1、Arcadis Asia LimitedArcadis Hong Kong LimitedCHINA&HONG KONG2018Construction Cost HandbookElectronic Cost HandbookWe have a number of options for accessing an electronic version of our Cost Handbook:1.Download the PDF version from our website to your mobile or tablet device.Go to Click Arcadis Const
2、ruction Cost Handbook Scroll down the page to China and Hong Kong Click the Download now button to access 2.For mobiles and tablets,scan the QR code below to directly access the PDF file.3.Or download our App to your mobile or tablet by searching for Arcadis Cost Handbook in the App Store or Google
3、Play.Handbook Cover Photos:-1.Nanning CRC MixC Mall,Nanning2.RafflesCity,Chengdu3.Kai Tak Cruise Terminal,Hong Kong4.The Parisian,Cotai,Macau5.InfinitasPlaza,GuangzhouThe following handbook of information relating to the construction industry has been compiled by:Arcadis Hong Kong Limited38/F,AIA Ko
4、wloon Tower,Landmark East 100 How Ming Street Kwun Tong,Kowloon Hong Kong Telephone:(852)2830 3500Fax:(852)2576 0416Email:info-Website: Arcadis Hong Kong Limited 2018 All rights reserved.No part of this publication may be re-produced or copied in any form without prior written permission from Arcadi
5、s Hong Kong Limited.The information contained herein should be regarded as indicative and for general guidance only.Whilst every effort has been made to ensure accuracy,no responsibility can be accepted for errors and omissions,however caused.If advice concerning individual projects is required,we w
6、ould be happy to assist.Unlessotherwisestated,costsreflectedinthishandbookare Hong Kong costs at 4th Quarter 2017.Arcadis Hong Kong Limited would like to acknowledge the assistance of Knight Frank and Baker&McKenzie in providing additional data and information for this publication.ISO 9001:2008Certi
7、ficateNo.:FS676172ISO 14001:2004CertificateNo.:EMS676173OHSAS 18001:2007CertificateNo.:OHS6761741 TABLE OF CONTENTS TABLE OF CONTENTSTable of Contents 1Calendars 3About Us 51.CONSTRUCTION COST DATA Construction Costs for Hong Kong 9M&E Costs for Hong Kong 11ACMV Costs for Various Designs and Develop
8、ments in Hong Kong 13Fit-out Costs for Hong Kong 15Unit Costs for Ancillary Facilities for Hong Kong 17Construction Costs for Selected Asian Cities 19M&E Costs for Selected Asian Cities 25Major Rates for Selected Asian Cities 31ConstructionCostSpecification 372.GENERAL CONSTRUCTION DATA2018 Outlook
9、43Building Cost Trends in Hong Kong 49Labour Index in Hong Kong 52Labour Wages in Hong Kong 53Material Prices in Hong Kong 55Progress Payments 58Estimating Rules of Thumb and Design Norms 59Construction Activity in Hong Kong 65Construction Value in Hong Kong 66Hong Kong General Construction Insuranc
10、e 67SpecifiedFormsforBuildingsOrdinance or Regulations for Hong Kong 69Summary of Building Regulations for Hong Kong 73Percentage Site Coverage and Plot Ratios for Hong Kong 74Evolving Regulations for Green Building in China 77Procurement Strategies and Form of Contracts 812TABLE OF CONTENTS3.PROPER
11、TYProperty Commentary 87Property Indicators 93Gross Floor Area(GFA)Calculations in Hong Kong 95Gross Floor Area(GFA)Calculations in PRC 97ConstructionFloorArea(CFA)Definition994.FINANCIALFinancialDefinitions101Financial Formulae 102Mortgage Repayment Table 103Composite CPI 104Prime Rates 105Exchange
12、 Rates 107Currency Charts 109Hang Seng Index 1125.OTHER INFORMATIONUtility Costs for Selected Asian Cities 115Key City Indicators 119Conversion Factors 121IDD Codes and Time Differences 123Public Holidays 125Arcadis Asia Leadership Team 135Arcadis Asia Sectors 137Arcadis Asia Services 141Directoryof
13、Offices143Health&Safety Management System 158Quality Management System 159Environmental Management System 160Telephone Directory 1613 CALENDARS CALENDARS2 0 1 82 0 1 7 2017 JANUARY FEBRUARY MARCH S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5 6 7 1 2 3 4 1 2 3 4 8 9 10 11 12 13 14 5 6 7 8 9 10
14、11 5 6 7 8 9 10 11 15 16 17 18 19 20 21 12 13 14 15 16 17 18 12 13 14 15 16 17 18 22 23 24 25 26 27 28 19 20 21 22 23 24 25 19 20 21 22 23 24 2529 30 31 26 27 28 26 27 28 29 30 31 APRIL MAY JUNE S M T W T F S S M T W T F S S M T W T F S 1 1 2 3 4 5 6 1 2 3 2 3 4 5 6 7 8 7 8 9 10 11 12 13 4 5 6 7 8 9
15、 10 9 10 11 12 13 14 15 14 15 16 17 18 19 20 11 12 13 14 15 16 17 16 17 18 19 20 21 22 21 22 23 24 25 26 27 18 19 20 21 22 23 24 23/30 24 25 26 27 28 29 28 29 30 31 25 26 27 28 29 30 JULY AUGUST SEPTEMBER S M T W T F S S M T W T F S S M T W T F S 1 1 2 3 4 5 1 2 2 3 4 5 6 7 8 6 7 8 9 10 11 12 3 4 5
16、6 7 8 9 9 10 11 12 13 14 15 13 14 15 16 17 18 19 10 11 12 13 14 15 16 16 17 18 19 20 21 22 20 21 22 23 24 25 26 17 18 19 20 21 22 23 23/30 24/31 25 26 27 28 29 27 28 29 30 31 24 25 26 27 28 29 30 OCTOBER NOVEMBER DECEMBER S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5 6 7 1 2 3 4 1 2 8 9 10 11
17、12 13 14 5 6 7 8 9 10 11 3 4 5 6 7 8 9 15 16 17 18 19 20 21 12 13 14 15 16 17 18 10 11 12 13 14 15 16 22 23 24 25 26 27 28 19 20 21 22 23 24 25 17 18 19 20 21 22 2329 30 31 26 27 28 29 30 24/31 25 26 27 28 29 30 2018 JANUARY FEBRUARY MARCH S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5 6 1 2 3
18、1 2 3 7 8 9 10 11 12 13 4 5 6 7 8 9 10 4 5 6 7 8 9 10 14 15 16 17 18 19 20 11 12 13 14 15 16 17 11 12 13 14 15 16 17 21 22 23 24 25 26 27 18 19 20 21 22 23 24 18 19 20 21 22 23 2428 29 30 31 25 26 27 28 25 26 27 28 29 30 31 APRIL MAY JUNE S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5 6 7 1 2 3
19、 4 5 1 2 8 9 10 11 12 13 14 6 7 8 9 10 11 12 3 4 5 6 7 8 9 15 16 17 18 19 20 21 13 14 15 16 17 18 19 10 11 12 13 14 15 16 22 23 24 25 26 27 28 20 21 22 23 24 25 26 17 18 19 20 21 22 23 29 30 27 28 29 30 31 24 25 26 27 28 29 30 JULY AUGUST SEPTEMBER S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5
20、 6 7 1 2 3 4 1 8 9 10 11 12 13 14 5 6 7 8 9 10 11 2 3 4 5 6 7 8 15 16 17 18 19 20 21 12 13 14 15 16 17 18 9 10 11 12 13 14 15 22 23 24 25 26 27 28 19 20 21 22 23 24 25 16 17 18 19 20 21 2229 30 31 26 27 28 29 30 31 23/30 24 25 26 27 28 29 OCTOBER NOVEMBER DECEMBER S M T W T F S S M T W T F S S M T W
21、 T F S 1 2 3 4 5 6 1 2 3 1 7 8 9 10 11 12 13 4 5 6 7 8 9 10 2 3 4 5 6 7 8 14 15 16 17 18 19 20 11 12 13 14 15 16 17 9 10 11 12 13 14 15 21 22 23 24 25 26 27 18 19 20 21 22 23 24 16 17 18 19 20 21 2228 29 30 31 25 26 27 28 29 30 23/30 24/31 25 26 27 28 294CALENDARS2 0 2 02 0 1 9 2019 JANUARY FEBRUARY
22、 MARCH S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5 1 2 1 2 6 7 8 9 10 11 12 3 4 5 6 7 8 9 3 4 5 6 7 8 9 13 14 15 16 17 18 19 10 11 12 13 14 15 16 10 11 12 13 14 15 16 20 21 22 23 24 25 26 17 18 19 20 21 22 23 17 18 19 20 21 22 2327 28 29 30 31 25 25 26 27 28 24/31 25 26 27 28 29 30 APRIL MAY
23、 JUNE S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5 6 1 2 3 4 1 7 8 9 10 11 12 13 5 6 7 8 9 10 11 2 3 4 5 6 7 8 14 15 16 17 18 19 20 12 13 14 15 16 17 18 9 10 11 12 13 14 15 21 22 23 24 25 26 27 19 20 21 22 23 24 25 16 17 18 19 20 21 22 28 29 30 26 27 28 29 30 31 23/30 24 25 26 27 28 29 JULY A
24、UGUST SEPTEMBER S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5 6 1 2 3 1 2 3 4 5 6 7 7 8 9 10 11 12 13 4 5 6 7 8 9 10 8 9 10 11 12 13 14 14 15 16 17 18 19 20 11 12 13 14 15 16 17 15 16 17 18 19 20 21 21 22 23 24 25 26 27 18 19 20 21 22 23 24 22 23 24 25 26 27 28 28 29 30 31 25 26 27 28 29 30 31
25、 29 30 OCTOBER NOVEMBER DECEMBER S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 5 1 2 1 2 3 4 5 6 7 6 7 8 9 10 11 12 3 4 5 6 7 8 9 8 9 10 11 12 13 14 13 14 15 16 17 18 19 10 11 12 13 14 15 16 15 16 17 18 19 20 21 20 21 22 23 24 25 26 17 18 19 20 21 22 23 22 23 24 25 26 27 28 27 28 29 30 31 24 25
26、26 27 28 29 30 29 30 31 2020 JANUARY FEBRUARY MARCH S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 1 1 2 3 4 5 6 7 5 6 7 8 9 10 11 2 3 4 5 6 7 8 8 9 10 11 12 13 14 12 13 14 15 16 17 18 9 10 11 12 13 14 15 15 16 17 18 19 20 21 19 20 21 22 23 24 25 16 17 18 19 20 21 22 22 23 24 25 26 27 28 26 27 28
27、 29 30 31 23 24 25 26 27 28 29 29 30 31 APRIL MAY JUNE S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 1 2 1 2 3 4 5 6 5 6 7 8 9 10 11 3 4 5 6 7 8 9 7 8 9 10 11 12 13 12 13 14 15 16 17 18 10 11 12 13 14 15 16 14 15 16 17 18 19 20 19 20 21 22 23 24 25 17 18 19 20 21 22 23 21 22 23 24 25 26 27 26 27
28、 28 29 30 24/31 25 26 27 28 29 30 28 29 30 JULY AUGUST SEPTEMBER S M T W T F S S M T W T F S S M T W T F S 1 2 3 4 1 1 2 3 4 5 5 6 7 8 9 10 11 2 3 4 5 6 7 8 6 7 8 9 10 11 12 12 13 14 15 16 17 18 9 10 11 12 13 14 15 13 14 15 16 17 18 19 19 20 21 22 23 24 25 16 17 18 19 20 21 22 20 21 22 23 24 25 26 2
29、6 27 28 29 30 31 23/30 24/31 25 26 27 28 29 27 28 29 30 OCTOBER NOVEMBER DECEMBER S M T W T F S S M T W T F S S M T W T F S 1 2 3 1 2 3 4 5 6 7 1 2 1 2 3 4 5 4 5 6 7 8 9 10 8 9 10 11 12 13 14 6 7 8 9 10 11 12 11 12 13 14 15 16 17 15 16 17 18 19 20 21 13 14 15 16 17 18 19 18 19 20 21 22 23 24 22 23 2
30、4 25 26 27 28 20 21 22 23 24 25 26 25 26 27 28 29 30 31 29 30 27 28 29 30 31 5 ARCADIS HONG KONG LIMITEDARCADIS HONG KONG LIMITED ABOUT USArcadisistheleadingglobalDesign&Consultancyfirmfornatural and built assets.Applying our deep market sector insights and collective design,consultancy,engineering,
31、project management services we work in partnership with our clients to deliver exceptional and sustainable outcomes throughout the lifecycle of their natural and built assets.In Asia,we have over 4,500 people covering the Asia market across all sectors focused on improving quality of life.Arcadis ha
32、s a long history of leading expertise in providing Cost Management capabilities that ensure our clients projects are delivered with a competitive advantage,exceed project requirements and deliver sustainable outcomes.Our Cost Management heritage is particularly stronginGreaterChinahavingset-upourfir
33、stofficeinHong Kong back in 1949.We entered the Mainland China market in 1984,introducing modern cost management techniques to its newly evolving construction market.Our initial commissions were from Hong Kong and foreign developers investing in China,however since then our client base has grown to
34、include state-owned enterprises and local developers.We are committed to further extending our professional expertise to include new areas like whole-life costing,and supporting the growing number of clients in Asia who are looking for high quality Cost Management solutions as they embark on project
35、s in other parts of the world.Furthermore,we have aligned our operating models to facilitate innovation,ease knowledge transfer and enable the sharing of best practices.We work to ensure clients have access to our best resources,delivering the most appropriate solutions,at a cost that meets their re
