Asia Construction

Costs Summary

Langdon & Seah

Second Quarter 2016

Asia Construction Costs Summary

Guangzhou/ Chongqing/
Shanghai Beijing Dalian Shenyang
Shenzhen Chengdu
Building Type

RMB / m2 CFA

DOMESTIC

 Apartments, high rise, average standard

- Shell and core 2,470 - 2,850 2,500 - 2,900 2,210 - 2,450 2,200 - 2,500 2,360 - 2,540 2,260 - 2,450
- Full fit 4,280 - 4,750 4,000 - 4,400 3,310 - 3,650 3,100 - 4,100 3,570 - 4,140 3,300 - 3,760

 Apartments, high rise, high end

- Shell and core 3,050 - 3,330 3,000 - 4,400 2,280 - 3,050 2,600 - 3,200 2,720 - 3,100 2,630 - 3,010
- Full fit 10,460 - 11,420 10,000 - 11,400 5,500 - 6,060 5,000 - 6,600 6,780 - 7,430 5,410 - 6,120

 Terraced houses, average standard

- Shell and core 2,850 - 3,050 2,900 - 3,400 2,490 - 2,750 2,500 - 3,000 2,630 - 3,020 2,450 - 2,820
- Full fit N/A 5,900 - 6,400 N/A N/A N/A N/A

 Detached houses, high end

- Shell and core 4,280 - 4,750 4,400 - 4,900 3,410 - 3,750 3,400 - 4,000 3,570 - 3,960 3,300 - 3,580
- Full fit N/A 11,400 - 11,900 N/A N/A N/A N/A

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. 3,330 - 3,800 3,400 - 3,900 3,130 - 3,450 2,800 - 3,700 N/A N/A
(Conventional single storey framed unit)

 Owner operated factories, low rise, light N/A N/A N/A N/A N/A N/A
weight industry

HOTEL

 Budget hotels - 3-star, mid market 6,180 - 7,600 6,400 - 7,900 6,230 - 6,880 6,000 - 7,500 6,400 - 6,960 6,220 - 6,870

 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 4,750 - 6,660 4,900 - 5,400 3,160 - 5,060 N/A N/A 3,560 - 3,960
(<3 levels)

 Multi storey car parks, above ground 2,370 - 3,330 2,900 - 3,400 2,260 - 2,490 2,100 - 2,500 2,310 - 2,410 2,210 - 2,380
(<4 levels)

 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 6,180 - 7,600 5,900 - 7,900 4,690 - 5,180 N/A N/A N/A
centres (dry sports)

 General hospitals - public sector 9,500 - 12,350 7,900 - 9,900 N/A N/A N/A N/A

QUARTERLY CONSTRUCTION COST REVIEW

Second QUARTER 2016 2
Asia Construction Costs Summary

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$ 1.36 RM 4.01 BAHT 34.92

DOMESTIC

 Apartments, high rise, average standard

- Shell and core N/A 1,692 - 2,506 N/A N/A 487 - 573
- Full fit 3,140 - 3,690 2,168 - 2,657 1,400 - 1,585 340 - 510 616 - 744

 Apartments, high rise, high end

- Shell and core N/A 2,506 - 3,734 N/A N/A 587 - 759
- Full fit 4,240 - 4,940 3,008 - 4,612 2,135 - 3,165 815 - 975 916 - 1,088

 Terraced houses, average standard

- Shell and core N/A 2,945 - 3,672 N/A N/A 286 - 372
- Full fit 4,310 - 5,030 3,697 - 4,386 1,805 - 2,025 235 - 340 430 - 515

 Detached houses, high end

- Shell and core N/A 3,571 - 5,125 N/A N/A 501 - 716
- Full fit 5,580 - 6,350 4,486 - 5,802 2,280 - 3,015 790 - 985 744 - 902

OFFICE / COMMERCIAL

 Medium/high rise offices, average standard 3,080 - 3,650* 2,481 - 3,221 1,805 - 1,985@ 640 - 745 601 - 744#

 High rise offices, prestige quality 3,820 - 4,710 3,221 - 3,496 1,985 - 2,210@ 925 - 1,255 787 - 1,002##

 Out-of-town shopping centre, average standard 3,140 - 3,690 2,343 - 3,496 1,985 - 2,135 565 - 680 587 - 759

 Retail malls, high end 4,180 - 4,960 3,697 - 4,398 2,135 - 2,355 705 - 910 787 - 816

INDUSTRIAL

 Industrial units, shell only. N/A N/A 760 - 975 340 - 425 458 - 573
(Conventional single storey framed unit)

 Owner operated factories, low rise, light 2,410 - 3,060 N/A N/A 460 - 515 N/A
weight industry

