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Construction Starts Report
1st Quarter 2006 to 4th Quarter 2008
All project categories
BCI Asia recorded US$32.8 billion worth of construc-tion starts in Southeast Asia and Hong Kong in the4th quarter 2008; up 22.6% from $26.8 billion in thesame quarter a year earlier. The value of constructionstarts for 2008 were up 24.1% against the prior yearwith Singapore up 98%, Indonesia up 30%, Thailand24%, Malaysia 20% and Vietnam up 14%. The valueof starts in the Philippines contracted 1% for 2008while Hong Kong contracted 23%.
Infrastructure projects
Infrastructure starts surged to $9.8 billion in the 4thquarter 2008 due to big projects in Malaysia, such asthe Penang Second Crossing project (shown below).
Large residential projects
The value of large residential projects starting con-struction in the 4th quarter 2008 slipped 3% to $5.5billion from $5.7 billion in the 4th quarter last year.Steep declines in residential starts for the 4th quarterwere recorded in the Philippines, Thailand and Malay-sia. Meanwhile, large residential starts were up 131%for the quarter in Vietnam with construction startingon the 33-storey Preche apartment complex in Ho ChiMinh City. Starts for the 4th quarter were up 60% inIndonesia and 45% in Singapore.
26,96624,32016,79517,93424,78622,20219,41726,76430,37226,11626,36532,81205,00010,00015,00020,00025,00030,00035,0001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region4,3582,6673,1141,7582,2171,5042,4653,9054,0123,9594,1409,82001,0002,0003,0004,0005,0006,0007,0008,0009,00010,0001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region6,9255,9584,1115,1545,4985,4454,9315,6496,8976,3354,8615,48001,0002,0003,0004,0005,0006,0007,0001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region
USD millionsUSD millionsUSD millions
Image Courtesy of CHEC Construction (M) Sdn Bhd
2 BCI Asia Construction Starts Report - 1st Quarter 2006 to 4th Quarter 2008
Utilities projects
BCI Asia recorded $3.8 billion worth of utilities pro- jects starting construction in the 4th quarter 2008,down 30% on the 4th quarter last year. Starts in 2008were down 6% on 2007 with annual contractions inVietnam and Indonesia. In the 4th quarter 2008, therewas a surge in the value of utilities starts recorded inThailand due to the Gheco One coal-fired power plantgetting underway with an estimated cost of $993 mil-lion. The plant is expected to have a 660-megawattcapacity when operational in 2012.
Industrial projects
The value of industrial projects starting construction in2008 was $14.8 billion, down 4.9% from $15.5 billionin 2007. Industrial starts were down 53% in HongKong, 41% in Thailand, 13% in Vietnam and 2% inSingapore. However, industrial starts increased 52%for the year in Malaysia, 14% in the Philippines and9% in Indonesia. In the 4th quarter 2008, large indus-trial starts were recorded in Vietnam, Malaysia andIndonesia.
Oil, gas & mining projects
Only $459 million worth of oil, gas and mining projectswere recorded in the 4th quarter 2008, down 66.9%on the 4th quarter 2007. Despite the 4th quarter drop,the sector grew 43.2% for 2008 over the prior yearwith growth recorded in all regions except Malaysiaand Hong Kong. In the 4th quarter 2008, several largemining-related starts were recorded in Vietnam andIndonesia, but few large oil and gas starts were re-corded apart from the $25 million LNG receiving ter-minal for PTT at Maptathut Industrial Port in Thailand.
Transport projects
Transport projects surged to $1.6 billion in the 4thquarter 2008, up 689% from $199 million in the 4thquarter 2007. In the 4th quarter 2008, constructionstarted for the $964 million Phu Quoc InternationalAirport in Kien Giang, Vietnam, as well as for the$367 million Bugis bus interchange station in Singa-pore, which will be integrated into the existing Bugisunderground station.
4,1161,9754603,3373,8692,6138045,4292,8011,3763,9653,79801,0002,0003,0004,0005,0006,0001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region2,7934,5021,9171,7184,7763,6063,7613,3852,9734,5433,1294,11505001,0001,5002,0002,5003,0003,5004,0004,5005,0001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region2,6583,6721,3816817429527291,3842,7078691,41845905001,0001,5002,0002,5003,0003,5004,0001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region
USD millionsUSD millionsUSD millions
171306205467148976871992,5657012601,56405001,0001,5002,0002,5003,0001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region
USD millions
3 BCI Asia Construction Starts Report - 1st Quarter 2006 to 4th Quarter 2008
Retail projects
The value of retail starts climbed 15.9% to $6.7 billionin 2008 from $5.8 billion in 2007. However, year-on-year for the 4th quarter, they climbed only 3.2% to$1.3 billion. Retail starts for 2008 were up 162% inVietnam, mainly through large mixed developmentprojects. They were up 75% in Singapore, up 35% inIndonesia and up 7% in Malaysia. Retail starts weredown 54% in Hong Kong, down 12% in Thailand anddown 2% in the Philippines for 2008.
Office projects
Office project starts surged to $8.7 billion in 2008, up38.1% on $6.3 billion in 2007. A hefty $2.3 billionworth of office project starts were recorded in the 4thquarter 2008, up 47.9% on the $1.6 billion recorded inthe 4th quarter a year earlier. Office starts surged inSingapore, Hong Kong and Vietnam in the 4th quarter2008 despite several large office projects being aban-doned or delayed in Singapore and Hong Kong amida declining rental market and increasingly difficultcapital-raising conditions.
Hotel projects
Only $674 million worth of hotelswere recorded in 4th quarter2008, down 49.8% on 4th quarter2007. Despite this drop, the sec-tor grew 23% for 2008. Vietnamwas up 308% for the year withprojects like Best Western Pre-mier at Nha Trang. Singaporewas up 67% and Indonesia up7%. Thailand contracted 30%,Malaysia and Philippines fell 22%and Hong Kong lost 18%.
Education & research projects
Education and research projects surged to $958 mil-lion in the 4th quarter 2008, up 26.8% from $756 mil-lion in the 4th quarter 2007. The value of starts wasup 15.5% for 2008 due to rapid growth in Vietnam(220%) and the Philippines (44%) as well as meas-ured growth in Hong Kong (20%), Indonesia (13%)and Singapore (4%). The value of starts for 2008 de-clined 10% in Thailand and 2% in Malaysia, althoughthe latter remained by far the greatest contributor toeducation and research project starts in the region.
1,3281,0841,5961,3491,1482,2951,0581,2911,7651,8641,7501,33205001,0001,5002,0002,5001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region1,1504586595388098448221,3441,1711,6251,22667402004006008001,0001,2001,4001,6001,8001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region5463025396365731,1378477561,11385789895801002003004005006007008009001,0001,1001,2001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region
USD millionsUSD millionsUSD millions
1,0981,8891,5811,1791,3901,8031,5151,5622,2812,3881,6822,31005001,0001,5002,0002,5001Qtr062Qtr063Qtr064Qtr061Qtr072Qtr073Qtr074Qtr071Qtr082Qtr083Qtr084Qtr08IndonesiaMalaysiaPhilippinesSingaporeHong KongThailandVietnamTotal region
USD millions
Image Courtesy of Ho Thieu Tri Architect and Associates Co., Ltd.
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BuildingStarts4thQtr2008
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| Upload Date: | 04/13/2009 |
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