36、quirements.6ARCADIS HONG KONG LIMITED OUR CORE VALUESPeople FirstWe care for each other and create a safe and respectful working environment where our people can grow,perform,and succeed.IntegrityWe always work to the highest professional and ethical standards and establish trust by being open,hones
37、t and responsible.Client SuccessWe are passionate about our clients success and bring insights,agility,and innovation to co-create value.CollaborationWe value the power of diversity and our global capabilities and deliver excellence by working as One Arcadis.SustainabilityWe base our actions for cli
38、ents and communities on environmental responsibility and social and economic advancement.CONSTRUCTION COST DATA1Construction Costs for Hong KongM&E Costs for Hong Kong ACMV Costs for Various Designs and Developments in Hong Kong Fit-out Costs for Hong KongUnit Costs for Ancillary Facilities for Hong
39、 Kong Construction Costs for Selected AsianCitiesM&E Costs for Selected Asian Cities Major Rates for Selected Asian CitiesConstruction Cost Specification CONSTRUCTION COST DATA 19 CONSTRUCTION COST DATACONSTRUCTION COSTS FOR HONG KONGBUILDING TYPEHK$/m2 CFABUILDING SERVICES TOTALDOMESTICApartments,h
40、igh rise,public authority standard 9,050 -11,150 1,950 -2,350 11,000 -13,500Apartments,high rise,average standard 19,900 -22,300 4,100 -5,900 24,000 -28,200Apartments,high rise,high end 27,050 -30,500 5,350 -7,200 32,400 -37,700Terraced houses,average standard 29,150 -33,450 3,750 -4,950 32,900 -38,
41、400Detached houses,high end 38,600 -42,550 4,000 -5,950 42,600 -48,500OFFICE/COMMERCIALMedium/high rise offices,average standard 17,800 -20,750 5,700 -7,150 23,500 -27,900High rise offices,prestige quality 22,600 -26,900 6,400 -8,100 29,000 -35,000Out-of-town shopping centre,average standard 17,700
42、-20,850 6,300 -7,150 24,000 -28,000Retail malls,high end 25,300 -29,850 6,500 -7,950 31,800 -37,800CONSTRUCTION COSTS FOR HONG KONGCONSTRUCTION COST DATA10The above costs are at 4th Quarter 2017 levels.HOTELSBudget hotels-3-star,mid market 23,250 -24,200 7,250 -8,800 30,500 -33,000Business hotels-4/
43、5-star 24,050 -27,950 7,950 -10,050 32,000 -38,000Luxury hotels-5-star 29,550 -33,450 7,950 -10,050 37,500 -43,500INDUSTRIALOwner operated factories,low rise,light weight industry 16,100 -20,250 2,300 -3,150 18,400 -23,400OTHERSUnderground/basement car parks(3 levels)15,450 -18,750 2,650 -3,750 18,1
44、00 -22,500Multi storey car parks,above ground(4 levels)9,300 -10,050 2,000 -3,250 11,300 -13,300Schools(primary and secondary)16,800 -17,500 2,900 -3,900 19,700 -21,400Students residences 14,550 -16,300 4,850 -6,200 19,400 -22,500Sports clubs,multi purpose sports/leisure centres(dry sports)with a/c
45、and including FF&E 23,700 -26,000 6,300 -8,000 30,000 -34,000General hospitals-public sector 30,100 -32,900 8,900 -11,100 39,000 -44,000CONSTRUCTION COST DATA 111 CONSTRUCTION COST DATAM&E COSTS FOR HONG KONGBUILDING TYPEHK$/m2 CFA MECHANICAL SERVICES ELECTRICAL SERVICESFIRE SERVICES LIFTS/ESCALATOR
46、SHYDRAULIC SERVICESTOTALSERVICESDOMESTICApartments,high rise,public authority standard-600 -700 150 -200 300-350 900 -1,100 1,950 -2,350Apartments,high rise,average standard 850 -1,100 1,100 -1,400 200 -450 450-750 1,500 -2,200 4,100-5,900Apartments,high rise,high end 1,400 -1,750 1,400 -1,750 200-4
47、50 550-850 1,800-2,400 5,350-7,200Terraced houses,average standard 1,100 -1,500 1,150 -1,450 100-200-1,400 -1,800 3,750-4,950Detached houses,high end 1,100 -1,900 1,400 -2,050 100 -200-1,400 -1,800 4,000 -5,950OFFICE/COMMERCIALMedium/high rise offices,average standard 2,000 -2,400 1,750 -2,200 550-7
48、00 700-950 700 -900 5,700 -7,150High rise offices,prestige quality 2,200 -2,800 2,100 -2,500 550 -700 850-1,200 700 -900 6,400 -8,100Out-of-town shopping centre,average standard 2,300 -2,500 1,900 -2,100 550 -700 850-950 700 -900 6,300 -7,150Retail malls,high end 2,300 -2,850 2,100 -2,500 550 -700 8
49、50-1,000 700 -900 6,500 -7,950M&E COSTS FOR HONG KONGCONSTRUCTION COST DATA12The above costs are at 4th Quarter 2017 levels.HOTELSBudget hotels-3-star,mid market 2,200 -2,500 1,900 -2,200 600 -850 550 -750 2,000 -2,500 7,250 -8,800Business hotels-4/5-star 2,300 -2,750 2,200 -2,600 600-850 550 -850 2
50、,300 -3,000 7,950 -10,050Luxury hotels-5-star 2,300 -2,750 2,200 -2,600 600 -850 550 -850 2,300 -3,000 7,950 -10,050INDUSTRIALOwner operated factories,low rise,light weight industry 200 -300 650 -900 400 -500 550 -750 500 -700 2,300 -3,150OTHERSUnderground/basement car parks(3 levels)900 -1,100 650
51、-1,050 350 -450 350 -450 400 -700 2,650 -3,750Multi storey car parks,above ground(4 levels)350 -800 550 -850 350 -450 350 -450 400 -700 2,000 -3,250Schools(primary and secondary)750 -1,100 1,050 -1,250 350 -500 200 -350 550 -700 2,900 -3,900Students residences 850 -1,100 1,800 -2,100 600 -850 200 -3
52、50 1,400 -1,800 4,850 -6,200Sports clubs,multi purpose sports/leisure centres(dry sports)with a/c and including FF&E 2,700 -3,200 2,000 -2,700 600 -850 350 -450 650 -800 6,300 -8,000General hospitals-public sector 3,600 -4,200 2,600 -3,150 700 -950 400 -600 1,600 -2,200 8,900 -11,100CONSTRUCTION COS
53、T DATA 113 CONSTRUCTION COST DATAACMV COSTS FOR VARIOUS DESIGNSAND DEVELOPMENTS IN HONG KONG CONSTRUCTION COST DATA14CONSTRUCTION COST DATA 115 CONSTRUCTION COST DATAFIT-OUT COSTS FOR HONG KONG BUILDING TYPEHK$/m2HOTELSPublic Areas(Front of House):3-star Hotel 10,200 -15,0004-star Hotel 15,500 -21,5
54、005-star Hotel 21,500 upGuest Rooms:3-star Hotel 8,700 -10,5004-star Hotel 10,500 -14,0005-star Hotel 14,000 upNotes:1.Includesfurniture,floor,wallandceilingfinishes,drapery,sanitaryfittingsandlightfittings.2.Excludespartitioning,M&Eworks,buildingshell,chandeliers,operationalitemsandequipment(e.g.cu
55、tlery,crockery,linen,television,refrigeratoretc.),openingexpenses,stageequipmentandcomputersystems.OFFICESGeneral office 6,200 -9,700Executive office 9,700-13,500Prestige office 13,500 upNotes:1.Local/Taiwanese/PRCfurnitureallowedforgeneraloffices.2.Includesfurniture,partitioning,electricalwork,mino
56、ralterationtoair-conditioning,fireservicesandsuspendedceilingtosuitlayout.3.Excludestelephones,datacabling,officeequipment(puters,photocopiers,faxmachines,UPS,etc).The above costs are at 4th Quarter 2017 levels.CONSTRUCTION COST DATA16BUILDING TYPEHK$/m2DEPARTMENT STORESGeneral department store 7,70
57、0 -12,500Prestige department store 12,500 upNotes:1.Includeselectricalwork,additionalFCUandminoralterationoffireservicestosuitlayout.2.Excludesfacademodification,datacabling,operationalitemsandequipment(puters,P.O.S.,officeequipment)andopeningexpenses.RESTAURANTSGeneral dining restaurant 10,500 -20,
58、000Fine dining restaurant 23,000 upNotes:1.Includesfurniture,floor,wallandceilingfinishes,electricalwork,minoralterationtoair-conditioningandfireservicesinstallationtosuitlayout,exhaustforkitchen.2.Excludesexhaustflue,operationalitems(e.g.cutlery,crockery,linen,utensils,etc.).The costs per square me
59、ter are based on fit-out area measured to the inner face of the perimeter wall.CONSTRUCTION COST DATA 117 CONSTRUCTION COST DATADESCRIPTIONUNITHK$SQUASH COURTSSingle court with glass backwall including associated mechanical and electrical services but excluding any public facilities(enclosing struct
60、ure not included).per court600,000TENNIS COURTS Single court on grade with acrylic surfacing and complete with chain link fence.per court1,350,000Single court on grade with artificial turf surfacing and complete with chain link fence.per court1,500,000Extra for lighting.per court500,000SWIMMING POOL
61、SHalf Olympic(25m x 10.50m)outdoor swimming pool built on-grade,fully tiled;complete with 5m wide deck and associated pool equipment and ozonesystem.per pool9,500,000PLAYGROUND EQUIPMENTOutdoor playground equipment comprising various activities.per set300,000to 700,000UNIT COSTS FOR ANCILLARY FACILI
62、TIESFOR HONG KONGThe above costs are at 4th Quarter 2017 levels.CONSTRUCTION COST DATA18DESCRIPTIONUNITHK$SAUNASSauna room for 4-6 people complete with all accessories(enclosing structure not included).per room200,000STEAM BATHS Steam bath for 4-6 people complete with all accessories(enclosing struc
63、ture not included).per room200,000GOLF COURSES(Based on average cost of an 18-hole golf course)Excluding associated buildings and equipment.per hole8,000,000to 14,000,000GREEN ROOFProprietary lightweight green roof system;with automatic irrigation system(roofing and roof structure not included).per
64、m23,000to6,000VERTICAL GREENVertical green system;wire frame type,with automatic irrigation system(backgorund supporting wall not included).per m25,000to8,000CONSTRUCTION COST DATA 119 CONSTRUCTION COST DATABUILDING TYPEUS$/m2 CFAHONG KONG SHANGHAI+BEIJING+GUANGZHOU/SHENZHEN+CHONGQING/CHENGDU+DOMEST
65、ICApartments,high rise,average standard 3,080-3,620 691-766 638-701 529-585 541-648 Apartments,high rise,high end 4,150-4,830 1,620-1,769 1,545-1,760 886-971 889-1,126Terraced houses,average standard 4,220-4,920 465-497 465-543 402-442 445-541Detached houses,high end 5,460-6,220 694-771 701-780 550-
66、605 591-682OFFICE/COMMERCIALMedium/high rise offices,average standard 3,010-3,580 898-1,195 892-1,201 773-855 865-1,005 High rise offices,prestige quality 3,720-4,490 1,195-1,492 1,201-1,973 1,062-1,170 1,089-1,476Out-of-town shopping centre,average standard 3,080-3,590 N/A 680-909 736-808 692-894Re
67、tail malls,high end 4,080-4,850 1,270-1,640 1,230-1,693 1,082-1,189 1,089-1,536HOTELSBudget hotels-3-star,mid market 3,910-4,230 985-1,209 1,006-1,240 995-1,095 958-1,189Business hotels-4/5-star 4,100-4,870 1,619-2,205 1,681-2,220 1,605-1,768 1,839-2,303Luxury hotels-5-star 4,810-5,580 2,205-2,644 2
68、,142-2,755 2,186-2,409 N/ACONSTRUCTION COSTS FOR SELECTEDASIAN CITIESCONSTRUCTION COSTS FOR SELECTED ASIAN CITIESCONSTRUCTION COST DATA20The above costs are at 4th Quarter 2017 levels,inclusive of preliminaries but exclusive of contingencies.+Houses are built to shell and core standard ONLY,where al
69、l tenant or occupant areas are unfurnished.Schools(primary and secondary)are of public authority standard,no a/c and complete with basic external works.(Contd)INDUSTRIALIndustrial units,shell only(Conventional single storey framed units)N/A 287-350 281-343 505-556 448-571Owner operated factories,low
70、 rise,light weight industry 2,360-3,000 446-557 543-623 N/A N/AOTHERSUnderground/basement car parks(3 levels)2,320-2,880 762-1,062 777-854 508-812 N/AMulti storey car parks,above ground(4 levels)1,450-1,710 395-546 467-473 364-400 309-386Schools(primary and secondary)2,530-2,740 544-697 541-699 403-
71、444 417-464Students residences 2,490-2,880 388-543 383-541 262-294 N/ASports clubs,multi purpose sports/leisure centres(dry sports)3,850-4,360 988-1,213 927-934 747-824 N/AGeneral hospitals-public sector 5,000-5,640 1,474-1,912 1,218-1,525 N/A N/AExchange Rate Used :US$1=HK$7.8RMB 6.60RMB 6.60RMB 6.
