RLB Construction Cost Update HK March 2016.pdf

Size: px

Start display at page:

Download "RLB Construction Cost Update HK March 2016.pdf"

肥荀
8 years ago
Views:

1 HONG KONG REPORT QUARTERLY CONSTRUCTION COST UPDATE MARCH 2016

2 OFFICES AROUND THE WORLD AUSTRALIA Adelaide Brisbane Cairns Canberra Darwin Gold Coast Melbourne Newcastle Northern NSW Perth Sunshine Coast Sydney Townsville NEW ZEALAND Auckland Christchurch Hamilton Palmerston North Queenstown Tauranga Wellington MIDDLE EAST Abu Dhabi Doha Dubai Muscat Riyadh AFRICA RLB Pentad Gaborone (Botswana) Johannesburg (South Africa) Port Louis (Mauritius) Maputo (Mozambique) Pretoria (South Africa) Cape Town (South Africa) UK Birchwood/Warrington Birmingham Bristol Cumbria Glasgow London Manchester Sheffield Welwyn Garden City Wokingham EUROPE RLB EuroAlliance Austria Belgium Czech Republic Finland France Germany Greece Hungary Ireland Italy Luxembourg Netherlands Norway Poland Portugal Russia Serbia Spain Sweden Turkey CHINA Beijing Chengdu Chongqing Dalian Guangzhou Guiyang Haikou Hangzhou Hong Kong Macau Nanjing Qingdao Shanghai Shenyang Shenzhen Tianjin Wuhan Wuxi Xiamen Xian Zhuhai INDIA Mumbai INDONESIA Jakarta JAPAN Tokyo MALAYSIA Kuala Lumpur PHILIPPINES Cebu Davao Manila SINGAPORE Singapore SOUTH KOREA Jeju Seoul THAILAND Bangkok VIETNAM Ho Chi Minh City CANADA Calgary Toronto CARIBBEAN Bahamas Barbados Grand Cayman St. Lucia USA Austin, TX Boston, MA Chicago, IL Denver, CO Guam, GU Hilo, HI Honolulu, HI Kennewick, WA Las Vegas, NV Los Angeles, CA Maui, HI New York, NY Orlando, FL Phoenix, AZ Portland, OR San Francisco, CA Seattle, WA Tucson, AZ Waikoloa, HI Washington, DC Rider Levett Bucknall Smartphone App Download free of charge at your app store by searching RLB or Rider Levett Bucknall Available on iphone, Android, Windows Phone 7 and Blackberry Operating Systems.

3 COST COMMENTARY REVIEW OF TENDER PRICE MOVEMENTS IN HONG KONG According to Rider Levett Bucknall s Tender Price Index, which measures tender price movements of builder s works in the private sector in Hong Kong, there was an increase of 0.8% in tender prices in the fourth quarter of On a year-on-year basis, the increase was 4.3%. The following are the fourth quarter year-on-year tender price movements of builder s works in the private sector in the past five years: rapidly as in the past few years. However, since the shortage of skilled workers has yet to be resolved, and with the expectation that the Legislative Council will approve funding for over 70 capital work projects in the next few months, it is unlikely that there will be a significant decline in construction cost in the near future. The most likely trend is that there will be moderate fluctuations in tender prices this year % +7.4% +9.1% +7.4% +4.3% Disclaimer: While the information in this publication is believed to be correct at the time of publishing, no responsibility is accepted for its accuracy. Persons desiring to utilize any information appearing in the publication should verify its applicability to their specific circumstances. Cost information in this publication is indicative and for general guidance only and is based on rates at 4th Quarter Hong Kong s economic growth continued to weaken and only grew moderately by 1.9% year-on-year in real terms in the fourth quarter of 2015, compared with the 2.2% increase in the third quarter of On a seasonally adjusted quarter-toquarter comparison basis, real GDP increased by 0.2% in the fourth quarter of 2015 over the third quarter of According to the Composite Consumer Price Index, overall consumer prices rose by 2.7% in January 2016 over the same month a year earlier, higher than the corresponding increase (2.5%) in December The seasonally adjusted unemployment rate and underemployment rate stood at 3.3% and 1.4% respectively in November 2015 to January 2016, same as those in October to December The construction industry in Hong Kong recorded a strong output in However, there have been doubts that whether such high output could be sustained in the coming years as there are uncertainties in the global as well as regional economies. The gradual completion of major infrastructure projects in Hong Kong and the gaming developments in Macau has resulted in more contractors being willing to submit competitive bids in order to maintain their order books, especially in the case of foundations and civil works. The continual weak material prices have helped to keep the construction cost from rising as Macau According to the Statistics and Census Service of the Macau government, Gross Domestic Product for the fourth quarter of 2015 decreased by 14.4% year-onyear in real terms. The unemployment rate for November 2015 to January 2016 stood at 1.9%, same as that in October to December The average daily wage of construction workers was MOP793 in the fourth quarter of 2015, increased by 2.9% on a quarter-to-quarter basis. The average daily wages of skilled and semi-skilled workers increased by 2.8% to MOP798 and that of unskilled workers decreased by 1.3% to MOP393. With the rapid contraction of the gaming and tourism industry, Macau s economy has been in decline and the construction output in the coming months is expected to fall rapidly. The government is planning to invest in a number of infrastructure and social projects including building 28,000 public housing units within the new reclamation Zone A. The Light Rail Transit project as well as works associated with the Hong Kong- Zhuhai-Macao Bridge are well underway. These works will provide support to the construction industry in the next few years. Overall, it is expected that tender prices in Macau will fall moderately in Mainland Please refer to our Report which can be downloaded from our website

