HONG KONG REPORT QUARTERLY CONSTRUCTION COST UPDATE JUNE 2017
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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, the tender prices remained steady in the first quarter of 2017. On a year-on-year basis, the increase was 0.6%. The following are the first quarter year-on-year tender price movements of builder s works in the private sector in the past five years: 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017 +7.5% +10.0% +6.4% +2.2% +0.6% 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 1st Quarter 2017. Hong Kong s economy grew by 4.3% year-on-year in real terms in the first quarter of 2017, compared with the 3.2% increase in the fourth quarter of 2016. On a seasonally adjusted quarter-to-quarter comparison basis, real GDP increased by 0.7% in the first quarter of 2017 over the fourth quarter of 2016. According to the Composite Consumer Price Index, overall consumer prices rose by 2.0% in May 2017 over the same month a year earlier, remained unchanged as compared to April 2017. The seasonally adjusted unemployment rate stood at 3.2% in March to May 2017, same as that in February to April 2017. The underemployment rate remained unchanged at 1.2% in the two periods. The tender prices in Hong Kong reached a record high in the third quarter of 2016 after continuously rising for six years and have since been maintaining at this level. The slower economic growth in and neighbouring countries will continue to suppress the regional demand of building materials, the prices of which are expected to remain stable. With gradual completion of major infrastructure works in recent months and the uncertainty of government projects being approved by the Legislative Council in a timely manner, contractors have been bidding for projects at a much lower margin. However, the government s land supply policy and capital work programme such as, Kai Tak Sports Park, Tung Chung New Town Extension, and Central Kowloon Route will provide sustained support to the construction industry in the next few years. Therefore, although there is a moderate downward trend in the coming months, a substantial decline in tender prices is unlikely. Macau According to the Statistics and Census Service of the Macau government, Gross Domestic Product for the first quarter of 2017 increased by 10.3% year-on-year in real terms. The unemployment rate for March to May 2017 stood at 2.0%, same as in the previous period (February to April 2017). The average daily wage of construction workers was MOP830 in the first quarter of 2017, increased by 1.8% on a quarter-to-quarter basis. The average daily wages of skilled and semi-skilled workers increased by 1.8% to MOP834 and that of unskilled workers increased by 6.1% to MOP433. Macau s GDP continued to rise in recent quarters, mainly due to growths in the gaming services and tourism services. The construction industry in Macau relied heavily on major gaming resorts in the past ten years. With a slowdown in the private investment of large-scale entertainment facilities, the construction output in the private sector has declined as compared with previous years. However, the government s investment in public construction for public housing units, infrastructures and social projects is expected to improve. Macau s construction works will move from the gaming sector to non-gaming sectors. During this transition period, as there are fewer new projects, it is expected that the tender prices in Macau will remain weak. 1