72、60RMB 6.60 Officesofaveragestandardarebuilttothefollowingprovisions:(i)Curtain wall/window wall facade (ii)Tenantareasincludescreededfloor,paintedwallandceilingSchools(primary and secondary)are of public authority standard,no a/c and complete with basic external works.CONSTRUCTION COST DATA 121 CONS
73、TRUCTION COST DATABUILDING TYPEUS$/m2 CFA MACAU SINGAPORE KUALALUMPUR BRUNEI BANGKOK DOMESTICApartments,high rise,average standard 2,229-2,740 1,325-1,510 375-520 726-998 695-864Apartments,high rise,high end 3,126-4,770 2,060-3,090 780 -945 897-1,168 988-1,188Terraced houses,average standard 3,823-4
74、,545 1,730-1,950 225-330 470-740 463-556Detached houses,high end 4,645-6,040 2,210-2,945 755-940 713-985 803-972OFFICE/COMMERCIALMedium/high rise offices,average standard 2,578-3,325 1,730-1,950 615-710 726-998 648-803High rise offices,prestige quality 3,325-3,636 1,950-2,135 880-1,200 1,026-1,297 8
75、80-1,111Out-of-town shopping centre,average standard 2,428-3,636 1,950-2,060 560-690 704-975 633-818Retail malls,high end 3,823-4,583 2,060-2,280 690 -955 929-1,199 849-880HOTELSBudget hotels-3-star,mid market 3,387-3,836 2,170-2,390 1,020-1,420 1,373-1,643 1,158-1,281Business hotels-4/5-star 4,608-
76、5,504 2,795-3,165 1,760-2,065 1,936-2,206 1,482-1,698Luxury hotels-5-star 5,504-6,513 2,795-3,165 1,965-2,290 1,987-2,258 1,729-2,006CONSTRUCTION COSTS FOR SELECTEDASIAN CITIESCONSTRUCTION COSTS FOR SELECTED ASIAN CITIES(Contd)CONSTRUCTION COST DATA22(Contd)Rates are exclusive of any management cont
77、ract fee.The above costs are at 4th Quarter 2017 levels,inclusive of preliminaries but exclusive of contingencies.Rates are nett of GST.Includesraisedfloorandceilingtotenantedareasbutexcludesofficecarpets(normallyundertenantsfit-out).Open on all sides with parapet.INDUSTRIALIndustrial units,shell on
78、ly(Conventional single storey framed units)N/A 735-945 325-410 334-605 494-617Owner operated factories,low rise,light weight industry N/A N/A 440-500 456-727 N/A OTHERSUnderground/basement car parks(3 levels)2,005-2,964 945-1,275 365 -510 N/A 556-725Multi storey car parks,above ground(4 levels)1,108
79、-1,457 650-945 230 -300 372-643 185-296Schools(primary and secondary)2,217-2,578 N/A 255-295 544-815 N/A Students residences 1,768-2,042 1,585-1,730 300-330 638-908 N/A Sports clubs,multi purpose sports/leisure centres(dry sports)N/A 1,985-2,135 595-695 1,465-1,735 N/A General hospitals-public secto
80、r N/A 2,795-2,945 875-1,105 1,646-1,917 N/A Exchange Rate Used :US$1=MOP 8.03S$1.36RM 4.08B$1.36BAHT 32.39 6-12unitsperfloor,46m2-83m2 per unit,exclude air-conditioning equipment.Terraced houses exclude air-conditioning.Officesareaveragestandardandexcludetenantfitout.Schools(primary and secondary)ar
81、e standard governement provisions.Studenthostels to university standard.Rates exclude VAT.CONSTRUCTION COST DATA 123 CONSTRUCTION COST DATABUILDING TYPEUS$/m2 CFAMANILA INDIA JAKARTA$HO CHI MINH&DOMESTICApartments,high rise,average standard 923-1,088 550-630 713-807 630-780Apartments,high rise,high
82、end 1,227-1,712 830-1,000 981-1,107 800-920Terraced houses,average standard 760-906 380-400 378-492 425-500Detached houses,high end 1,570-2,353 500-525 1,027-1,149 485-590OFFICE/COMMERCIALMedium/high rise offices,average standard 897-1,048 415-450 703-778 735-855High rise offices,prestige quality 1,
83、264-1,385 520-550 1,035-1,157 850-1,160Out-of-town shopping centre,average standard 727-888 405-440 604-669 N/A Retail malls,high end 1,059-1,504 565-610 667-721 690-900HOTELSBudget hotels-3-star,mid market1,193-1,335 780-865 1,222-1,443 1,370-1,670Business hotels-4/5-star 1,322-1,650 1,215-1,440 1,
84、666-1,800 N/A Luxury hotels-5-star 1,612-2,175 1,535-1,680 1,770-1,996 1,725-2,070CONSTRUCTION COSTS FOR SELECTEDASIAN CITIESCONSTRUCTION COSTS FOR SELECTED ASIAN CITIES(Contd)CONSTRUCTION COST DATA24The above costs are at 4th Quarter 2017 levels,inclusive of preliminaries but exclusive of contingen
85、cies.Rates include 12%VAT.$Rates are nett of VAT.Rates are based on projects in Bangalore and are nett of GST.Mumbai costs are generally 8%higher.INDUSTRIALIndustrial units,shell only(Conventional single storey framed units)445-501 325-380 325-354 305-380Owner operated factories,low rise,light weigh
86、t industry 598-677 345-405 352-389 370-490OTHERSUnderground/basement car parks(3 levels)499-568 275-295 501-616 625-750Multi storey car parks,above ground(4 levels)457-678 210-230 325-354 400-440Schools(primary and secondary)693-798 260-295 N/A 525-575Students residences 750-895 295-325 N/A 525-680S
87、ports clubs,multi purpose sports/leisure centres(dry sports)1,200-1,585 575-6001,075-1,611 780-835General hospitals-public sector 1,301-1,504 630-690 N/A N/A Exchange Rate Used :US$1=PHP 50.50INR 65IDR 13,055VND 22,600&Rates are nett of VAT and contigencies.CONSTRUCTION COST DATA 125 CONSTRUCTION CO
88、ST DATABUILDING TYPEHONG KONGSHANGHAIBEIJINGGUANGZHOU/SHENZHENCHONGQING/CHENGDUHK$/m2 CFARMB/m2 CFARMB/m2 CFARMB/m2 CFARMB/m2 CFAMECHANICAL SERVICESOffices 2,000-2,800 776-985 760-1,050 760-1,050 690-990Industrial*200-300 176-295 170-280 150-280 140-230Hotels 2,200-2,750 990-1,290 950-1,200 1,080-1,
89、350 730-1,180Shopping Centres 2,300-2,850 1,050-1,103 790-950 700-960 590-990Apartment 850-1,750 315-415 140-450 150-400 110-300ELECTRICAL SERVICESOffices 1,750-2,500 605-664 460-703 530-780 430-660Industrial*650-900 311-440 320-450 310-450 260-360Hotels 1,900-2,600 664-847 705-943 700-1000 520-770S
90、hopping Centres 1,900-2,500 530-664 481-676 490-680 410-660Apartment 1,100-1,750 257-375 253-398 280-500 230-340HYDRAULIC SERVICESOffices 700-900 110-163 95-140 125-180 60-120Industrial 500-700 89-131 95-140 86-120 60-120Hotels 2,000-3,000 368-488 370-480 390-500 280-350M&E COSTS FOR SELECTED ASIAN
91、CITIESM&E COSTS FOR SELECTED ASIAN CITIESCONSTRUCTION COST DATA26The above costs are at 4th Quarter 2017 levels,exclusive of contingencies.*Generally without A/C.*Excludes special power supply.(Contd)Shopping Centres 700-900 137-184 140-200 110-165 60-120Apartment 1,500-2,400 168-226 170-230 145-280
92、 100-180FIRE SERVICESOffices 550-700 225-315 180-265 225-350 200-260Industrial 400-500 153-255 150-225 140-270 130-230Hotels 600-850 285-385 220-375 280-420 200-320Shopping Centres 550-700 255-380 220-375 245-375 250-350Apartment 200-450 53-102 70-135 70-150 60-110LIFTS/ESCALATORSOffices 700-1,200 2
93、80-550 294-577 295-500 340-590Industrial 550-750 135-390 145-400 150-440 150-350Hotels 550-850 220-495 232-520 250-470 290-490Shopping Centres 850-1,000 325-495 327-520 325-470 290-440Apartment 450-850 165-325 175-289 125-300 140-240CONSTRUCTION COST DATA 127 CONSTRUCTION COST DATABUILDING TYPEMACAU
94、 SINGAPORE KUALALUMPURBRUNEI BANGKOK MOP/m2 CFAS$/m2 CFARM/m2 CFAB$/m2 CFATHB/m2 CFAMECHANICAL SERVICESOffices N/A 153-249 355-515 178-220 4,200-4,700Industrial*N/A 34-117 85-190 23-38 1,550-1,600Hotels 2,600-3,000 129-278 300-580 283-326 4,600-5,100Shopping Centres 2,200-2,800 147-246 315-505 201-2
95、39 4,200-4,700Apartment 900-1,100 90-170 195-285 208-239 4,200-4,500ELECTRICAL SERVICESOffices N/A 158-258 310-510 226-283 3,400-3,800Industrial*N/A 55-136 145-190 188-226 1,950-2,200Hotels 2,600-3,100 181-356 285-595 283-369 3,800-4,500Shopping Centres 2,600-2,800 160-304 310-495 308-369 2,800-3,20
96、0Apartment 1,000-1,300 97-228 105-220 244-308 2,800-3,350HYDRAULIC SERVICES Offices N/A 26-55 30-60 16-38 780-900Industrial N/A 18-36 40-50 11-19 750-790Hotels 1,800-2,200 91-172 180-250 59-81 1,400-1,650M&E COSTS FOR SELECTED ASIAN CITIESM&E COSTS FOR SELECTED ASIAN CITIES(Contd)CONSTRUCTION COST D
97、ATA28 Based upon nett enclosed area and nett of VAT.*Generally without A/C.*Excludes special power supply.Rates are nett of GST and excluding BAS.(Contd)The above costs are at 4th Quarter 2017 levels,exclusive of contingencies.Shopping Centres 600-800 46-80 30-35 12-40 790-950Apartment 1,500-2,000 7
98、2-141 20-50 37-58 1,200-1,400FIRE SERVICESOffices N/A 33-56 60-80 31-38 780-850Industrial N/A 23-51 45-65 12-19 730-750Hotels 900-1,100 28-57 65-95 25-48 780-890Shopping Centres 600-800 37-56 65-85 31-64 780-820Apartment 250-300 25-50 20-30 25-50 720-850LIFTS/ESCALATORSOffices N/A 63-162 95-395 9-31
99、 1,100-1,350Industrial N/A 41-104 55-190 4-19 N/AHotels 600-800 49-108 85-365 12-44 1,100-1,400Shopping Centres 450-700 56-90 85-110 12-35 250-450Apartment 450-600 41-113 65-105 11-25 500-580CONSTRUCTION COST DATA 129 CONSTRUCTION COST DATABUILDING TYPE MANILA INDIA JAKARTA#HO CHI MINHPHP/m2 CFAINR/
100、m2 CFAIDR/m2 CFAVND/m2 CFAMECHANICAL SERVICESOffices 3,000-5,200 4,585-6,500 981,000-1,154,000 1,885,000-2,687,000Industrial*700-1,500 2,110-3,750 301,000-710,000 N/AHotels 3,500 -7,200 5,615-6,130 976,000-1,313,000 N/AShopping Centres 2,500-5,000 4,380-5,735 863,000-1,037,000 N/AApartment 700-3,600
101、 2,500-3,100 873,000-1,226,000 1,423,000-1,950,000ELECTRICAL SERVICESOffices 3,300-7,000 4,050-5,575 792,000-1,057,000 2,136,000-2,547,000Industrial*2,000-3,500 2,390-3,965 449,000-700,000 N/AHotels 4,700-10,000 4,500-6,135 797,000-1,124,000 N/AShopping Centres 3,600-6,000 3,870-5,175 690,000-868,00
102、0 N/AApartment 3,600-6,300 1,950-2,680 838,000-1,062,000 1,884,000-2,379,000HYDRAULIC SERVICES Offices 900-2,200 710-1,080 199,000-281,000 306,000-572,000Industrial 700-1,300 485-850 112,000-204,000 N/AHotels 1,950-4,300 3,695-5,565 797,000-1,124,000 N/AM&E COSTS FOR SELECTED ASIAN CITIESM&E COSTS F
103、OR SELECTED ASIAN CITIES(Contd)CONSTRUCTION COST DATA30(Contd)#All rates are nett of VAT.Rates for Electrical Services are excluding genset.Rates for Hydraulic Services are excluding STP.Rates for Mechanical Services refers to ACMV Rates only.*Generally without A/C.*Excludes special power supply.Tra
104、nsformer,included in Electrical Services.The above costs are at 4th Quarter 2017 levels,exclusive of contingencies.Rates are based on projects in Bangalore and are nett of GST.Mumbai costs are generally 8%higher.Shopping Centres 700-1,600 1,050-1,900 189,000-291,000 N/AApartment 1,800-3,000 1,665-2,
105、300 848,000-1,144,000 596,000-693,000FIRE SERVICESOffices 800-1,300 1,130-1,475 271,000-398,000 664,000-1,101,000Industrial 750-2000 540-710 112,000-204,000 N/AHotels 700-1,200 1,315-1,680 271,000-393,000 N/AShopping Centres 700-1,300 1,080-1,250 266,000-312,000 N/AApartment 800-1,300 600-715 281,00
106、0-327,000 456,000-572,000LIFTS/ESCALATORSOffices 1,600-3,600 940-1,195 424,000-1,134,000 635,000-1,212,000Industrial 0-400 610-785 N/A N/AHotels 1,800-3,400 1,365-1,990 414,000-1,052,000 N/AShopping Centres 800-2,300 1,600-2,050 312,000-838,000 1,293,000-1,830,000Apartment 850-2,200 850-1,100 414,00
107、0-853,000 721,000-1,044,000CONSTRUCTION COST DATA 131 CONSTRUCTION COST DATADESCRIPTIONHONG KONGSHANGHAIBEIJINGGUANGZHOU/SHENZHENCHONGQING/CHENGDUUNITHK$RMBRMBRMBRMB1.Excavating basement 2.00m deepm3 220 30 26 32 222.Excavating for footings 1.50m deepm3 200 30 31 26 263.Remove excavated materials of
108、f sitem3 300 130 37 80-100 674.Hardcore bed blinded with fine materialsm3 950 180 170 190 1605.Mass concrete grade 15m3 1,100 450 410 470 3206.Reinforced concrete grade 30m3 1,300 485 480 500 3607.Mild steel rod reinforcementkg 9.7 5.2 4.9 5.5 5.28.High tensile rod reinforcementkg 9.7 5.2 4.9 5.5 5.
