Asia Construction

Costs Summary

Langdon & Seah

Fourth Quarter 2015

Asia Construction Costs Summary

Shanghai

Guangzhou/
Shenzhen

Beijing

Building Type

Chongqing/
Chengdu

Dalian

Shenyang

RMB / m2 CFA

DOMESTIC

Apartments, high rise, average standard

- Shell and core
- Full fit

2,470 - 2,850
4,280 - 4,750

2,500 - 2,900
4,000 - 4,400

2,210 - 2,450
3,310 - 3,650

2,150 - 2,550
3,100 - 4,100

2,360 - 2,540
3,570 - 4,140

2,260 - 2,450
3,300 - 3,760

2,280 - 3,050
5,500 - 6,060

2,600 - 3,200
5,000 - 6,600

2,720 - 3,100
6,780 - 7,430

2,630 - 3,010
5,410 - 6,120

Apartments, high rise, high end

- Shell and core
- Full fit

Terraced houses, average standard

- Shell and core
- Full fit

2,850 - 3,050
N/A

2,900 - 3,400
5,900 - 6,400

2,490 - 2,750
N/A

2,450 - 3,000
N/A

2,630 - 3,020
N/A

2,450 - 2,820
N/A

Detached houses, high end

- Shell and core
- Full fit

4,280 - 4,750
N/A

4,400 - 4,900
11,400 - 11,900

3,410 - 3,750
N/A

3,350 - 4,000
N/A

3,570 - 3,960
N/A

3,300 - 3,580
N/A

3,050 - 3,330
3,000 - 4,400
10,460 - 11,420 10,000 - 11,400

OFFICE / COMMERCIAL

Medium/high rise offices, average standard

5,700 - 7,600

5,700 - 7,700

4,810 - 5,320

5,100 - 6,100

5,370 - 5,740

5,180 - 5,640

High rise offices, prestige quality

7,600 - 9,500

7,700 - 12,700

6,630 - 7,320

6,500 - 9,000

7,340 - 7,720

7,060 - 8,000

Out-of-town shopping centre, average standard

N/A

4,400 - 5,900

4,580 - 5,050

4,000 - 5,300

4,700 - 5,280

4,240 - 4,700

Retail malls, high end

8,080 - 10,450

7,900 - 10,900

6,770 - 7,470

7,000 - 9,500

7,250 - 8,190

7,060 - 8,000

INDUSTRIAL

Industrial units, shell only.

(Conventional single storey framed unit)

3,330 - 3,800

3,400 - 3,900

3,130 - 3,450

2,800 - 3,700

N/A

N/A

Owner operated factories, low rise, light

weight industry

N/A

N/A

N/A

N/A

N/A

N/A

6,180 - 7,600

6,400 - 7,900

6,230 - 6,880

6,000 - 7,500

6,400 - 6,960

6,220 - 6,870

HOTEL

Budget hotels - 3-star, mid market

Business hotels - 4/5-star

10,450 - 14,250 10,900 - 13,900 10,060 - 11,110 10,500 - 13,500 10,810 - 12,240 9,410 - 12,240

Luxury hotels - 5-star

14,250 - 17,100 13,900 - 17,900 13,720 - 15,150

N/A

N/A

N/A

OTHERS

Underground/basement car parks

(<3 levels)

4,750 - 6,660

4,900 - 5,400

3,160 - 5,060

N/A

N/A

3,560 - 3,960

Multi storey car parks, above ground

(<4 levels)

2,370 - 3,330

2,900 - 3,400

2,260 - 2,490

2,100 - 2,500

2,310 - 2,410

2,210 - 2,380

Schools (primary and secondary)

3,330 - 4,280

3,400 - 4,400

2,500 - 2,770

N/A

N/A

N/A

Students' residences

2,370 - 3,330

2,400 - 3,400

1,600 - 1,770

N/A

N/A

N/A

Sports clubs, multi purpose sports/leisure

(dry sports)