HONG KONG REPORT JUNE 2017 2600 TENDER PRICE INDICES IN HONG KONG RLB = Rider Levett Bucknall (Private Sector) ASD = Architectural Services Department (Public Sector) 2600 2400 2400 2200 2200 2000 2000 1800 1600 RLB 1800 1600 1400 1400 1200 1200 1000 ASD 1000 800 800 600 600 400 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Quarter / Year Graph showing cost trends in the construction industry in Hong Kong based on Tender Prices for Builder's Works 400 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 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1 104 160 100 210 140 238 144 258 160 345 206 275 145 221 150 270 164 320 203 460 262 2 112 173 106 222 143 236 146 275 167 345 213 258 145 238 153 270 174 350 208 500 285 3 130 185 124 230 144 238 158 300 190 318 203 243 137 255 153 273 185 380 230 535 304 4 100 148 198 131 238 143 245 158 325 199 290 191 228 140 263 149 300 201 420 238 550 329 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1 570 347 620 389 630 364 560 298 570 328 560 326 605 376 665 385 785 479 960 542 1020 574 1090 608 2 570 353 620 393 620 370 560 298 570 332 555 335 615 392 690 403 820 510 960 548 1030 561 1075 592 3 600 369 630 375 600 342 540 317 570 323 565 344 630 373 700 411 865 521 985 552 1045 582 1075 573 4 610 381 630 376 580 327 560 326 560 337 585 351 655 380 740 438 925 541 1000 559 1080 596 1055 515 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 1 1035 531 1025 527 1100 586 1280 708 1400 772 1575 902 1800 1103 1660 1024 1510 959 1400 862 1270 687 1205 720 2 1020 548 1045 527 1125 594 1330 712 1430 813 1660 953 1765 1054 1640 1031 1440 873 1390 842 1240 742 1230 723 3 1020 519 1075 541 1160 615 1360 733 1485 848 1760 996 1695 1065 1620 1025 1435 858 1360 807 1210 692 1195 722 4 1030 518 1080 563 1220 666 1370 747 1520 885 1810 1051 1675 1034 1600 989 1410 844 1290 721 1185 733 1210 681 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1 1255 685 1260 711 1300 714 1440 821 1680 1118 1630 1074 1670 1134 1840 1273 1995 1414 2145 1516 2360 1621 2510 1732 2 1265 712 1270 716 1310 730 1475 859 1810 1305 1605 983 1730 1161 1870 1320 2045 1438 2190 1532 2390 1648 2540 1761 3 1230 704 1275 718 1360 751 1535 906 1865 1401 1620 1111 1750 1249 1925 1369 2075 1467 2230 1559 2425 1679 2545 1777 4 1220 701 1280 697 1410 789 1595 998 1750 1262 1655 1107 1785 1266 1955 1408 2100 1496 2290 1590 2460 1703 2565 1775 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2565 1775 2580 1779 2 2570 1776 3 2580 1783 4 2580 1781 2
COMMON UNIT RATES IN HONG KONG Description Average Rates in HK$ Unit 2Q2016 3Q2016 4Q2016 1Q2017 Reinforced concrete Grade 40 m 3 1,400.00 1,330.00 1,250.00 1,130.00 Sawn formwork m 2 490.00 460.00 480.00 470.00 Deformed high yield steel bar reinforcement kg 8.60 9.20 10.00 9.80 105 mm Solid concrete block wall m 2 260.00 270.00 290.00 290.00 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 2 170.00 174.00 174.00 174.00 m 2 760.00 770.00 780.00 780.00 Timber skirting 100 mm high x 13 mm thick m 103.00 104.00 105.00 105.00 50 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. 6,700.00 6,700.00 6,700.00 6,700.00 kg 39.90 40.00 40.00 40.00 Structural steelwork - standard sections kg 37.90 38.00 38.00 38.00 Fluorocarbon coated aluminium windows - frame and hardware including clear float glass and glazing (single-glazed windows) m 2 2,870.00 2,900.00 2,900.00 2,900.00 20 mm Cement and sand (1:3) paving m 2 90.00 95.00 100.00 105.00 Coloured unglazed ceramic mosaic floor tiling m 2 280.00 280.00 280.00 280.00 Marble slab flooring (mid-range, European origin) m 2 3,680.00 3,680.00 3,670.00 3,670.00 Two coats internal lime cement plaster to soffit and beams m 2 112.00 113.00 114.00 114.00 Metal panel suspended ceiling m 2 755.00 760.00 760.00 760.00 Ceramic / homogeneous wall tiling; internal work m 2 620.00 620.00 620.00 620.00 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 2 480.00 480.00 480.00 480.00 m 2 64.00 65.00 66.00 66.00 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