4 HONG KONG REPORT MARCH TENDER PRICE INDICES IN HONG KONG RLB = Rider Levett Bucknall (Private Sector) ASD = Architectural Services Department (Public Sector) RLB ASD Quarter / Year Graph showing cost trends in the construction industry in Hong Kong based on Tender Prices for Builder's Works TENDER PRICE INDICES RLB ASD RLB ASD RLB ASD RLB ASD RLB ASD RLB ASD RLB ASD RLB ASD RLB ASD RLB ASD RLB ASD RLB ASD Quarter

5 COMMON UNIT RATES IN HONG KONG Description Average Rates in HK$ Unit 1Q2015 2Q2015 3Q2015 4Q2015 Reinforced concrete Grade 40 m, , , , Sawn formwork m Deformed high yield steel bar reinforcement kg mm Solid concrete block wall m Mastic asphalt roofing overall 20 mm thick (2-coat work) on horizontal surfaces 20 mm (Finished) Timber strip flooring including plywood sub-floor, sanding and wax polishing m m Timber skirting 100 mm high x 13 mm thick m mm Solid core flush door faced both sides with 5 mm timber veneered plywood including door frame, architrave, mouldings and painting (excluding ironmongery) Galvanised mild steel in balustrades, railings and general welded and framed work No. 6, , , , kg Structural steelwork - standard sections kg Fluorocarbon coated aluminium windows - frame and hardware including clear float glass and glazing (single-glazed windows) m 2 2, , , , mm Cement and sand (1:3) paving m Coloured unglazed ceramic mosaic floor tiling m Marble slab flooring (mid-range, European origin) m 2 3, , , , Two coats internal lime cement plaster to soffit and beams m Metal panel suspended ceiling m Ceramic / homogeneous wall tiling; internal work m Ceramic mosaic external wall tiling; adhesive fixed (45 x 45 or 45 x 95 mm tiles) Alkali resistant primer and two coats of emulsion paint on plastered walls and ceilings m m Notes: - The unit rates above are for general guidelines of likely tendered rates obtained by competitive tendering for lump sum fixed price contracts with a normal contract period. - The rates are also based on normal site conditions, locations and normal working hours. 3