109、29.Sawn formwork to soffits of suspended slabsm2 410 85 85 85 6010.Sawn formwork to columns and wallsm2 410 85 73 85 6011.112.5mm thick brick wallsm2 400 85 72 75 7012.Kliplok Colorbond 0.64mm profiled steel sheetingm2 870 N/A N/A N/A N/AMAJOR RATES FOR SELECTED ASIAN CITIESMAJOR RATES FOR SELECTED
110、ASIAN CITIESCONSTRUCTION COST DATA32(Contd)Rates including dumping charges.Rates for 120mm thick concrete block walls.*Ratesfordoubleglazedwindow.The above costs are at 4th Quarter 2017levelsandarebasedonlumpsumfixedpricecontractratesexclusiveofpreliminariesandcontingencies.13.Aluminium casement win
111、dows,single glazedm2 3,200 700 815*650 65014.Structural steelwork-beams,stanchions and the likekg 36 9.5 9.35 11 11.115.Steelwork-angles,channels,flats and the likekg 38 8.5 8.5 9 11.116.25mm cement and sand(1:3)pavingm2 150 30 27 32 2517.20mm cement and sand(1:4)plaster to wallsm2 155 30 28 30 3518
112、.Ceramic tiles bedded to floor screed(measured separately)m2 400 155 140 155 13019.12mm fibrous plasterboard ceiling liningm2 600 150 162 190 15020.Two coats of emulsion paint to plastered surfacesm2 75 40 32 35 35Average expected preliminaries%10-15 5-10 7-10 5-10 5-10CONSTRUCTION COST DATA 133 CON
113、STRUCTION COST DATADESCRIPTIONMACAUSINGAPORE KUALA LUMPURBRUNEIBANGKOKUNITMOPS$RMB$THB1.Excavating basement 2.00m deepm3 130 20 15-25 3.40 120-1402.Excavating for footings 1.50m deepm3 150 20 15-25 2.90 140-1803.Remove excavated materials off sitem3 100 15-20 20-30 2.90 110-1504.Hardcore bed blinded
114、 with fine materialsm3 1,200 50 70-95 42 650-7505.Mass concrete grade 15m3 1,350 175-185 240-315 115 2,300-2,5006.Reinforced concrete grade 30m3 1,250 115-120 260-320 130 2,500-2,7007.Mild steel rod reinforcementkg 7.1 1.2-1.3 3.2-3.7 1.2 24-258.High tensile rod reinforcementkg 7.1 1.2-1.3 3.2-3.7 1
115、.2 23-249.Sawn formwork to soffits of suspended slabsm2 250 40 38-45 15 400-45010.Sawn formwork to columns and wallsm2 250 40 38-45 15 400-45011.112.5mm thick brick wallsm2 450 35-40 45-50 16 650-75012.Kliplok Colorbond 0.64mm profiled steel sheetingm2 N/A 43 55-65 58 1,200MAJOR RATES FOR SELECTED A
116、SIAN CITIESMAJOR RATES FOR SELECTED ASIAN CITIES(Contd)CONSTRUCTION COST DATA34(Contd)Rates are nett of VAT.Rates are nett of GST.Rate for lean concrete blinding.The above costs are at 4th Quarter 2017levelsandarebasedonlumpsumfixedpricecontractratesexclusiveofpreliminariesandcontingencies.13.Alumin
117、ium casement windows,single glazedm2 4,000 290 380-600 160-210 7,00014.Structural steelwork-beams,stanchions and the likekg 35 4-4.5 7.5-9 3 50-6015.Steelwork-angles,channels,flats and the likekg 40 4-4.5 7.5-9 3 50-6016.25mm cement and sand(1:3)pavingm2 120 21 17-23 8 200-24017.20mm cement and sand
118、(1:4)plaster to wallsm2 150 22 18-23 8 220-26018.Ceramic tiles bedded to floor screed(measured separately)m2 450 74 50-70 33 1,20019.12mm fibrous plasterboard ceiling liningm2 650 30 35-45 28 750-85020.Two coats of emulsion paint to plastered surfacesm2 200 3.5-4 3.3-4.5 5 110-140Average expected pr
119、eliminaries%10 12-15 6-15 5-812-18CONSTRUCTION COST DATA 135 CONSTRUCTION COST DATADESCRIPTIONMANILAINDIAJAKARTA#HO CHI MINH#UNITPHPINRIDRVND1.Excavating basement 2.00m deepm3 270 190 40,000 92,4002.Excavating for footings 1.50m deepm3 300 215 75,000 92,4003.Remove excavated materials off sitem3 160
120、 N/A 30,000 84,7004.Hardcore bed blinded with fine materialsm3 890 4,400 500,000 280,9005.Mass concrete grade 15m3 2,940 5,950 1,050,000 1,696,4006.Reinforced concrete grade 30m3 3,780 7,450 1,000,000 1,955,8007.Mild steel rod reinforcementkg 43 67 12,000 18,5008.High tensile rod reinforcementkg 44
121、69 12,000 18,0009.Sawn formwork to soffits of suspended slabsm2 1,000 675 200,000 201,80010.Sawn formwork to columns and wallsm2 950 725 195,000 220,00011.112.5mm thick brick wallsm2 N/A 1,100 250,000 312,78012.Kliplok Colorbond 0.64mm profiled steel sheetingm2 1,100 1,700 300,000 401,110-597,600MAJ
122、OR RATES FOR SELECTED ASIAN CITIESMAJOR RATES FOR SELECTED ASIAN CITIES(Contd)CONSTRUCTION COST DATA36 Rateforaluminiumwithanodizedfinish;6mmthick.The above costs are at 4th Quarter 2017levelsandarebasedonlumpsumfixedpricecontractratesexclusiveofpreliminariesandcontingencies.#Rates are nett of VAT.R
123、ate for 9mm gypsum board.All rates above are Supply and Fix,based on projects in Bangalore and are nett of GST.Mumbai costs are generally 8%higher.13.Aluminium casement windows,single glazedm2 10,500 6,000 1,650,000 6,315,00014.Structural steelwork-beams,stanchions and the likekg 125 120 26,000 52,6
124、5015.Steelwork-angles,channels,flats and the likekg 125 120 26,000 52,65016.25mm cement and sand(1:3)pavingm2 400 475 90,000 94,00017.20mm cement and sand(1:4)plaster to wallsm2 360 390 100,000 144,00018.Ceramic tiles bedded to floor screed(measured separately)m2 1,600 1,700 200,000 674,18019.12mm f
125、ibrous plasterboard ceiling liningm2 1,090 1,350 215,000 205,92020.Two coats of emulsion paint to plastered surfacesm2 390 240 30,000 88,900Average expected preliminaries%12-188-128-108-12CONSTRUCTION COST DATA 137 CONSTRUCTION COST DATABUILDING TYPEOUTLINE SPECIFICATIONDOMESTICApartments,high rise,
126、average standardApartment units with fit-out,including air-conditioning,kitchen cabinets and home appliances,but excluding decorative light fittings and loose furnitureApartments,high rise,high endApartment units with good quality fit-out,including air-conditioning,kitchen cabinets and home applianc
127、es,but excluding decorative light fittings and loose furnitureTerraced houses,average standardHouses with fit-out,including air-conditioning,kitchen cabinets and home appliances,but excluding decorative light fittings,loose furniture,garden and parkingDetached houses,high endHouses with good quality
128、 fit-out,including air-conditioning,kitchen cabinets and home appliances,but excluding decorative light fittings,loose furniture,garden and parkingOFFICE/COMMERCIALMedium/high rise offices,average standardRC structure,curtain wall,including public area fit-out,tenant area with raised floor/carpet,pa
129、inted wall and false ceilingHigh rise offices,prestige qualityCONSTRUCTION COST SPECIFICATIONCONSTRUCTION COST SPECIFICATIONCONSTRUCTION COST DATA38(Contd)Out-of-town shopping centre,average standardIncluding public area fit-out and M&E,but excluding shop fit-outRetail malls,high endHOTELSBudget hot
130、els-3-star,mid market1)Interior decoration2)Furniture(fixed and movable)3)Special light fittings(chandeliers,etc.)4)Operating Supplies and Equipment(OS&E)excluded.Business hotels-4/5-starLuxury hotels-5-starINDUSTRIALIndustrial units,shell only(Conventional single storey framed units)RC structure wi
131、th steel roof and M&E to main distribution,but excluding a/c,heating and lightingOwner operated factories,low rise,light weight industryRC structure,including small office with simple fit-out and M&E,but excluding a/c and heatingCONSTRUCTION COST DATA 139 CONSTRUCTION COST DATABUILDING TYPEOUTLINE S
132、PECIFICATIONOTHERSUnderground/basement car parks(3 levels)RC structureMulti storey car parks,above ground(4 levels)RC structure,natural ventilaion,no facade enclosureSchools(primary and secondary)Including fit-out and a/c,but excluding educational equipmentStudents residencesIncluding fit-out,loose
133、furniture and a/cSports 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&
134、E).General hospitals-public sectorExcluding medical and operating equipmentCONSTRUCTION COST SPECIFICATIONCONSTRUCTION COST SPECIFICATION(Contd)CONSTRUCTION COST DATA40Notes:1.Thecostsfortherespectivecategoriesgivenaboveareaveragesbasedonfixedpricecompetitivetenders.Itmustbeunderstood that the actua
135、l cost of a building will depend upon the design and many other factors and may vary from the figuresshown.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 roo
136、ms,water tanks and the like.3.Allbulidingsareassumedtohavenobasements(exceptotherwisestated)andarebuiltonflatground,withnormalsoilandsitecondition.Thecostexcludessiteformationworks,externalworks,landcost,professionalfees,financeandlegalexpenses.4.The standard for each category of building varies fro
137、m region to region and do not necessary follow that of each other.5.All costs are in US$/m2 CFA.Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S.dollars.2GENERAL CONSTRUCTION DATA2018 OutlookBuilding Cost Trends in Hong KongLabour Index in Hong KongLabour Wage
138、s in Hong KongMaterial Prices in Hong KongProgress PaymentsEstimating Rules of Thumb and DesignNorms Construction Activity in Hong Kong Construction Value in Hong Kong Hong Kong General Construction InsuranceSpecified Forms for Buildings Ordinance or Regulations for Hong Kong Summary of Building Reg
139、ulations for Hong KongPercentage Site Coverage and Plot Ratiosfor Hong KongEvolving Regulations for Green Building in ChinaProcurement Strategies and Form of ContractsGENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA243 2018 OUTLOOK ChinaConstruction output in China continued to grow throughout th
140、efinalthreequartersof2017atarateof11%Year-on-Year(YOY),compared to 7%for the same period in 2016.Both the overall economy and the property sector grew steadily despite ongoing rounds of government interventions to stabilise house prices.Initially,the interventions created market unrest,but we are se
141、eing generalmarketconfidencereturnasthemarketadjuststo the changes.Manufacturing industries report a gradual rise in the price of materials since late 2016.Basic construction products such as steel and fuel experienced the biggest increase with rates ranging from 10-15%YOY.The National Bureau of Sta
142、tistics(NBS)Construction Material Index rose by 9.8%YOYduringthefirstthreequartersof2017,whichisthefirsttimeinfiveyearsthattheIndexmovedbackto positive.Labour cost rises remained moderate for the second year in a row.The NBSs Construction Labour Index reported 3.7%growthYOYduringthefirstthreequarter
143、sof2017,which is consistent with the 3.5%growth in the previous year.Inthewidereconomy,theinflationrateremainedsteady,with the Consumer Price Index around the 2%mark-alevelthathasbeenmaintainedforfiveyears.The increase in basic material costs(i.e.fuel,labour and plant)has had an impact on the overal
144、l cost of construction.Theindustryturnedupwardsfromafive-year low and shows signs of continued growth.Some regions in China have experienced greater price growth thanothers-rangingfrom2%to10%-reflectinglocalconstruction needs.However,it is important to note that the 11%countrywideGENERAL CONSTRUCTIO
145、N DATA44growth doesnt take into account regional shrinkage or slower-than-average growth.At the end of the third quarter,there was a drop of 17%in output in Liaoning,and very mild 3%YOY growth in Tianjin.The Western and Southern regions generally performed above-average,with Sichuan experiencing 14%
146、and Guangdong 16%growth YOY.Further improvement in construction output is anticipated because the government has approved infrastructure investment that could deliver up to 20%growth in 2018.Up to a third of the budget is expected to be invested in transportation networks,and around 10%on water mana
147、gement,targeting regional needs.This investment was introduced by the government in mid-2016 and is aimed at boosting economic growth and to offset a potential slowdown in private investment growth.GDP stabilised at 6.8%in the third quarter of 2017,which remains consistent with 2016s performance of
148、6.9%.While there is a time lag between approval and actual spending on construction activities,the outlook for short to medium term workload is cautiously optimistic.Given these conditions,we anticipate construction costs edging up by around 3%.(Contd)GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION D
149、ATA245 2018 OUTLOOK Hong KongThe construction industry in Hong Kong enjoyed another busy year in 2017,with construction output climbing to a new peak,with both major private and public-sector projects contributing to the overall workload.However,growth has now slowed to its lowest rate since the eco
150、nomypickedupin2010followingtheglobalfinancialcrisis.Privatesectorconstructionprojectsgrew10%duringfirsthalfof2017,whichissignificantlylowerthanthe21%reportedinthepreviousyear.Intermsoffloorarea,bothsubmission consent and construction commencement remain stable at the peak levels.Contractors in the p
151、rivate sector still have a few more years of high volume workload to manage and complete.The public sector situation is not as encouraging.The overall construction output of the public sector in 2017 was similar to 2016.With demand-driven public housing plans hindered by limited land resources and a
152、 lack of mega infrastructure projects to be rolled-out for construction,workload in the medium term is less encouraging.As to workload in the short term,the resources that are about to be released upon completion of certain mega infrastructure projects will likely create a high supply of labour for
153、the contractors who want to bid for new jobs.The government has repeatedly committed to maintain land supply according to the long-term housing strategy.Therefore,the number of construction jobs in the private sector should remain stable in the medium term.In contrast,the public sector has seen a re
154、duction in the amount of approvals for funding,tendering on new projects,and award schedules of a number of new public works.While two-thirds of the funding for public works projects was granted during the last month of the Legco sessions,the sustainability of volume as well as the steadiness of sup