HONG KONG REPORT JUNE 2017 Office Type of Building 20171 Approximate Order of Construction Costs in Hong Kong and Selected Cities in Hong Kong HK$ Macau MOP Beijing (Cost per Square Metre Construction Floor Area at 1st Quarter 2017 Prices) Chengdu Guangzhou Shanghai Shenzhen High Quality 23,600-33,400+ 18,000-22,900+ 7,400-11,000 6,700-9,700 7,200-10,800 7,400-10,800 7,100-10,500 7,100-10,700 6,700-9,700 7,300-10,900 6,700-9,700 6,700-9,700 Medium Quality 18,600-22,700 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Ordinary Quality 15,800-20,000 11,000-14,800 3,850-5,300 3,500-4,600 3,700-4,900 3,850-5,000 3,600-4,750 3,700-5,000 3,500-4,600 3,800-5,100 3,450-4,550 3,450-4,600 Shopping Centre High Quality 30,000-35,700+ 23,000-27,900+ 7,700-12,100 6,800-10,600 7,400-11,300 7,600-11,800 7,200-11,100 N/A N/A N/A N/A N/A Medium Quality 22,700-27,900 N/A 6,100-7,700 5,500-6,900 6,000-7,300 6,100-7,700 5,800-7,100 N/A N/A N/A N/A N/A Residential High Rise; High Quality ; 24,500-36,900+ 14,900-20,500+ 4,150-5,750 3,700-5,200 4,000-5,500 4,050-5,600 3,850-5,300 4,000-5,400 3,650-5,100 4,100-5,600 3,650-5,100 3,650-5,100 High Rise; Better Quality ; 17,000-20,000 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 ; 15,500-16,600 8,200-9,900 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 ; 35,600-53,300+ N/A 4,500-6,200 4,000-5,600 4,150-5,900 4,350-6,100 4,100-5,800 4,150-5,900 3,900-5,500 4,450-6,100 3,900-5,500 3,900-5,500 House; Medium Quality ; 23,500-29,500 N/A 2,950-3,850 2,650-3,550 2,850-3,650 2,900-3,850 2,750-3,600 2,900-3,650 2,650-3,500 2,900-3,750 2,650-3,500 2,650-3,500 Clubhouse 33,000-54,100+ 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) 4,300-9,200+ N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 5-Star 35,600-43,200+ 30,200-36,400+ 12,400-16,500 11,300-14,500 12,700-16,400 12,300-16,200 11,800-15,400 11,700-15,600 11,200-14,600 12,200-16,100 11,100-14,600 11,100-14,600 3-Star 29,400-33,800 23,800-26,600 9,300-11,900 8,500-10,700 9,400-11,400 9,200-11,700 8,900-11,200 8,900-11,500 8,500-10,700 9,200-11,700 8,300-10,600 8,300-10,700 Industrial Landlord; High Rise ; 10,100-12,500 N/A 2,550-3,450 2,200-3,100 2,450-3,300 2,450-3,450 2,350-3,200 2,400-3,250 2,250-3,100 2,450-3,400 2,250-3,100 2,250-3,100 End User; Low Rise ; 13,500-20,600 N/A 3,650-6,400 3,250-5,700 3,450-6,300 3,600-6,300 3,350-6,200 3,450-6,200 3,250-5,700 3,600-6,300 3,250-5,700 3,250-5,700 Carpark Basement; up to 2 Levels ; 2 19,600-27,100+ 10,800-13,400+ 3,550-6,200 3,500-5,800 3,600-6,300 3,900-6,500 3,600-6,200 3,500-5,900 3,500-5,900 3,600-6,200 3,550-5,900 3,500-5,900 Multi-Storey ; 9,000-11,300 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A NOTES Tianjin Wuhan Wuxi Xian Zhuhai 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
HONG KONG REPORT JUNE 2017 LABOUR COST TRENDS AVERAGE DAILY WAGES OF WORKERS ENGAGED IN PUBLIC SECTOR CONSTRUCTION PROJECTS 2,200 1,500 2,150 1,450 2,100 1,400 2,050 1,350 2,000 1,300 Daily Wages (HK$ per day) 1,950 1,900 1,850 1,800 1,250 1,200 1,150 1,100 1,750 1,050 1,700 1,000 1,650 950 1,600 900 1,550 850 8 15 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 16 17 Month / Year 3 Average Daily Wages in HK$ per day Selected Occupations 2015 2016 2017 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 Bar Bender and Fixer 1,882.1 1,861.5 1,880.2 1,910.2 1,899.4 1,897.8 1,948.4 1,996.5 2,020.6 2,055.7 2,084.2 2,085.9 2,099.8 2,116.7 2,112.5 2,113.1 2,108.4 2,104.8 2,088.3 2,072.7 Concretor 1,856.4 1,851.5 1,904.8 1,909.6 1,895.4 1,867.1 1,864.3 1,902.2 1,939.2 1,938.9 1,932.5 1,928.6 1,920.3 1,972.3 1,964.5 2,001.2 1,959.3 1,986.4 1,993.8 1,993.8 Carpenter (formwork) 1,875.1 1,852.5 1,870.1 1,858.7 1,837.5 1,885.9 1,879.5 1,949.6 2,016.9 2,060.1 2,067.9 2,043.3 2,081.3 2,128.7 2,094.4 2,068.2 2,033.0 1,995.3 1,994.4 1,978.2 Painter and Decorator 1,106.2 1,086.2 1,104.7 1,112.5 1,121.5 1,139.1 1,150.3 1,141.0 1,135.2 1,121.7 1,141.8 1,179.6 1,182.1 1,164.1 1,172.8 1,141.7 1,168.5 1,195.6 1,225.5 1,232.3 Plasterer 1,393.3 1,385.2 1,476.4 1,348.5 1,343.6 1,349.6 1,354.2 1,339.0 1,365.5 1,381.3 1,388.7 1,387.8 1,408.7 1,437.5 1,362.2 1,375.3 1,378.1 1,394.4 1,384.5 1,361.9 Metal Worker 1,146.3 1,135.7 1,158.3 1,172.7 1,159.4 1,153.0 1,146.5 1,131.2 1,153.3 1,165.6 1,180.5 1,177.9 1,175.1 1,184.5 1,142.1 1,149.5 1,156.0 1,161.5 1,196.6 1,189.8 Plumber 1,222.5 1,236.9 1,251.6 1,263.2 1,258.7 1,255.3 1,267.5 1,277.3 1,283.6 1,296.3 1,285.1 1,296.2 1,293.0 1,294.6 1,301.0 1,347.6 1,373.7 1,403.2 1,397.0 1,397.3 General Workers 904.9 907.1 921.2 927.8 915.7 911.3 919.1 920.9 926.1 943.8 945.7 958.2 969.7 981.5 999.3 999.0 1,011.0 1,018.7 1,032.6 1,051.8 (Source: Census and Statistics Department) 6