6 HONG KONG REPORT MARCH Approximate Order of Construction Costs in Hong Kong and Selected Cities in (Cost per Square Metre Construction Floor Area at 4th Quarter 2015 Prices) Type of Building Hong Kong HK$ Macau MOP Beijing Chengdu Guangzhou Shanghai Shenzhen Tianjin Wuhan Wuxi Xian Zhuhai Office High Quality 23,500-33, ,400-23,300+ 7,400-11,100 6,700-9,800 7,200-10,900 7,400-10,900 7,100-10,600 7,100-10,800 6,700-9,800 7,300-11,000 6,700-9,800 6,700-9,800 Medium Quality 18,500-22,600 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Ordinary Quality 15,700-19,900 11,200-15,100 3,850-5,400 3,500-4,650 3,700-4,950 3,850-5,050 3,600-4,800 3,700-5,050 3,500-4,650 3,800-5,200 3,450-4,600 3,450-4,650 Shopping Centre High Quality 29,800-35, ,400-28,500+ 7,800-12,200 6,900-10,700 7,500-11,400 7,700-11,900 7,300-11,200 N/A N/A N/A N/A N/A Medium Quality 22,700-27,800 N/A 6,200-7,750 5,550-6,950 6,050-7,350 6,150-7,750 5,850-7,150 N/A N/A N/A N/A N/A Residential High Rise; High Quality ; 24,300-36, ,200-20,900+ 4,150-5,800 3,700-5,250 4,000-5,550 4,050-5,650 3,850-5,350 4,000-5,450 3,650-5,150 4,100-5,700 3,650-5,150 3,650-5,150 High Rise; Better Quality ; 16,900-19,900 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A High Rise; Ordinary Quality ; 15,400-16,600 8,400-10,100 2,250-3,050 1,950-2,700 2,150-2,900 2,150-2,950 2,100-2,850 2,100-2,950 1,950-2,700 2,150-2,950 1,950-2,700 1,950-2,700 House; High Quality ; 35,400-53,000+ N/A 4,550-6,300 4,050-5,700 4,200-6,000 4,400-6,200 4,150-5,900 4,200-6,000 3,950-5,600 4,500-6,200 3,950-5,600 3,950-5,600 House; Medium Quality ; 23,400-29,300 N/A 3,000-3,900 2,700-3,600 2,900-3,700 2,950-3,900 2,800-3,650 2,950-3,700 2,700-3,550 2,950-3,800 2,700-3,550 2,700-3,550 Clubhouse 32,900-53,700+ N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A External works & landscaping (cost/m 2 external area) Hotel (including FF&E) 4,250-9,100+ N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 5-Star 35,400-42, ,800-37, ,500-16,700 11,400-14,700 12,800-16,600 12,400-16,400 11,900-15,600 11,800-15,800 11,300-14,800 12,300-16,300 11,200-14,800 11,200-14,800 3-Star 29,200-33,600 24,200-27,200 9,400-12,000 8,600-10,800 9,500-11,500 9,300-11,800 9,000-11,300 9,000-11,600 8,600-10,800 9,300-11,800 8,400-10,700 8,400-10,800 Industrial Landlord; High Rise ; 10,100-11,500 N/A 2,600-3,450 2,250-3,100 2,500-3,300 2,500-3,450 2,400-3,200 2,450-3,250 2,300-3,100 2,500-3,400 2,300-3,100 2,300-3,100 End User; Low Rise ; 13,000-19,500 N/A 3,700-6,400 3,300-5,700 3,500-6,300 3,650-6,300 3,400-6,200 3,500-6,200 3,300-5,700 3,650-6,300 3,300-5,700 3,300-5,700 Carpark Basement; up to 2 Levels ; 2 19,200-26, ,000-13,600+ 3,600-6,200 3,550-5,800 3,650-6,300 3,950-6,500 3,650-6,200 3,550-5,900 3,550-5,900 3,650-6,200 3,600-5,900 3,550-5,900 Multi-Storey ; 9,000-10,700 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A NOTES The construction costs above are based on prices obtained by competitive tendering for lump sum fixed price contracts with a normal contract period and are based on normal site conditions and locations. Extra costs should be allowed for projects with fast track programme, non-traditional procurement approaches and multi-phasing completion, etc. The costs are average square metre unit costs only not based on any specific drawings / design. Therefore they provide nothing more than a rough guide to the probable cost of a building. Figures outside the given ranges may be encountered. When information is required on a specific project, it is essential that professional advice be sought. The standards for each type of building in selected cities in do not necessarily follow those in Hong Kong due to local design practices and choice of materials. The building costs exclude furniture, fittings and equipment (except hotel / serviced apartment / clubhouse), site formation and external works, finance and legal expenses, consultants fees and reimbursables, value of land and fluctuations in prices between the price date as specified above and the time of calling tenders. / / Construction floor areas are measured to the outside face of external walls (or in the absence of such walls, the external perimeter) of the building & include all lift shafts, stairwells and E&M rooms but exclude lightwells and atrium voids. These areas are usually larger than Architect s calculation of Gross Floor Area (Plot Ratio Area). 4 5 Other Specific Exclusions HOTEL : pre-opening expenses, operating expenses, working capital, staff training and administrative costs SHOPPING CENTRE : fit out to tenant areas INDUSTRIAL; LANDLORD security system, air conditioning, electrical distribution in tenant areas; production and warehousing equipment; special M&E provisions PROJECTS IN SELECTED CITIES IN CHINA utilities to the site beyond site boundary, connection charges and capital contribution; local authority levies and taxation; import duties