155、ply of new works poses an unbalanced approach to growth in the industry.GENERAL CONSTRUCTION DATA46In 2017,construction workers wages increased for the ninth year in a row,but at a more diverse range of 4-11%,compared with the 5-8%a year ago.The uneven rate of releasing new public work has resulted
156、in an unstable demand for workers.Contractors may have to offer higher pay to secure labour resources for their projects,according to the Hong Kong Construction Industry Employees General Union.These wage rises are higher than average across all employment sectors in Hong Kong,as measured by the Com
157、posite Wage Index,which recorded an increase of 3.8%as of June 2017.There is uncertainty around future of pay rises in the construction industry,amid the uncertainty in workload.The 2017 macro trend in construction materials showed a general increase in the price of many basic items.However,the nota
158、ble change in the market was the price of steel,whichafterexperiencingayear-longdownturnfinishedwith an increase of 10-20%.Facing growing competition,contractorsstruggledtofindoptionsincostcontrol,likealternative material origins and innovative technology,to promote their competitiveness.The combine
159、d effect of changes in the competitive environment,material prices andlabourwagesin2017,reflectedadropintenderprices of 2%.Looking forward to 2018,it is anticipated that almost all sectorsoftheindustrywillbeflatorhaveafallintheirworkload.The majority of major public infrastructure projects are close
160、 to completion with limited projects set to commence,creating a lag in available workload.The construction cost trend will see another year of consolidation following 2017.With that in mind,we anticipate that construction prices for building works will continue to edge down by(-)2%and(-)1%in 2018 an
161、d 2019 respectively.(Contd)GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA247 2018 OUTLOOK MacauContinuing 2016s off-peak movement,Macaus construction output shrank further in 2017,with the wave of mega hospitality and gaming developments almost coming to an end.Thevolumeofcompletedfloorareainth
162、eprivatesectordropped and there was an even lower volume of new works commencement,particularly in the hospitality sector.The construction industry workload on hand for the coming quarters is the least since 2011,and largely comes from ongoing projects commenced in 2016.Furthermore,thefloorareavolum
163、ecurrentlyunderplanningintheprivate sector is only around 3 million square metres,which is about 1 years workload,compared with the peak in2014-2015.Takingintoaccountthatnotallthesefloorareas will proceed to the construction stage in the short term,the industry will suffer from a further drop in act
164、ivity levels over the coming year.In the public sector,new building and civil engineering projects commenced in 2016 contributed to the growth of construction output in 2017.Expenditure increased on buildingprojectssuchasresidential,offices,healthandrecreational developments,and civil engineering wo
165、rks such as roads,bridges and reclamation works.However,this increase only partially offset the shortfall caused by the decline in the private sector.Material prices overall in 2017 rose by around 3%,largely attributed to the rebound in steel prices.There was less demand for labour due to weakening
166、construction activity.However,local workers were less impacted by the loss in job opportunities due to the reduction of the number of foreign construction workers.Wages,therefore,rose around 5%year-on-year,as of the 3rd Quarter of 2017,GENERAL CONSTRUCTION DATA48close to the 2016 rate.Withdrawing fo
167、reign resources seemstoprovidetheconstructionindustrywithflexibilityto ride over the boom and bust cycle.Having consolidated the impact of the shrinking workload for a year,overall construction costs in 2017 reported a mild rise of 2%compared to 2016.In terms of Macaus overall economy,the contractio
168、n ended in the 3rd Quarter of 2016,and the economic recovery has continued since,driven by strong growth in thegamingandtourismsectors.Forthefirst3quartersof 2017,the economy grew by 9.3%year-on-year in real terms,up considerably after a 2.1%decrease in 2016.TheChiefExecutiveofMacauisconfidentthatth
169、elocaleconomy will continue to grow in 2018.The International Monetary Fund has a similar view,predicting a growth of around 7%in 2018.Bearing these factors in mind,we anticipate that construction costs will be stable with a mild rise of 1%in 2018.Looking ahead to 2019,although the potential effect
170、of both positive and negative factors is not known,costs may continue to gradually rise by another 1%in 2019.(1)Building Works(2)Civil Engineering WorksCONSTRUCTION COST TREND PREDICTIONREGION201720182019China(1)(+)6%(+)3%(+)3%Hong Kong(1)(-)2%(-)2%(-)1%Hong Kong(2)(-)7%(-)3%(-)1%Macau(1)(+)2%(+)1%(
171、+)1%GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA249 BUILDING COST TRENDS IN HONG KONG*ProvisionalYEARINDEX(Base=100,at Year 1970)Q1Q2Q3Q4 2007 1,020 1,074 1,175 1,150 2008 1.239 1,360 1,355 1,281 2009 1,245 1,242 1,253 1,273 2010 1,297 1,315 1,342 1,367 2011 1,385 1,425 1,452 1,491 2012 1,511
172、 1,552 1,595 1,632 2013 1,688 1,713 1,747 1,786 2014 1,789 1,808 1,857 1,903 2015 1,946 1,958 1,963 1,984 2016 1,992 1,992 1,993 1,986 2017 1,975 1,968 1,958*1,948*GENERAL CONSTRUCTION DATA50(Contd)Source:Architectural Services Department,Hong Kong,SAR Refer to www.archsd.gov.hk for further informat
173、ion.*Up to Q2 onlyYEARINDEX(Base=100,at Year 1970)Q1Q2Q3Q4 2007 821 859 906 998 2008 1,118 1,305 1,401 1,262 2009 1,074 983 1,111 1,107 2010 1,134 1,161 1,249 1,266 2011 1,273 1,320 1,369 1,408 2012 1,414 1,438 1,467 1,496 2013 1,516 1,532 1,559 1,590 2014 1,621 1,648 1,679 1,703 2015 1,732 1,761 1,
174、777 1,775 2016 1,775 1,776 1,783 1,781 2017*1,779 1,776 GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA251 BUILDING COST TRENDS IN HONG KONG*1/17 to 6/17 onlySource:Civil Engineering and Development Department,Hong Kong,SAR Refer to www.cedd.gov.hk/eng/index.htm for further information.YEARHyD C
175、ONST.COST INDEX(Nov.1975 Value=100)CEDD CIVIL ENGINEERING WORKS INDEX(1980 Value=100)2007 917 450 2008 1,031 500 2009 950 461 2010 989 481 2011 1,075 525 2012 1,127 550 2013 1,191 583 2014 1,256 616 2015 1,282 627 2016 1,323 652 2017*1,405 692GENERAL CONSTRUCTION DATA52LABOUR INDEX IN HONG KONGFigur
176、es above are the quarterly average of the monthly indicesSource:Census and Statistics Department,Hong Kong,SAR Refer to www.censtatd.gov.hk for further information.*1/17 to 6/17 onlyYEARINDEX(Base=100,at April 2003)Q1Q2Q3Q4 2007 91 89 85 84 2008 84 83 83 85 2009 85 85 85 86 2010 87 87 88 89 2011 90
177、90 91 94 2012 95 95 96 102 2013 109 111 113 115 2014 117 121 126 133 2015 138 141 143 145 2016 146 150 152 153 2017*154 157 GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA253 LABOUR WAGES IN HONG KONGSTRUCTURALSource:Census and Statistics Department,Hong Kong,SAR Refer to www.censtatd.gov.hk for
178、 further information.ARCHITECTURAL-BASIC WORKSGENERAL CONSTRUCTION DATA54(Contd)ARCHITECTURAL-DECORATIVE WORKS M&ESource:Census and Statistics Department,Hong Kong,SAR Refer to www.censtatd.gov.hk for further information.GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA255 MATERIAL PRICES IN HONG
179、KONGGALVANIZED MILD STEEL ANGLESource:Census and Statistics Department,Hong Kong,SAR Refer to www.censtatd.gov.hk for further information.REBARGENERAL CONSTRUCTION DATA56(Contd)SAND ORDINARY PORTLAND CEMENTSource:Census and Statistics Department,Hong Kong,SAR Refer to www.censtatd.gov.hk for further
180、 information.GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA257 Source:Organization of the Petroleum Exporting Countries(OPEC)Refer to www.opec.org for further information.Source:International Monetary Fund Refer to www.imf.org for further information.CRUDE OIL COPPER GRADE AMATERIAL PRICES IN H
181、ONG KONGGENERAL CONSTRUCTION DATA58PROGRESS PAYMENTS The following graph and table are an indication of the rate of expenditure for construction projects.The rate of expenditure is an average rate and will vary fromprojecttoprojectwhenspecificprojectcircumstancesare taken into account.No account has
182、 been made for retention.CONTRACTPERIODCUMULATIVE PROGRESS PAYMENTSCONTRACTPERIODCUMULATIVE PROGRESS PAYMENTS 5%1%55%41%10%2%60%50%15%3%65%60%20%4%70%69%25%6%75%77%30%8%80%84%35%12%85%89%40%17%90%93%45%24%95%97%50%32%100%100%GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA259 ESTIMATING RULES OF
183、THUMB AND DESIGN NORMSCFA To GFA Ratio Building Type CFA:GFAResidential 1.15 to 1.25:1 Office/Commercial1.15to1.25:1Hotel 1.30 to 1.45:1The above ratios do not include any associated car parking area.Functional Area Distribution in 5-Star HotelsFunctional Area%of Total Hotel CFAFront of House 15-20%
184、Guestroom Floors 50-60%Back of House 25-30%Dimensions of Typical Grade A Office SpaceComponent DimensionDistance from curtain wall to core wall 9-13 mPopulation 9 m2usablefloor area/personAverage waiting interval for lifts 30-40 secondsDensity of Basic Materials for StructureMaterial DensityConcrete
185、 2,400 kg/m3Cement 1,450 kg/m3Sand 1,600 kg/m3Aggregate 1,600 kg/m3Steel 7,843 kg/m3Average Loads VolumeLorry(24 ton)10.0 m3Concrete truck(24 ton)5.5 m3Barge 200-1,450 m3HONG KONGGENERAL CONSTRUCTION DATA60Average Piling Ratio-Bored Piles Building Type m2 CFA/m2 cross section area of pilesResidentia
186、l 200-300 Office/Commercial200-250Hotel 200-300Average Piling Ratio-Driven H-PilesBuilding Type m2 CFA/No.of pilesResidential 50-90 Office/Commercial50-80Hotel 50-90Average Piling Ratio-Pre-Bored H-PilesBuilding Type m2 CFA/No.of pilesResidential 70-120 Office/Commercial70-110Hotel 70-120All pile ra
187、tios are for high-rise buildings with normal soil conditions.Building Structure-Concrete RatioConcrete/floorarea0.4m3/m2 to 0.5 m3/m2Formwork/floorarea2.2m2/m2 to 3.0 m2/m2Reinforcement 160 kg/m3 to 250 kg/m3Average External Wall/Floor RatioResidential Apartments 1.2 m2/m2Office,Hotel0.4m2/m2Industr
188、ial 0.4 m2/m2(Contd)HONG KONG(Contd)GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA261 ESTIMATING RULES OF THUMB AND DESIGN NORMSAverage Internal Wall/Floor Ratio Residential Apartments 1.0 m2/m2 Office0.5m2/m2Hotel 1.5 m2/m2The above ratios are indicative and for reference purposes only.They do
189、 not account for buildings with special shapes,configurationsorparticularlysmallfootprints.Average Lighting Level Building Type LuxResidential 300 Office500Retail 400Hotel 300School 300-500Average Power DensityBuilding Type VA/m2 CFAResidential 80-100 Office70Retail 300-400Hotel-Accommodation 30Hote
190、l-F&B Area 550School 50Average Cooling LoadBuilding Type m2 Cooling Area/RTResidential 18-23 Office14-18Retail 12-14Hotel 23School 23HONG KONG(Contd)GENERAL CONSTRUCTION DATA62Dimensions of Parking Spaces MinimumType of Vehicle Length Width Headroom Private Cars and Taxis 5 m 2.5 m 2.4 mLight Goods
191、Vehicles 7 m 3.5 m 3.6 mMedium/Heavy Goods Vehicle 11 m 3.5 m 4.7 mContainer Vehicles 16 m 3.5 m 4.7 mCoaches and Buses 12 m 3.5 m 3.8 mLight buses 8 m 3 m 3.3 mMinimum headroom means the clearance between thefloorandthelowermostprojectionfromtheceilingincluding any lighting units,ventilation ducts,
192、conduits or similar.Indicative Dimensions for Sports Grounds Length WidthTennis Court 40 m 20 mSquash Court 10 m 6.4 mBasketball Court 34 m 20 mVolleyball Court 36 m 20 mBadminton Court 20 m 10 mIce Rink 61 m 26 mSoccer Pitch 120 m 90 mThe above dimensions are for a single court with appropriate cle
193、arance.No spectator seating or support area has been allowed.(Contd)HONG KONG(Contd)GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA263 ESTIMATING RULES OF THUMB AND DESIGN NORMSCHINA&HONG KONGBuilding Type China Hong Kong*DOMESTICApartments2.02.0OFFICE/COMMERCIALOffice2.03.0Shopping Arcade3.55.0
194、HOTELSHotel2.02.0INDUSTRIALIndustrial,light duty4.05.0OTHERSCarpark,private cars2.53.0School2.53.0Theatre,Sports Hall,etc.4.05.0Hospital2.02.5Source:Load Code for the Design of Building Structures,GB 50009-2012,Ministry of Housing and Urban-Rural Development,PRC*Code of Practice for Dead and Imposed
195、 Loads 2011,Buildings Department,HKSARMinimum Imposed Loads(kPa)for Building DesignGENERAL CONSTRUCTION DATA64CHINASeismic Precautionary Intensity ZoningAs stipulated in PRC National Standard GB 50011-2010(Code for Seismic Design of Buildings),geographic regionswhichareclassifiedasLevel6oraboveinSei
196、smicPrecautionaryIntensityClassificationshouldincorporateseismic measures in the design of the structure and foundations.GeographicRegionsIntensityLevelGeographicRegionsIntensityLevelBeijing8Hong Kong7Changsha6Macau7Chengdu7Qingdao6Chongqing6Shanghai7Dalian7Shenyang7Foshan6-7Shenzhen7Guangzhou6-7Suz
197、hou6Haikou8Tianjin7-8Hangzhou6Wuhan6Hengqin7Xian6-8Level 5Level 6Level 7Level 8Level 9Seismic Precautionary Intensity Zoningof ChinaSource:China Earthquake Data Center()GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA265 CONSTRUCTION ACTIVITY IN HONG KONG*1/17 to 8/17 only#First Submission onlyYE
198、ARCOMPLETEDm2CONSENT TO COMMENCEm2#2007 1,030,000 991,000 2008 1,097,000 755,000 2009 815,000 862,000 2010 1,139,000 872,000 2011 991,000 719,000 2012 1,395,000 1,278,000 2013 831,000 872,000 2014 1,099,000 965,000 2015 1,064,000 1,431,000 2016 987,000 913,000 2017*808,000 751,000 Source:Census and
199、Statistics Department,Hong Kong,SAR Buildings Department,Hong Kong,SAR Refer to www.censtatd.gov.hk and www.bd.gov.hk for further information.GENERAL CONSTRUCTION DATA66CONSTRUCTION VALUE IN HONG KONG*UptoQ2figuresandareprovisionalonlySource:Census and Statistics Department,Hong Kong,SAR Refer to ww