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$) 3,500 3,000 2,500 6,000 5,500 5,000 2,000 4,500 1,500 4,000 1,000 3,500 500 3,000 8 15 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 16 17 3 Month / Year Average Wholesale Prices of Selected Building Materials Building Materials 2015 2016 2017 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 Sand ($/10 t) 1,410 1,380 1,530 1,650 1,890 1,380 1,070 1,190 1,220 1,220 1,220 1,320 1,480 1,530 1,410 1,700 1,800 1,240 1,210 1,210 Bitumen ($/t) 7,917 7,850 7,750 7,600 7,150 7,017 6,750 6,583 6,167 5,650 5,450 5,450 5,117 4,850 4,850 4,883 4,983 5,050 5,683 5,950 Portland Cement ($/t) 739 739 739 739 738 726 720 714 713 712 712 710 715 715 713 713 713 712 711 707 Sawn Hardwood 50x75 ($/m 3 ) 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,707 5,814 5,814 Mild Steel Round Bars ($/t) 5,180 5,165 5,125 5,090 5,073 5,054 5,059 5,270 5,380 5,450 5,255 5,275 5,330 5,395 5,320 5,550 5,675 5,610 5,600 5,660 High Tensile Steel Bars ($/t) 3,643 3,524 3,355 3,333 3,242 3,157 3,200 3,466 3,905 3,844 3,570 3,558 3,692 3,730 3,700 3,985 4,264 4,272 4,304 4,437 (Source: Census and Statistics Department) 7
HONG KONG REPORT JUNE 2017 Covered Footbridges across Public Vehicular Roads According to the Highways Department of the Hong Kong SAR Government, there are more than 770 footbridges in Hong Kong. To improve traffic circulation and safety of pedestrians, it is now common that land leases for new developments often ask for the construction of covered footbridges to separate pedestrians from vehicles. For a footbridge built across a public vehicular road, it is generally a mandatory requirement in the land lease that no permanent column or supporting structure shall be constructed on Government land throughout the whole span of the bridge, so as to maintain the normal operation of the public road. This requirement is a key cost driver both in terms of the long span column free design as well as the temporary traffic management and temporary supports required during construction. Another key cost driver is the construction of barrier free access (BFA) facilities such as ramps and lifts at both ends of the bridge to cater for the needs of the elderly and the disabled. Our analysed cost for non-fully enclosed covered footbridges built across public vehicular roads is generally in the range of $150,000 to $260,000/m 2 footbridge area # or above, excluding lifts, escalators and ramps at both ends of the footbridges which should be added as necessary. Design fees are not included in the above cost range. Preliminaries and temporary works Building services installation Foundation 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - Structure Upper Bound Façade Lower Bound Architectural works Roof cover HK$ / m 2 footbridge area # 1. Foundation 40,800-76,600 2. Structure 40,400-62,600 3. Façade (side-open) 7,400-13,600 4. Roof cover 12,900-18,300 5. Architectural works 7,000-11,200 6. Building services installation 6,900-10,300 7. Preliminaries and temporary works 34,600-67,400 Total (at 1st Quarter 2017 prices) 150,000-260,000 Extra costs for the following facilities:- Lift tower and lift car (2 stops) Ramp (around 80m long x 3m wide) Outdoor escalator (1 No. with cover; around 7 m-rise) # Footbridge area = total bridge length x footway clear width 6.0 Million - 10.0 Million each 11.0 Million - 19.0 Million each 5.0 Million - 7.0 Million each Disclaimer The cost model is for general reference purposes only without being necessarily applicable to specific 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. Figures outside the given ranges may be encountered. 8
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