6,180 - 7,600

5,900 - 7,900

4,690 - 5,180

N/A

N/A

N/A

General hospitals - public sector

9,500 - 12,350

7,900 - 9,900

N/A

N/A

N/A

N/A

QUARTERLY CONSTRUCTION COST REVIEW

THIRD QUARTER 2015

Asia Construction Costs Summary

Hong Kong
Building Type

Macau

Singapore

Kuala Lumpur

Bangkok

USD / m2 CFA (See also exchange rates per U.S. dollar below)
HK$ 7.80

MOP 7.98

S$ 1.40

RM 4.33

BAHT 35.83

Apartments, high rise, average standard

- Shell and core
- Full fit

N/A
3,140 - 3,690

1,692 - 2,506
2,168 - 2,657

N/A
1,360 - 1,540

N/A
305 - 460

474 - 558
600 - 726

Apartments, high rise, high end

- Shell and core
- Full fit

N/A
4,240 - 4,940

2,506 - 3,747
3,033 - 4,637

N/A
2,075 - 3,075

N/A
735 - 880

572 - 740
893 - 1,061

Terraced houses, average standard

- Shell and core
- Full fit

N/A
4,310 - 5,030

2,957 - 3,684
3,709 - 4,424

N/A
1,750 - 1,965

N/A
210 - 305

279 - 363
419 - 502

Detached houses, high end

- Shell and core
- Full fit

N/A
5,580 - 6,350

3,584 - 5,163
4,511 - 5,877

N/A
2,215 - 2,930

N/A
715 - 880

488 - 698
726 - 879

DOMESTIC

OFFICE / COMMERCIAL

Medium/high rise offices, average standard

3,080 - 3,650*

2,506 - 3,233

1,750 - 1,930@

575 - 665

586 - 726#

High rise offices, prestige quality

3,820 - 4,710

3,233 - 3,534

1,930 - 2,145@

835 - 1,130

768 - 977##

Out-of-town shopping centre, average standard

3,140 - 3,690

2,356 - 3,534

1,930 - 2,075

515 - 615

572 - 740

Retail malls, high end

4,180 - 4,960

3,709 - 4,474

2,075 - 2,290

635 - 825

768 - 795

INDUSTRIAL

Industrial units, shell only.

(Conventional single storey framed unit)

N/A

N/A

740 - 945

305 - 385

447 - 558

Owner operated factories, low rise, light

weight industry

2,410 - 3,060

N/A

N/A

415 - 465

N/A

HOTEL

Budget hotels - 3-star, mid market

4,010 - 4,330

3,296 - 3,722

2,180 - 2,360

965 - 1,350

1,047 - 1,158

Business hotels - 4/5-star

4,210 - 4,970

4,474 - 5,338

2,790 - 3,145

1,675 - 1,960

1,340 - 1,535

Luxury hotels - 5-star

4,920 - 5,710

5,338 - 6,316

2,790 - 3,145

1,855 - 2,175

1,563 - 1,675

OTHERS

Underground/basement car parks

(<3 levels)

2,370 - 2,950

1,955 - 2,870

945 - 1,290

345 - 475

502 - 656

Multi storey car parks, above ground

(<4 levels)

1,470 - 1,730

1,078 - 1,416

665 - 945@@

200 - 255

167 - 268

Schools (primary and secondary)

2,590 - 2,810**

2,155 - 2,506

N/A

210 - 235

N/A

Students' residences

2,540 - 2,950

1,717 - 1,992

1,610 - 1,750

265 - 295

N/A

Sports clubs, multi purpose sports/leisure

(dry sports)