HOTEL

 Budget hotels - 3-star, mid market 4,010 - 4,330 3,321 - 3,747 2,245 - 2,430 1,070 - 1,490 1,074 - 1,188

 Business hotels - 4/5-star 4,210 - 4,970 4,486 - 5,376 2,870 - 3,235 1,845 - 2,160 1,374 - 1,575

 Luxury hotels - 5-star 4,920 - 5,710 5,376 - 6,491 2,870 - 3,235 2,055 - 2,395 1,604 - 1,718

OTHERS

 Underground/basement car parks 2,370 - 2,950 1,967 - 2,857 975 - 1,325 385 - 525 515 - 673
(<3 levels)

 Multi storey car parks, above ground 1,470 - 1,730 1,090 - 1,416 685 - 975@@ 215 - 280 172 - 275
(<4 levels)

 Schools (primary and secondary) 2,590 - 2,810** 2,168 - 2,481 N/A 230 - 260 N/A

 Students' residences 2,540 - 2,950 1,729 - 1,980 1,655 - 1,805 295 - 325 N/A

 Sports clubs, multi purpose sports/leisure 3,970 - 4,490 N/A 2,060 - 2,210 620 - 680 N/A
centres (dry sports)

 General hospitals - public sector 5,130 - 5,830 N/A 2,870 - 3,015 920 - 1,145 N/A

QUARTERLY CONSTRUCTION COST REVIEW

Second QUARTER 2016 3
Asia Construction Costs Summary

Jakarta Brunei Manila Seoul

Building Type
USD / m2 CFA (See also exchange rates per U.S. dollar below)

IDR 13,315 B$ 1.34 PHP 46.52 KRW 1,163

DOMESTIC

 Apartments, high rise, average standard

- Shell and core N/A N/A N/A 981 - 1,161∆
- Full fit 672 - 761 798 - 1,096 875 - 1,031 1,325 - 1,591∆

 Apartments, high rise, high end

- Shell and core N/A N/A N/A 1,041 - 1,256∆∆
- Full fit 927 - 1,046 986 - 1,283 1,202 - 1,544 1,591 - 1,961∆∆

 Terraced houses, average standard

- Shell and core N/A N/A N/A N/A
- Full fit 357 - 463 516 - 814 807 - 958 N/A

 Detached houses, high end

- Shell and core N/A N/A N/A 998 - 1,230
- Full fit 970 - 1,084 785 - 1,083 1,564 - 2,004 2,159 - 3,286

OFFICE / COMMERCIAL

 Medium/high rise offices, average standard 663 - 734 798 - 1,096 718 - 944 1,178 - 1,359

 High rise offices, prestige quality 978 - 1,093 1,129 - 1,426 1,107 - 1,386 1,359 - 1,677

 Out-of-town shopping centre, average standard 569 - 629 774 - 1,072 535 - 954 1,101 - 1,712

 Retail malls, high end 629 - 680 1,021 - 1,319 1,082 - 1,670 1,290 - 2,133

INDUSTRIAL

 Industrial units, shell only. 306 - 332 368 - 666 458 - 769 645 - 826∆∆∆
(Conventional single storey framed unit)

 Owner operated factories, low rise, light 332 - 366 501 - 799 667 - 789 N/A
weight industry

HOTEL

 Budget hotels - 3-star, mid market 1,151 - 1,361 1,509 - 1,807 1,016 - 1,277 1,609 - 2,022∆∆∆∆

 Business hotels - 4/5-star 1,573- 1,700 2,128 - 2,426 1,330 - 1,826 2,254 - 3,888∆∆∆∆

 Luxury hotels - 5-star 1,675 - 1,888 2,185 - 2,483 2,065 - 2,548 2,503 - 4,000∆∆∆∆

OTHERS

 Underground/basement car parks 472 - 578 N/A 466 - 585 920 - 1,084∆∆∆∆∆
(<3 levels)

 Multi storey car parks, above ground 306 - 332 409 - 707 478 - 838 568 - 740
(<4 levels)

 Schools (primary and secondary) N/A 599 - 896 740 - 1,183 1,290 - 1,505

 Students' residences N/A 700 - 998 708 - 808 1,351 - 1,462

 Sports clubs, multi purpose sports/leisure 1,034 - 1,550 1,610 - 1,908 764 - 1,533 N/A
centres (dry sports)

 General hospitals - public sector N/A 1,810 - 2,107 1,389 - 1,827 N/A

QUARTERLY CONSTRUCTION COST REVIEW

Second QUARTER 2016 4
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 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
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

Second QUARTER 2016 5
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LANGDON & SEAH
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