7 HONG KONG REPORT MARCH 2016 LABOUR COST TRENDS AVERAGE DAILY WAGES OF WORKERS ENGAGED IN PUBLIC SECTOR CONSTRUCTION PROJECTS 1,950 1,900 1,700 1,650 1,850 1,600 1,800 1,750 1,700 1,650 1,600 1,550 1,500 1,450 1,400 1,350 Daily Wages (HK$ per day) 1,550 1,500 1,450 1,400 1,350 1,300 1,300 1,250 1,200 1,150 1,100 1,050 1,250 1,200 1,150 1,100 1,050 1, , Month / Year Average Daily Wages in HK$ per day Selected Occupations Bar Bender and Fixer 1, , , , , , , , , , , , ,886., , , , , ,910.2 Concretor 1, , , ,800., , , , , , , , , , ,902., , , ,909.6 Carpenter (formwork) 1, , , , , , , , , , , , , , , , , , ,858.7 Painter and Decorator , , , , ,089., , , ,112.5 Plasterer 1, , , , , ,195., , , , , , , , ,353.,393., , ,348.5 Metal Worker , , , , , ,070., , , , , , , , ,146., ,158.,172.7 Plumber , , , , , ,092., , , , , , , , , , , ,263.2 General Workers (Source: Census and Statistics Department) 6

8 MATERIAL COST TRENDS AVERAGE WHOLESALE PRICES OF SELECTED BUILDING MATERIALS 6,000 8,500 5,500 8,000 5,000 7,500 4,500 7,000 4,000 6,500 Costs of Materials (HK$) 3,500 3,000 2,500 6,000 5,500 5,000 2,000 4,500 1,500 4,000 1,000 3, , Month / Year Average Wholesale Prices of Selected Building Materials Building Materials Sand ($/10 t) 1,200 1,180 1,180 1,180 1,180 1,180 1,180 1,190 1,200 1,290 1,450 1,450 1,480 1,460 1,400 1,410 1,380 1,530 1,650 Bitumen ($/t) 8,433 8,400 8,400 8,400 8,350 8,350 8,350 8,250 8,200 7,950 7,900 7,900 7,900 8,000 8,000 7,917 7,850 7,750 7,600 Portland Cement ($/t) Sawn Hardwood 50x75 ($/m 3 ) 5,529 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 Mild Steel Round Bars ($/t) 5,750 5,680 5,645 5,605 5,585 5,490 5,490 5,470 5,438 5,360 5,291 5,270 5,285 5,270 5,215 5,180 5,165 5,125 5,090 High Tensile Steel Bars ($/t) 4,929 4,831 4,781 4,688 4,573 4,462 4,427 4,349 4,208 4,073 3,970 3,930 3,900 3,792 3,713 3,643 3,524 3,355 3,333 (Source: Census and Statistics Department) 7

HONG KONG REPORT MARCH 2016 MAJOR COST ELEMENTS OF COMMON BUILDING TYPES 50,000 45,000 Building Unit Cost (HK$/m2 CFA) (at 4th Quarter 2015 prices) 40,000 35,000 30,000 25,000 20,000 15,000 10,000

frame and slabs Façade Architectural, Builders Work and Finishes Building Services Installations 3,700 ~ 4,300 3,700 ~ 5,000 2,500 ~ 5,500 6,400 ~ 7,100 6,200 ~ 7,900 3,100 ~ 3,900 4,200 ~ 5,800

9 HONG KONG REPORT MARCH 2016 MAJOR COST ELEMENTS OF COMMON BUILDING TYPES 50,000 45,000 Building Unit Cost (HK$/m2 CFA) (at 4th Quarter 2015 prices) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, A, Building Types Element International School Office (High Quality) Shopping Centre (High Quality) Residential (High Quality) Hotel (5-star) Hospital Foundation and substructure Structural frame and slabs Façade Architectural, Builders Work and Finishes Building Services Installations 3,700 ~ 4,300 3,700 ~ 5,000 2,500 ~ 5,500 6,400 ~ 7,100 6,200 ~ 7,900 3,100 ~ 3,900 4,200 ~ 5,800 3,400 ~ 4,700 6,100 ~ 9,000 6,700 ~ 9,800 3,600 ~ 4,300 4,700 ~ 6,200 4,100 ~ 5,600 8,600 ~ 9,500 8,800 ~ 9,900 2,800 ~ 4,000 3,900 ~ 6,000 2,900 ~ 4,600 9,500 ~ 12,900 5,200 ~ 9,200 3,200 ~ 4,200 4,700 ~ 6,200 4,100 ~ 5,000 15,100 ~ 17,500 8,300 ~ 10,000 3,600 ~ 5,100 4,600 ~ 6,000 4,100 ~ 6,200 10,000 ~ 12,600 12,700 ~ 14,800 Total (at 4th Quarter 2015 prices) 22,500 ~ 29,800 23,500 ~ 33,200 29,800 ~ 35,500 24,300 ~ 36,700 35,400 ~ 42,900 35,000 ~ 44,700 Disclaimer All building cost data and other information is for general reference purposes only and only caters for the general circumstances without being necessarily applicable to specific sites, developments or projects of any particular individual or company. Actual costs will depend, among others, on the final design and the eventual selection of materials. 8