200、w.censtatd.gov.hk for further information.YEARVALUE IN NOMINAL TERMSHK$MILLIONSVALUE IN CONSTANT(2000)MARKET PRICEHK$MILLIONS 2007 92,866 96,844 2008 99,599 97,024 2009 100,944 93,683 2010 111,274 100,278 2011 128,535 108,263 2012 161,449 126,414 2013 176,575 129,868 2014 199,737 138,285 2015 223,94
201、7 146,978 2016 236,491 149,973 2017*118,204 71,088 GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA267 HONG KONG GENERAL CONSTRUCTION INSURANCE This section provides general information regarding construction insurance arrangements in Hong Kong.It is common place for Hong Kong construction contra
202、cts to contain provisions as to insurances such as Employees Compensation Insurance,Third Party Liability Insurance,Works Insurance and,on occasion,Professional Liability Indemnity Insurance.For employers,the insurance placement ensures that the contractual indemnities are backedbyafinancialinstitut
203、ionthatcanaffordtopay.For contractors,it provides a certain degree of protection to ensure that he has the means to pay in the event of mishaps.The insurances may be effected by the contractor(Contractor Controlled Insurance Programme or CCIP)or be taken out by the employer(Employer Controlled Insur
204、ance Programme or ECIP).CCIP tends to be the most common insurance arrangement in Hong Kong,since the contractor is in control of all site operations and in a better position to manage its own site safety/risk.As a poor safety record will count against the contractor in premiums negotiation in the p
205、rocurement of insurance,CCIP provides an incentive for better safety/risk management.On the other hand,ECIP placement leaves the control of the insurance programme in the hands of the employer,thereby offering the advantage of providing comprehensive insurance coverage on a project-widebasisandhence
206、minimizingoverlapsandgaps in insurance coverage.Employees CompensationSection 40(1)of the Employees Compensation Ordinance states that no employer shall employ any employee unless there is a policy of Employees Compensation Insurance in place.The maximum penalty for failing to comply with thisprovis
207、ionistwoyearsinjailandamaximumfineofHK$100,000.GENERAL CONSTRUCTION DATA68Under the Ordinance,the principal contractor shall take out insurance for his employees and all of the employees of subcontractors with a limit of indemnity of HK$200 million per event(or HK$100 million if the number of employ
208、ees is less than 200).Since an injured worker could attempt to sue the employer,the employer will want to ensure the contractor has taken out insurance in joint names with the employer.Contractors All Risks InsuranceA Contractors All Risks policy generally comprises(i)Third Party Insurance which cov
209、ers injury to persons(except the Contractors own workmen)or damage to property(other than the Works),due to the carrying out of the Works which may or may not be caused by a default of the contractor.The policy is normally subject to a maximum reimbursement per incident but unlimited in the number o
210、f incidents,(ii)Contract Works Insurance which covers damage caused to the Works itself by risks not excluded from the policy and(iii)Plant&Equipment Insurance which covers the contractors plant and equipment used in the Works.Plant&Equipment Insurance is not normally required under the contract con
211、ditions and is voluntarily purchased by the contractor.Professional Indemnity InsuranceFor construction contracts involving contractors design,it is not uncommon for the employer to require the contractor and his design consultants and independent checking engineers to obtain insurance to cover thei
212、r liability for design.For Government Contracts,the Professional Indemnity Insurance shall cover the contractors liability for design generally for the construction period and a further 6 years.GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA269 FORM NO.PURPOSERELEVANT SECTION OF REGULATION BA1Ap
213、plicationforinclusionintheauthorizedpersonsregister/structuralengineersregister/geotechnicalengineers register/inspectors register.BOs 3(6)BA1AApplicationforretentionofnameintheauthorizedpersonsregister/structuralengineersregister/geotechnicalengineers register/inspectors register.BOs 3(9B)BA1BAppli
214、cationforrestorationofnametotheauthorizedpersonsregister/structuralengineersregister/geo-technical engineers register/inspectors register.BOs 3(12)BA2Application for registration as a general building contractor/specialist contractor.BOs 8B BA2AApplication for renewal of registration as a registered
215、 general building contractor/registered specialist contractor.BOs 8C(2)BA2BApplication for restoration of name to the register of general building contractors/specialist contractors.BOs 8D(2)BA2CApplicationforapprovaloftechnicaldirector/otherofficer/personappointedtoactforthepurposesoftheBuildings O
216、rdinance for a registered general building contractor/registered specialist contractor.BOs 8B BA4Noticeofappointmentofauthorizedpersonand/orregisteredstructuralengineerand/orregisteredgeotechni-cal engineer.BOs 4,B(A)R 23 BA5Applicationforapprovalofplansofbuildingworksand/orstreetworksandcertificate
217、ofpreparationofplans.BOs 14(1)(a),B(A)R 29&18A SPECIFIED FORMS FOR BUILDINGS ORDINANCE OR REGULATIONSSPECIFIED FORMS FOR BUILDINGS ORDINANCE OR REGULATIONS FOR HONG KONGGENERAL CONSTRUCTION DATA70Source:Buildings Department,Hong Kong,SAR.Refer to www.bd.gov.hk for further information.(Contd)BA6Stabi
218、litycertificateofauthorizedpersonand/orregisteredstructuralengineer.B(A)R 18 BA7Notice of urgent works required as a result of accident or emergency.BOs 19,B(A)R 28 BA8Application for consent to the commencement and carrying out of building works or street works.BOs 14(1)(b),B(A)R 31 BA8AApplication
219、 for concurrent consent to the commencement of building works.BOs 14(1)(b),B(A)R 31 BA9Application for renewal of consent to the carrying out of building works or street works.BOs 20 BA10Notice of appointment of registered contractor,notice of commencement of building works or street works and under
220、taking by registered contractor.B(A)R 20,BOs 9 BA11Notice from a registered contractor on ceasing to be appointed in respect of building works or street works and certificateinrespectofthatpartofthebuildingworksorstreetworkscarriedoutbytheregisteredcontractor.B(A)R 24 BA12Certificateoncompletionofbu
221、ildingworksresultinginanewtemporarybuilding,anewbuildingorpartofanew building and application for temporary occupation permit in respect of such building or part.B(A)R 25,BOs 21 BA13Certificateoncompletionofbuildingworksresultinginanewbuildingandappplicationforpermittooccupysuch building.B(A)R 25,BO
222、s 21 BA14Certificateoncompletionofbuildingworksnotresultinginanewbuildingorofstreetworks.B(A)R 25&26 BA14ACertificateoncompletionofdemolitionworks.B(A)R 25GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA271 FORM NO.PURPOSERELEVANT SECTION OF REGULATION BA15Notice of intended material change in th
223、e use of a building.BOs 25,B(A)R 47 BA16Applicationformodificationofand/orexemptionfromtheprovisionsoftheBuildingsOrdinanceand/orRegu-lations made thereunder.BOs 42 BA17Application for permit to erect a temporary building.B(P)R 51 BA18Application for permit to erect a contractors shed.B(P)R 53 BA19A
224、pplication for permit to erect hoardings,covered walkways or gantries.B(P)R 64 BA20Notice of technically competent person or persons appointed to supervise demolition works.B(DW)R 8 BA21Noticeofnominationbyauthorizedpersonorregisteredstructuralengineerorregisteredgeotechnicalengineerto temporary act
225、 in his stead.BOs 4(2),B(A)R 23(2)BA22Applicationforauthorizationtocarryoutand/ormaintaingroundwaterdrainageworks.BOs 28B(1)BA23Application for grant/renewal of licence for an oil storage installation.B(OSI)R 6(1)&7(3)BA24Notificationofchangeofbusinessaddress/ContactInformation.B(A)R 45SPECIFIED FOR
226、MS FOR BUILDINGS ORDINANCE OR REGULATIONSSPECIFIED FORMS FOR BUILDINGS ORDINANCE OR REGULATIONS FOR HONG KONGGENERAL CONSTRUCTION DATA72Source:Buildings Department,Hong Kong,SAR.Refer to www.bd.gov.hk for further information.BA25Application for registration as a registered minor works contractor(com
227、pany).B(MW)R 10(1)(B)BA25AApplication for renewal of registration of registered minor works contractor(company).B(MW)RS 14(1)BA25BApplication for restoration of name to the register of minor works contractors(company).B(MW)RS 18(1)BA25CApplication for registration of additional class and/or type of
228、minor works for registered minor works contrac-tor(company).B(MW)RS 21(2)BA25DApplicationforapprovalofnominationofadditionalauthorizedsignatory/technicaldirectorofregisteredminorwork contractor(company).B(MW)RS 24(1)BA25EApplication for review of decision of the Building Authority or recommendation
229、of the Minor Works Contractors Registration Committee in respect of registration of minor works contractor(company).B(MW)RS 26 BA26Application for registration as a registered minor works contractors(individual).B(MW)RS 10(1)(A)BA26AApplication for renewal of registration of registered minor works c
230、ontractor(individual).B(MW)RS 14(1)BA26BApplication for restoration of name to the register of minor works contractor(individual).B(MW)RS 18(1)BA26CApplication for registration of additional items of Class III minor works for a registered minor works contractor(individual).B(MW)RS 21(1)BA26DApplicat
231、ion for review of decision of the Building Authority or recommendation of the Minor Works Contractors Registration Committee in respect of registration of minor works contractor(individual).B(MW)RS 26GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA273 Source:Buildings Ordinance,Hong Kong,SAR Refe
232、r to www.legislation.gov.hk for further information.SUMMARY OF BUILDING REGULATIONS FOR HONG KONG DESCRIPTIONNUMBER OFREGULATIONSAdministration 48Appeal 14Construction 93Demolition Works 13EnergyEfficiency 6Minor Works 66Minor Works(Fees)21Inspection and Repair 36Oil Storage Installations 12Planning
233、 72Private Street and AccessRoads 28Refuse Storage and Material Recovery Chambers and Refuse Chutes 25Standards of Sanitary Fitments,Plumbing,Drainage Works and Latrines 91Ventilating Systems 7GENERAL CONSTRUCTION DATA74(Contd)Source:Buildings Ordinance,Hong Kong,SAR Refer to www.legislation.gov.hk
234、for further information.PERCENTAGE SITE COVERAGE AND PLOT RATIOS FOR HONG KONG OPEN SPACE ABOUT DOMESTIC BUILDINGSItemClass of siteOpen space required1.Class A site Not less than one-half of the roofed-over area of the building2.Class B siteNot less than one-third of the roofed-over area of the buil
235、ding3.Class C siteNot less than one-quarter of the roofed-over area of the buildingDEFINITIONClass A Site :Not being a class B or class C site,that abuts ononespecifiedstreetnotlessthan4.5m wide or on more than one such street.ClassBSite:A corner site that abuts on 2 specified streets neither of whi
236、ch is less than 4.5 m wide.ClassCSite:Acornersitethatabutson3specifiedstreets none of which is less than 4.5 m wide.GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA275 Height ofBuildingin metresDOMESTIC BUILDINGSPercentage site coveragePlot RatioClassAsiteClassBsiteClassCsiteClassAsiteClassBsiteC
237、lassCsite Not over 15 m66.675803.33.754.0 15 m to 18 m6067723.64.04.3 18 m to 21 m5662673.94.34.7 21 m to 24 m5258634.24.65.0 24 m to 27 m4955594.44.95.3 27 m to 30 m4652554.65.25.5 30 m to 36 m4247.5505.05.76.0 36 m to 43 m3944475.46.16.5 43 m to 49 m3741445.96.57.0 49 m to 55 m3539426.37.07.5 55 m
238、 to 61 m3438416.87.68.0 Over 61 m33.3337.5408.09.010.0PERCENTAGE SITE COVERAGE AND PLOT RATIOS FOR HONG KONG Source:Buildings Ordinance,Hong Kong,SAR Refer to www.legislation.gov.hk for further information.GENERAL CONSTRUCTION DATA76NON-DOMESTIC BUILDINGSPercentage sitecoveragePlot RatioClassAsiteCl
239、assBsiteClassCsiteClassAsiteClassBsiteClassCsite10010010055597.597.597.55.85.85.89595956.76.76.79292927.47.47.48990908.08.18.18587888.58.78.88082.5859.59.910.27577.58010.510.811.26972.57511.011.612.06467.57011.512.112.66062.56512.212.513.06062.565151515GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION
240、DATA277 Green Building CertificationsTheleadingandnationallyrecognizedenvironmentalassessment tool for buildings in China is the Green Building Evaluation Standard(GB-T50378-2014)published by the Ministry of Housing and Urban-Rural Development(MOHURD).The Green Building Evaluation Standard applies t
241、o all types of civil buildings,including residential buildings,commercial buildings,governmental officesandotherpublicfacilities.TheGreenBuildingEvaluation Standard rates applicable buildings under a threestarsystemcertifiedbytheGreenBuildingLabelbased on several environmental factors such as indoor
242、 airqualityandenergyandwaterefficiency.Chinaalsoadopted other evaluation standards for other building types,such as green industrial buildings and green hospital.The Green Building Evaluation Standard is not mandatory for new or refurbished buildings.Nevertheless,under the Green Building Work Plan i
243、n 2013,certain government-invested buildings,affordable housing in some big cities and public buildings over 20,000 square meters must fully adopt the Green Building Evaluation Standard.Further,Chinese developers are encouraged to adopt the Green Building Evaluation Standard for residential and comm
244、ercial projects because there are certain special governmentfundsorotherfinancialawardsspecificallydesigned for environment protection purposes.EVOLVING REGULATIONS FOR GREENBUILDINGS IN CHINA Provided by:Mr.Rico Chan Partner,BakerMcKenzie+852 2846 GENERAL CONSTRUCTION DATA78(Contd)Buildings and Ene
