + C)
Total : 5,002 6,114 7,586 9,521 11,773 13,530 15,931 17,671 18,076 19,357
Source: National Bureau of Statistics of China
Notes: 1. Value of "Construction" includes builder's works and building services systems.
2. Value of "Installation" is for assembling and installation of equipment for industrial production, power, load-lifting, transportation,
medical and laboratory uses, but excludes supply costs of such equipment.
3. Value of "Others" is generally maintenance and other miscellaneous construction activities.
QUARTERLY CONSTRUCTION COST REVIEW
FOURTH QUARTER 2016 8
8 Gross Value of Construction Work Performed
- Hong Kong

Value Performed (HK$Million)

Quarter
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
A. Private sector sites
1st Quarter 6,959 8,382 8,600 6,349 7,529 11,209 11,675 13,395 15,528 17,652
2nd Quarter 7,429 8,122 9,055 9,276 8,458 12,260 12,176 12,507 17,284 19,530
3rd Quarter 6,582 7,688 8,408 7,360 9,192 12,481 11,848 12,792 16,849 19,001*
4th Quarter 8,004 9,303 7,543 7,322 10,102 13,411 13,781 15,259 18,119
Year Total : 28,974 33,495 33,606 30,307 35,281 49,361 49,480 53,953 67,781
B. Public sector sites
1st Quarter 4,293 3,819 3,967 6,511 9,880 13,168 16,829 18,258 18,531 19,414
2nd Quarter 3,575 3,762 4,652 6,937 9,263 12,023 14,690 15,397 18,964 17,780
3rd Quarter 3,105 3,653 4,428 8,651 10,814 12,137 13,792 16,253 18,163 17,183*
4th Quarter 3,530 4,105 5,605 9,117 12,113 17,332 16,976 18,915 21,585
Year Total : 14,503 15,339 18,652 31,216 42,070 54,660 62,287 68,824 77,242
C. Location other than sites
1st Quarter 10,995 11,883 11,750 11,926 12,172 13,347 15,140 17,909 19,549 18,809
2nd Quarter 11,979 13,213 12,415 12,109 11,620 13,245 15,914 20,327 18,744 18,041
3rd Quarter 13,057 12,818 11,969 12,620 12,953 14,358 16,038 18,636 19,520 19,235*
4th Quarter 13,358 12,851 12,552 13,097 14,439 16,479 17,716 20,088 21,111
Year Total : 49,389 50,765 48,686 49,752 51,184 57,429 64,809 76,960 78,924
Annual gross value performed (A + B + C)
Total : 92,866 99,599 100,944 111,275 128,535 161,450 176,575 199,737 223,947

* Provisional

Source : Census and Statistics Department, Hong Kong SAR

QUARTERLY CONSTRUCTION COST REVIEW

FOURTH QUARTER 2016 9
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 10
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 11
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 12
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 13
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