10 OFFICES IN HONG KONG, MACAU AND MAINLAND CHINA HONG KONG 20th Floor Eastern Central Plaza 3 Yiu Hing Road Shaukeiwan Hong Kong SAR 3 20 Telephone : Facsimile : [email protected] BEIJING Room , 18th Floor East Ocean Centre 24A Jian Guo Men Wai Avenue Chaoyang District Beijing A Telephone : Facsimile : [email protected] CHENGDU 29th Floor Square One No.18 Dongyu Street Jinjiang District Chengdu Telephone : Facsimile : [email protected] CHONGQING Room , 30th Floor Metropolitan Tower No 68 Zourong Road Central District Chongqing Telephone : Facsimile : [email protected] DALIAN Room 1103 Xiwang Tower 136 Zhongshan Road Zhongshan District Dalian Liaoning Province Telephone : Facsimile : [email protected] GUANGZHOU Room 601 Taikoo Hui Tower Tian He Road Guangzhou Guangdong Province Telephone : Facsimile : [email protected] GUIYANG Room E, 12th Floor Fuzhong International Plaza 126 Xin Hua Road Guiyang Guizhou Province E Telephone : Facsimile : [email protected] HAIKOU Room 1708, 17th Floor Fortune Centre 38 Da Tong Road Haikou Hainan Province Telephone : Facsimile : [email protected] HANGZHOU Room 2306 Green Town Deep Blue Plaza No. 203 Zhao Hui Road Hangzhou Zhejiang Province Telephone : Facsimile : [email protected] MACAU Alameda Dr. Carlos D Assumpção No. 398 Edificio CNAC 9º Andar I-J Macau SAR I-J Telephone : Facsimile : [email protected] NANJING Room 1202, South Tower, NIC 201 Zhong Yang Road Nanjing Jiang Su Province Telephone : Facsimile : [email protected] QINGDAO Room 2019, 20th Floor Parkson Commercial Plaza Zhongshan Road Shinan District Qingdao Shandong Province Telephone : Facsimile : [email protected] SHANGHAI 22nd Floor, Greentech Tower No.436, Heng Feng Road Zha Bei District Shanghai Telephone : Facsimile : [email protected] SHENYANG 25th Floor Tower A, President Building No. 69 Heping North Avenue Heping District Shenyang Liaoning Province 69 A Telephone : Facsimile : [email protected] SHENZHEN Room Shun Hing Square Diwang Comm. Centre 5002 Shennan Road East Shenzhen Guangdong Province Telephone : Facsimile : [email protected] TIANJIN Room 502, 5th Floor Tianjin International Building 75 Nanjing Road Heping District Tianjin Telephone : Facsimile : [email protected] WUHAN Room 2301 New World International Trade Centre No. 568 Jianshe Avenue Wuhan Hubei Province Telephone : Facsimile : [email protected] WUXI Room Juna Plaza No. 6 Yonghe Road Nanchang District Wuxi Jiangsu Province Telephone : Facsimile : [email protected] XIAN Room 2906, 29th Floor Digital Plaza Hi-Tech International Business Centre 33 Keji Road Xian Shaanxi Province Telephone : Facsimile : [email protected] ZHUHAI Room 3108, 31st Floor Everbright International Trade Centre No. 47 Haibinnanlu, Jida, Zhuhai Guangdong Province Telephone : Facsimile : [email protected]

11 rlb.com

66014_RLB_MR_cover_cs4.indd

66014_RLB_MR_cover_cs4.indd HONG KONG REPORT QUARTERLY CONSTRUCTION COST UPDATE JUNE 2016 OFFICES AROUND THE WORLD AUSTRALIA Adelaide Brisbane Cairns Canberra Darwin Gold Coast Melbourne Newcastle Northern NSW Perth Sunshine Coast