245、rgy EfficiencyChina has established a nationwide energy performance evaluation and labelling system the Civil Building Energy Performance Evaluation and Labelling scheme through the Interim Measures for the Administration of Energy Performance Evaluation and Labelling of Civil Buildings 2008(“Interi
246、m Measures 2008”).The evaluation and labelling are conducted in two stages for a single building:First stage is a theoretical prediction of the buildings energy performance.The second stage is the actual evaluation of a buildings actual energy use after it has been put to use.If the buildings energy
247、 performance satisfiestherequirementsofthescheme,acertificateisissued to the building owner for each of the two stages.But it should be noted that,though the nationwide energy performance evaluation and labelling system has been established through the Interim Measures 2008,China only launched a pil
248、ot of such scheme for certain provinces and cities in respect of a limited scope of projects.For example,officebuildingsofgovernmentauthoritiesorlarge-scalepublic buildings that are conducting comprehensive energy conservation improvements and have applied for government support are required to go t
249、hrough the evaluation and labelling procedures.Nonetheless,more and more cities that are not part of the pilot program have been voluntarily participating in the scheme.Provided by:Mr.Rico Chan Partner,BakerMcKenzie+852 2846 GENERAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA279 Buildings and Energy
250、 Efficiency(Contd)introduced their own implementation rules of the Civil Building Energy Performance Evaluation and Labelling scheme.Other than the Civil Building Energy Performance Evaluation and Labelling scheme,China has also adopted various policies addressing the reduction of energy consumption
251、 and carbon emission of buildings.The 13th Five-Year Plan published in March,2016 acknowledged the importance of the various environmental issues.To illustrate,pursuant to the recently published 13th Five-Year Ecological Environment Protection Plan,we should be anticipating the introduction of new p
252、olicies encouraging the use perfecting and enlarging the enforcement scope of the Green Building Evaluation Standard described above,further implementing the 2013 Green Building Work Plan so that 50%of the newly built buildings in the Beijing,Tianjin and Hebei area are green buildings.The 13th Five-
253、Year Building Energy-Saving and Green Building Development Plan,published in February 2017,sets targets such as over 50%of the new buildings in urban areas shall be green buildings,at least 500 million square meters of residential buildings shall be renovated for energy saving.More recently at the 1
254、9th National Congress of the Communist Party of China,further emphasis has been put on the countrys agenda onEVOLVING REGULATIONS FOR GREENBUILDINGS IN CHINA Provided by:Mr.Rico Chan Partner,BakerMcKenzie+852 2846 GENERAL CONSTRUCTION DATA80environmental protection the need to push for green develop
255、ment and market-oriented green technologies innovation.Government Regulatory MeasuresAs compared to some other countries,at the moment investors and developers in China may not yet be fully motivatedbytheenvironmentalandsocialbenefitsofgreen buildings.The Chinese central government currently usespla
256、nningandzoningregulationsandpolicestofurthercontrol and regulate the development of green buildings.For example,under the 2013 Green Building Work Plan,green initiatives,such as the use of renewable energies,must be included in the urban planning by local authorities.It also requires local authoriti
257、es to strengthen the review and examination of a buildings design and construction plan to ensure that the building is in compliance with the energy conservation standards.A number of major cities have also published local regulations administering and promoting development of green buildings.For ex
258、ample,under the Measures for Promoting Green Buildings in Shenzhen,newly-builtcivilbuildingsinShenzhenarerequiredtoreachatleastone-starcertificationundertheGreenBuildingEvaluationStandardorthebronzecertificationunderlocalevaluationstandard.Provided by:Mr.Rico Chan Partner,BakerMcKenzie+852 2846 GENE
259、RAL CONSTRUCTION DATA GENERAL CONSTRUCTION DATA281 PROCUREMENT STRATEGIES AND FORM OF CONTRACTS GeneralA host of contract procurement approaches have emerged in the past decade.Each procurement approach has characteristics,benefitsandrestrictionspeculiartoit.Thereisnosingleapproachthatfitsallsituati
260、ons.Thekeyto a successful procurement arrangement lies in marrying the right procurement approach with the particular contract inquestion.Thiscallsforasystematicidentificationofclients requirements and evaluation of the decision criteria relating to the procurement strategy.Common criteria for procu
261、rement selectionSpeed Fast-tracking projects generally favor arrangements that offer opportunities to overlap the design and construction processes e.g.design&build contracting and management contracting.Cost certainty Reliability of budgets is one of the prime concerns of most clients.Traditional l
262、ump sum bills of quantities and design&build contracting offer the highest degree of price certainty.Complexity Projects which are technologically advanced or highly serviced generally favor the use of traditional contracting where the design will be well developed prior to the tendering stage.Procu
263、rement arrangements such as construction management and management contracting that allow early involvement of management contractor are also considered suitable for complex projects.Responsibility For projects using traditional contracting,the contractor is employed to build what the clients design
264、 team has documented.Therefore,any dispute as to quality of works has to be resolved into a design or workmanshipissueintheveryfirstplace.Bycontrast,design&build contracts offer the clearest division of responsibility where the design&build contractor will be the sole point of responsibility.GENERAL
265、 CONSTRUCTION DATA82Common standard form of contract in Hong KongIn 2005,the Hong Kong Institute of Architects,the Hong Kong Institute of Construction Managers and the Hong Kong Institute of Surveyors jointly published a new standard form of building contract which is designed particularly for priva
266、te projects where bills of quantities are provided.In 2006,the three institutes published another standard form of building contract tailored for private projects without bills of quantities.For public works,the conditions of contracts are often based on one of the following standard forms:-The Gove
267、rnment of the HKSAR,General Conditions of Contract for Building Works 1999 EditionThe Government of the HKSAR,General Conditions of Contract for Civil Engineering Works 1999 EditionThe Government of the HKSAR,General Conditions of Contract for Electrical and Mechanical Engineering Works 1999 Edition
268、The Government of the HKSAR,General Conditions of Design and Build Contracts 1999 EditionNew Engineering Contract(NEC)NEC is the abbreviation for“New Engineering Contract”which is a suite of contracts published by the Institute of Civil Engineers in the United Kingdom.The NEC has become increasingly
269、 popular in the public sector of Hong Kong.In a Development Bureau paper for LegCo dated 25 February 2014,it was reported that“Government has been using the NEC form Currently,there are 10 public works projects with construction contracts using NEC form.We will use(Contd)GENERAL CONSTRUCTION DATA GE
270、NERAL CONSTRUCTION DATA283 New Engineering Contract(NEC)(Contd)the NEC form more extensively in different works categories(including building works,civil engineering works etc.),contract types and contracts of different prices.”The NEC family covers not only construction contracts between employers
271、and contractors but also professional services for employers to engage consultants and adjudicators.The Engineering&Construction Contract(ECC)of the NEC family of contracts contains standard options that cover lump sum contracts,target cost contracts,cost reimbursable contracts and management contra
272、cts.The ECC contract claims to be radically different to traditional construction contracts in that it facilitates good management and encourages collaborative working.For instance,both the Project Manager and the Contractor are obliged to give early warnings and to hold early warning meetings to mi
273、tigate the effects of change in contract scope.Great emphasis is also given to the programme which has to be accepted by the Project Manager and to be kept updated by the Contractor.The Project Manager is to maintain a Risk Register to record risks that have arisen during the contract and the decisi
274、ons of how to deal with them.Arcadis was the NEC Advisor for Fuk Man Road Nullah ImprovementWorkstheveryfirstNECpilotprojectinHong Kong.Our work with the project team for that pilot project reveals that it is not only the letter or the form of theNECthatbringsabouttheadvantagesofflexibilityandpromot
275、ion of good project management.The success lies in a change in mindset and attitudes and the establishment of mutual trust.PROCUREMENT STRATEGIES AND FORM OF CONTRACTS GENERAL CONSTRUCTION DATA84Procurement Strategy TablePROJECT CRITERIARELATIVE DEGREE OF APPROPRIATENESSParameterObjectivesTraditiona
276、lManagementContractingConstructionManagementDesign andConstructTimingEarly CompletionLowHighHighHighCostPre construction price certaintyHighLowLowHighQualityDesign prestigeHighHighHighLowVariationsAvoid prohibitive cost of changeHighModerateModerateLowComplexityTechnically advance or highly complex
277、buildingModerateHighHighLowResponsibilitySingle contractual linkLowLowLowHighProfessional ResponsibilityNeed for design team to report to sponsorHighHighHighLowRisk AvoidanceDesire to transfer complete riskLowLowLowHighDamage RecoveryFacility to recover costs direct from contractorModerateLowLowHigh
278、BuildabilityContractor input to economic constructionLowHighHighHigh3PROPERTY Property CommentaryProperty IndicatorsGross Floor Area(GFA)Calculationsin Hong KongGross Floor Area(GFA)Calculationsin PRCConstruction Floor Area(CFA)DefinitionPROPERTY PROPERTY387 PROPERTY COMMENTARYHONG KONGS PROPERTY MA
279、RKET IN 2017Economic overviewHong Kongs economy accelerated in 2017,following slowgrowthin2016.Inthefirstthreequartersof2017,Hong Kongs real GDP rose 3.9%year on year(YoY),after growing 2.0%in 2016.The economy is also close to full employment,with the latest seasonally adjusted unemploymentrateat3.0
280、%.Inflationhasremainedmild,increasing1.5%YoYinthefirst10monthsof2017.Therealestate,financialservicesandlogisticssectorshave outperformed the other sectors so far in 2017.With total property sales of over HK$210 billion,real estate developers have also seen record revenue.The International Monetary F
281、und gave a positive assessment of the strong risk buffers and robust policy framework of HongKongsfinancialsector,mainlybecauseofitsamplereserves and regulatory structure,as well as the Linked Exchange Rate System.Facingfiercecompetitionfromneighbouringcities,theSAR Government has focused on differe
282、ntiating Hong Kong by developing a high value-added modern logistics infrastructure and services.The retail and tourism sectors have continued to recover in 2017.Total visitor arrivals increased 2.7%YoY in the first10months,whiletotalretailsalesvalueincreased1.2%YoY.The retail sector has been in pos
283、itive territory since March 2017.Provided by:PROPERTY88(Contd)Despite market-wide expectations of three to four US interest rate hikes in 2018,which will have some impact onHongKongsfinancialsector,thecurrenteconomicfundamentals support continued stable growth of the economy.We expect Hong Kongs rea
284、l GDP to grow around 3%per annum from 2018 to 2021.ResidentialResidentialsalesreached50,560unitsinthefirst10months of 2017,up 13.8%compared with the same period in 2016.While primary sales dominated the market early in the year,secondary sales started to pick up in October and November.Both primary
285、and secondary transactions rose from the same period last year,by 12.8%and 14.3%,respectively.Luxuryresidentialsaleshaveincreasedsignificantly.Properties worth HK$10 million or more accounted for 21%of total residential transaction volume in the first 10 months of 2017,up 14%YoY.In October 2017,the
286、Chief Executive tabled the details of the“Starter Homes Pilot Scheme”in the Policy Address,which willprovide1,000residentialunitsforfirst-timebuyerswithtotal monthly household income between HK$52,000 and HK$68,000.However,the number of eligible households is believed to be very low,so the scheme sh
287、ould have Provided by:PROPERTY PROPERTY389 PROPERTY COMMENTARYResidential(Contd)only a limited impact on the overall residential market.Around 97,000 units of new residential supply are expected to come onto the market in the next three to four years.However,with sustained demand from end-users and
288、investors,mass home prices are expected to grow 5%next year,with luxury prices growing by 7%.Developers will continue to offer various incentive packages to potential buyers.Residential sales volume is expected to remain stable in the coming 12 months.OfficeTheHongKongGrade-Aofficesalesmarkethasthri
289、vedin2017.According to the Rating and Valuation Department,thenumberofofficesalestransactionsreached1,485inthefirstninemonthsof2017,up114%YoY,withafewtransaction prices setting records,both in terms of total transaction prices and unit prices.The sale of The Center for HK$40.2 billion has been the m