3,970 - 4,490

N/A

2,000 - 2,145

560 - 610

N/A

General hospitals - public sector

5,130 - 5,830

N/A

2,790 - 2,930

835 - 1,040

N/A

QUARTERLY CONSTRUCTION COST REVIEW

THIRD QUARTER 2015

Asia Construction Costs Summary

Jakarta
Building Type

Brunei

Manila

Seoul

USD / m2 CFA (See also exchange rates per U.S. dollar below)
IDR 13,750

B$ 1.37

PHP 47

KWR 1,136

Apartments, high rise, average standard

- Shell and core
- Full fit

N/A
636 - 722

N/A
813 - 1,116

N/A
860 - 920

995 - 1,180
1,347 - 1,629

Apartments, high rise, high end

- Shell and core
- Full fit

N/A
879 - 998

N/A
1,004 - 1,307

N/A
1,170 - 1,310

1,039 - 1,241
1,620 - 1,981

Terraced houses, average standard

- Shell and core
- Full fit

N/A
342 - 442

N/A
526 - 829

N/A
605 - 690

N/A
N/A

N/A
922 - 1,112

N/A
800 - 1,103

N/A
1,280 - 1,370

1,021 - 1,259
2,210 - 3,363

627 - 698

813 - 1,116

820 - 870

1,197 - 1,364

926 - 1,045

1,149 - 1,453

1,260 - 1,365

1,391 - 1,690

DOMESTIC

Detached houses, high end

- Shell and core
- Full fit

OFFICE / COMMERCIAL

Medium/high rise offices, average standard

High rise offices, prestige quality

Out-of-town shopping centre, average standard

542 - 599

789 - 1,092

735 - 870

1,127 - 1,743

Retail malls, high end

599 - 646

1,040 - 1,343

1,080 - 1,260

1,320 - 2,183

INDUSTRIAL

Industrial units, shell only.

(Conventional single storey framed unit)

287 - 310

375 - 678

450 - 460

Owner operated factories, low rise, light

weight industry

310 - 343

511 - 814

560 - 650

660 - 836
N/A

HOTEL

Budget hotels - 3-star, mid market

1,093 - 1,292

1,537 - 1,840

1,180 - 1,375

1,646 - 2,069

Business hotels - 4/5-star

1,492- 1,663

2,167 - 2,471

1,350 - 1,685

2,306 - 3,979

Luxury hotels - 5-star

1,596 - 1,805

2,225 - 2,528

1,575 - 2,030

2,562 - 4,093

942 - 1,109

OTHERS

Underground/basement car parks

(<3 levels)

442 - 541

N/A

510 - 560

Multi storey car parks, above ground

(<4 levels)

287 - 310

416 - 720

460 - 606

581 - 757

Schools (primary and secondary)

N/A

610 - 913

690 - 765

N/A

Students' residences

N/A

713 - 1,016

690 - 765

1,382 - 1,488

Sports clubs, multi purpose sports/leisure

(dry sports)

998 - 1,496

1,640 - 1,943

1,180 - 1,425

N/A

General hospitals - public sector

N/A

1,843 - 2,146

1,350 - 1,475

N/A

QUARTERLY CONSTRUCTION COST REVIEW

THIRD QUARTER 2015

Asia Construction Costs Summary

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
High rise offices, prestige quality
Out-of-town shopping centre, average standard
Retail malls, high end

RC structure, curtain wall, including public area fit-out, tenant area with raised floor/
carpet, painted wall and false ceiling
Including public area fit-out and M&E, but excluding shop fit-out

INDUSTRIAL
Industrial units, shell only. (Conventional single storey
framed unit)

RC structure with steel roof and M&E to main distribution, but excluding a/c, heating
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
Business hotels - 4/5-star
Luxury hotels - 5-star

1) Interior decoration
2) Furniture (fixed and movable)
3) Special light fittings (chandeliers, etc.)
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

sports)

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)

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
@@ Open on all sides with parapet

Singapore:
#

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

@ Excluding carpet

QUARTERLY CONSTRUCTION COST REVIEW

THIRD QUARTER 2015

ARCADIS ASIA LIMITED

LANGDON & SEAH
38/F, AIA Kowloon Tower, Landmark East
100 How Ming Street
Kwun Tong, Kowloon, Hong Kong
Tel: (852) 2830 3500 Fax: (852) 2576 0416
Email: asiainfo@arcadis.com
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