290、ost expensive single officetransactionintheworldtodate.In the leasing market,there has been a decentralisation movement by multinational corporations priced out Central by Mainland companies.The current Central officevacancyrateisclosetoall-timelowof1.7%.OntheKowloonside,officeleasingactivityhaspick
291、eduptowards the end of the year.Rents in Kowloon East,however,continued to be suppressed due to massive upcoming supply.Provided by:PROPERTY90AttheendofOctober,theaveragerentofGrade-Aofficesin Hong Kong was up 3.4%YoY,according to Knight Frank Research.Rental growth on Hong Kong Island was up over 2
292、%YoY,with Central/Admiralty(4.2%)the highest.OfficerentsinKowloonBayandWestKowloondropped3%and 6%,respectively.Looking ahead to 2018,the outlook for Hong Kongs Grade-Aofficemarketremainspositive,thankstothevibrant business environment and strong economic prospects.With limited upcoming supply in the
293、 core areas,Grade-Aofficerentsareexpectedtoincreasesteadily.However,rental growth in non-core districts is expected to continue to be suppressed.RetailHong Kongs retail sales value has grown eight months in a row since March 2017 and increased 3.9%YoY in October,with notably positive growth in most
294、major categories.The monthly retail sales level of HK$35 billionisakeyindicatorofconsumerconfidence.Afterthe slowdown in 2016,visitor arrivals have recovered in 2017,increasing2.7%YoYinthefirst10months,drivenby Mainland visitor numbers,which have grown 3.1%YoY.Despite recovering retail sales,rents f
295、or retail space in the prime street shopping areas have continued to adjust downwards.According to the Knight Frank Prime Street Shop Rental Index,as at end-October 2017,rents for retail space in prime streets are down over 40%from the tenancy terms three years ago.The downward adjustment in retail
296、rents is expected to spread to residential areas.(Contd)Provided by:PROPERTY PROPERTY391 PROPERTY COMMENTARYRetail(Contd)tenancy terms three years ago.The downward adjustment in retail rents is expected to spread to residential areas.Transactions for retail property have surged in 2017.The salesvolu
297、meofretailpropertiesinthefirstninemonthsof 2017 was up 62.8%YoY,translating to a 69.7%YoY increase in sales value.The yield for retail properties has beenflatinthepast12months.We expect the performance of retail sales to remain stable in 2018,but at the same time,we remain cautious due to the ever-i
298、ncreasing challenges from e-commerce.We expect to see continued downward adjustments in prime street shop rents,but this should slow down to a 5%drop next year.Shopping mall rents in core districts are expectedtoremainflatin2018,whilethoseinnon-coredistricts should continue to increase slowly.Indust
299、rialSalesofflattedfactoryunitsreached4,004inthefirst10 months of 2017,more than double that of the same period last year,according to the Rating and Valuation Department.Newcompletionsofflattedfactoryspacereached22,600sqminthefirst10monthsoftheyear,upsignificantlyfromonly4,500sqmin2016.Comparedwitht
300、he ever-rising home prices,the relatively low unit prices of industrial properties have attracted both investors and end-users.Provided by:PROPERTY92Flatted factory prices rebounded with impressive 10.8%growth from January to October 2017,compared with a 2.0%dropinthesameperiodin2016.Rentsofflattedf
301、actories also rose 3.9%from January to October,compared with 2.9%a year ago.With prices rising much fasterthanrents,flattedfactoryyieldsdroppedfrom3.2%in October 2016 to 2.9%in October 2017.Benefittingfromsustainedgrowthinretailsalesvalue,aswell as increasing demand for storage by e-commerce compani
302、es,leasing demand for warehouse space was solid during the year.Looking ahead,the warehouse market is likely to grow further,following the continued recovery in the retail sector.Industrial property sales could also expand further,with industrial completion reaching 130,800 sqm in 2018.Provided by:P
303、ROPERTY PROPERTY393 HONG KONG GRADE-A OFFICE PRICE HONG KONG GRADE-A OFFICE VACANCY RATESSource:Knight Frank ResearchPROPERTY INDICATORS*October figures*October figuresSource:Knight Frank ResearchPROPERTY94 HONG KONG GRADE-A OFFICE RENTAL VALUES HONG KONG GRADE-A OFFICE SUPPLYSource:Knight Frank Res
304、earchSource:Rating and Valuation Department/Knight Frank Research*October figuresPROPERTY PROPERTY395 FEATUREBUILDING(PLANNING)REGULATIONREMARKSGeneralfloorareaAccountableArea within outer surface of external walls.BasementAccountableBalcony/utility platform*AccountableNon-accountable if for residen
305、tial buildings and be open on at least 2 sides,max.50%area grantable.Curtain wall/claddingNon-accountableNon-accountable if:1.The curtain wall system itself does not form part of thestructuralsystemoftheparentbuilding;2.Thesystemdoesnotresultinanyadditionalfloorareaatafloorlevel;3.Theprojectionofthe
306、systemfrom the outer face of the structural elements does not exceed 300 mm.Externalwallfinishes(includingbaywindows)*Non-accountablePrecast facades may,subject to conditions,be excluded from GFA calculation.Plant roomsNon-accountableSubjecttojustificationwithreasonableplantlayouts.Staircases and li
307、ft shaftsAccountableExcept staircases and lift shafts solely serving non-accountable areas.Covered public carparking spaceAccountableCovered private carparking spaceNon-accountableApplicable only for spaces serving users of the building required under local standard and built below ground.Lobby*Acco
308、untableConcession may be granted for lift lobbies subject to conditions.GROSS FLOOR AREA(GFA)CALCULATIONS IN HONG KONGGROSS FLOOR AREA(GFA)CALCULATIONS IN HONG KONGPROPERTY96Disclaimer:GFA calculations are subject to various legislation and practice notes.All cases of accountable or non-accountable
309、GFA are subject to individual conditions.The above presents a brief summary only and users are advised to seek professional advice from authorized persons.Arcadis herewith disclaims any liability that may arise from unsolicited use of the information given above.*Total concessions of these areas are
310、 subject to a cap of 10%of the total GFA and prerequisites with sustainability designs.CanopyAccountableNon-accountable when the canopy solely serves as protection against weather and falling object.RefugefloorNon-accountableSpacebelowelevatedgroundfloorAccountableNon-accountable if the covered area
311、s are clearly intended for and designed as playground or dedicated as public passage.Covered walkways*AccountableOpen-sided covered walkways for common areas in residential developments may be exempted,subject to the proposed walkways being not for commercial use.Loading and unloading bayNon-account
312、ableApplicable if required under local standard/lease and built below ground.Refuse storage chambers,refuse storage,refuse chutes,refuse hopper roomsNon-accountableFloor space inside sloping roofAccountableCovered area on roof-topsNon-accountableNon-accountable for plant rooms and staircases only.Re
313、creational facilities*AccountableNon-accountable subject to conditions.Spaces for watchmen and management staff*AccountableNon-accountable subject to conditions.External staircasesAccountableNon-accountable if situated in non-accountable areas.PROPERTY PROPERTY397 FEATURENATIONAL STANDARD-STANDARD M
314、EASUREMENT FOR CONSTRUCTION AREA OF BUILDING(GB/T 50353-2005)REMARKS FOR BEIJING,SHANGHAI AND GUANGZHOUGeneralfloorareaAccountableArea within outer surface of external insulation.Shanghai:External insulation is exempted from calculation of plot ratio.BasementAccountable1.Beijing:Non-accountable2.Sha
315、nghai:Non-accountable.3.Guangzhou:AccountableforGFAexceptwherethefloorspaceissolely for plant rooms or carpark.Balcony/utility platformAccountableCurtain wall/claddingAccountableExcept decorative type of curtain wall.Externalwallfinishes(includingbaywindows)Non-accountablePlant roomsAccountableStair
316、cases and lift shaftsAccountableCovered public carparking spaceAccountableCovered private carparking spaceAccountableLobbyAccountableGROSS FLOOR AREA(GFA)CALCULATIONS IN PRCGROSS FLOOR AREA(GFA)CALCULATIONS IN PRCPROPERTY98Disclaimer:GFA calculations are subject to various legislation and practice n
317、otes.All cases of accountable or non-accountable GFA are subject to individual conditions.The above presents a brief summary only and users are advised to seek professional advice from authorized persons.Arcadis herewith disclaims any liability that may arise from unsolicited use of the information
318、given above.CanopyAccountableNon-accountable subject to width of the canopy not exceeding 2.1m.RefugefloorAccountable1.Shanghai:Non-accountable.2.Guangzhou:Onlyrefugeareasonrefugefloorarenon-accountable.SpacebelowelevatedgroundfloorAccountableNon-accountable for GFA if for the usage of walkway,green
319、,public amenities or similar public function.Covered walkwaysAccountableLoading and unloading bayAccountableNon-accountable if not roofed over.Refuse storage chambers,refuse storage,refuse chutes,refuse hopper roomsAccountableNon-accountable if not roofed over.Floor space inside sloping roofAccounta
320、bleNon-accountable if clear height does not exceed 1.2m.Covered area on roof-topsAccountable1.Shanghai:Non-accountable if the area of the construction on roof-topdoesnotexceed1/8oftheareaofthetypicalfloor.2.Guangzhou:Staircase,liftlobbyandwatertankroomonroof-topsare exempted from GFARecreational fac
321、ilitiesAccountableSpaces for watchmen and management staffAccountableExternal staircasesAccountableNon-accountable if not roofed over.PROPERTY PROPERTY399 CONSTRUCTION FLOOR AREA(CFA)DEFINITIONTheconstructionfloorareameasuredfromdrawingsisdefinedascoveredfloorareasfulfillingthefunctionalrequirements
322、 of the building measured to the outside face of the external walls or external perimeter.Itincludesfloorareasoccupiedby:partitions columns stairwells lift shafts plant rooms water tanks balconies utilities platforms vertical ductsservicefloorshigherthan2.2mandthelikeButexcludesfloorareasoccupiedby:
323、bay windows planters projecting from the building,and the areas covered by canopies,roof eaves and awningsSloping surfaces such as staircases,escalators and carparkrampsaretobemeasuredflatonplan.The measurement of construction floor area is as defined by Arcadis.4FINANCIALFinancial DefinitionsFinanc
324、ial FormulaeMortgage Repayment TableComposite CPIPrime RatesExchange RatesCurrency ChartsHang Seng IndexFINANCIAL FINANCIAL4101 FINANCIAL DEFINITIONSDISCOUNT RATEThe rate of return a developer expects when investing in a project.i.e.opportunity cost.INTERNAL RATE OF RETURN(IRR)TheIRRmaybedefinedasth
325、einterestratethatequatesthepresentvalueofexpectedfuturecashflowstothecost of the investment.The IRR can be compared to the Discount Rate.NET PRESENT VALUE(NPV)TheNPVisthepresentvalueofallfuturecashflows,discounted back to todays values at the Discount Rate.TheNPVindicatesintodaysdollarstheprofitorlo
326、ssadevelopermakesaboveorbelowhisrequiredprofit(basedon a nominated Discount Rate).72 RULEThe approximate number of years required to double your capital can be calculated by dividing the interest rate into 72.e.g.If interest rate=10%p.a.Then 72 10=7.2 years It will take approximately 7.2 years to do
327、uble your capital if it is invested at 10%p.a.FINANCIAL102FINANCIAL FORMULAEPV=present valueFV=future valuePMT=payment amountn=period(e.g.10 years with monthly payments,n=10 x 12 =120)i=interest rate per period(e.g.12%poundedmonthly;i=12%12 months=1%per period)Refer to www.hkifa.org.hk for further i
328、nformation.Future value of$1FV=PV(1+i)nFuture value of$1 per periodFV=PMT(1+i)n-1)iSinking fund(the amount required to be put away periodically to realise some future sum)PMT=FV i (1+i)n-1)Present value of$1PV=FV 1(1+i)nPresent value of$1 per periodPV=PMT(1+i)n-1)(i(1+i)n)Annuity with a PV of$1(mort
329、gage bond formula)PMT=PV(i(1+i)n)(1+i)n -1)FINANCIAL FINANCIAL4103 MORTGAGE REPAYMENT TABLEBased on:1,000 units of currency Interest compounded monthly Equal monthly repayments Example:Borrow$1,000,000 to be repaid monthly at 5%p.a.over 20 years.Repayments=1,000,000 1,000 x$6.60=$6,600 per monthRefe
330、r to .hk for an online mortgage calculator.INTERESTp.a.REPAYMENT(years)10 152025 1%8.76 5.98 4.60 3.77 2%9.20 6.44 5.06 4.24 3%9.66 6.91 5.55 4.74 4%10.12 7.40 6.06 5.28 5%10.61 7.91 6.60 5.85 6%11.10 8.44 7.16 6.44 7%11.61 8.99 7.75 7.07 8%12.13 9.56 8.36 7.72 9%12.67 10.14 9.00 8.40 10%13.22 10.75
331、 9.65 9.09 11%13.78 11.37 10.32 9.80 12%14.35 12.00 11.01 10.53 13%14.93 12.65 11.72 11.28 14%15.53 13.32 12.44 12.04 15%16.13 14.00 13.17 12.81FINANCIAL104COMPOSITE CPINote:The base index(100)applies to the period from October 2014 to September 2015.Source:Census and Statistics Department,Hong Kong
332、,SAR Refer to www.censtatd.gov.hk for further information.*1/17 to 9/17 onlyYEARINDEX%CHANGE2004 72.6-0.4%2005 73.2 1.0%2006 74.7 2.0%2007 76.2 2.0%2008 79.5 4.3%2009 80.0 0.5%2010 81.8 2.4%2011 86.1 5.3%2012 89.6 4.1%2013 93.5 4.3%2014 97.7 4.4%2015 100.6 3.0%2016 103.0 2.4%2017*104.3 1.4%FINANCIAL
333、 FINANCIAL4105 PRIME RATESPRIME RATES AND BASE LENDING RATES AS AT4TH QUARTER 2017.China*=5-year Benchmark Lending RateMalaysia=Indicative Effective Lending RateThailand#=Minimum Loan Rate%per annum(avg based on local bank)Vietnam#=Min and in VND per yearCOUNTRY RATE(%)Brunei 5.50 China*4.75 Hong Kong 5.00 India 9.55 Indonesia 5.00 Macau 5.25 Malaysia 4.35 Philippines 4.14 Singapore 5.28 Thailand#
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