DLS - Quarterly Construction Cost Review 1st 2011

HONG KONG

First Quarter 2011

QUARTERLYCONSTRUCTION COST REVIEW

Davis Langdon & Seah’s Reputation

Recognised as one of the world’s leading multidisciplinary construction and property consultancies, we focus on clients’ needs when investing in property and construction.

Content

1. Focus on The New Competition Bill in Hong Kong

2. Approximate Building Costs in Hong Kong

3. General Trend of Building Works Tender Prices in Hong Kong

4. Labour Index & Average Daily Wage of Workers Engaged in Public Sector Construction Projects

5. Materials Indices & Average Material Prices

6. Usable Floor Areas Completed / With Consent to Commence

7. Gross Value of Construction Work Performed

8. Approximate Building Costs for Major Cities in Asia

Statistical data are compiled from sources deemed reliable but accuracy is not guaranteed. All rights reserved. Reproduction of this data, in whole or in part, is permitted providing the source is quoted.

QUARTERLY CONSTRUCTION COST REVIEWFIRST QUARTER 2011 1

1 Focus on The New Competition Bill in Hong Kong

In July 2010, the first reading of the controversial Competition Bill took place in Legco. Competition laws, similar to minimum wage laws, reflect the maturity of a society and few will dispute its intention of ensuring fair competition and protection of consumers. However, the Competition Bill, as it presently stands, does raise a number of concerns which cannot be simply brushed aside to be handled after enactment.

It is said that “the devil is in the detail”. If the details are not properly sorted out in the first place, the best of intentions can also cause considerable harm to those it is supposed to protect. Given the numerous problems raised by the Minimum Wages Law that was implemented on 1st May 2011, it is essential that this time, the Government should not try to push through a Bill in such a broad-brush manner again. Grey areas in the proposed Competition Bill must be reviewed and clarified before becoming law.

The Bill lists two main rules regarding anti-competition :

1) The First Conduct Rule prohibits an agreement, decision or concerted practice that has the object of preventing, restricting or disturbing competition;

2) The Second Conduct Rule controls abuse of market share by companies and enterprises that hold a dominant market position in any industry or sector.

To ensure compliance, a Competition Commission is to be established to investigate potential infringements of the two rules. Furthermore, a Competition Tribunal will be set up to review decisions made by the Commission and to impose financial penalties for any breach.

Following UK’s experience (the UK Competition Act was enacted in 1998), the construction industry was one of the first to be affected after the Law came into force. This makes prior clarification of details even more important to us in the Hong Kong construction industry.

Obvious ambiguities pending clarification include the following :-

1) Anti-competition law is an entirely new area of law in Hong Kong and many will not be familiar with what actions would be considered as an infringement. The Bill is vague on what actions would contravene the First Conduct Rule. For example, would discussion of the perceived risks in a tender during a social lunch with industry counterparts be considered anti-competitive? Would proclaiming that one does not intend to submit a tender be viewed as a breach?

One of the duties of the Commission is to issue guidelines to explain how the rules will be interpreted. As guidelines cannot cover all situations, we would suggest the Commission also has a duty to give advice on specific situations when requested.


1 Focus on The New Competition Bill in Hong Kong

2) It is not clear whether trade associations (e.g. the HKCA, ACQS, AAP or ACE etc.), professional institutions (e.g. the HKIS, HKIA, HKIE etc.) or even labour unions are governed or exempted. For example, is the annual review of recommended minimum wages by the Steel Fixers Union a contravention? The discussion between trade associations and various Government Departments on terms of appointment or payment – would such collective representations be considered anti-competitive actions?

3) The enforcement bodies have extremely wide powers. The Commission may require payment of up to $10m for alleged infringement. Refusal to pay may prompt proceedings being brought by the Commission to the Competition Tribunal. The Tribunal may impose pecuniary penalties higher than $10m - up to 10% of the annual turnover of the contravener. Section 91(4) defines “turnover” as “the gross revenues of an undertaking whether obtained in Hong Kong or outside Hong Kong.”

Such high penalties would be fatal even to the largest consultancy companies. Many consultancy practices have overseas subsidiary practices or overseas parent companies. Is the “turnover” limited to the defaulting company only, or does it apply to the whole Group?

4) The draftsman adopted a broad territorial approach for the Bill. Section 8 provides that the Bill’s territorial application covers agreements or decisions made or to be given effect outside Hong Kong. The legislation will also apply where any party to the agreement is outside Hong Kong. Does this mean that the jurisdiction of Hong Kong will be extended to cases that are outside Hong Kong, involving parties that are not Hong Kong companies?

The Competition Bill’s main objective is to help small consumers block large companies from teaming together to create an oligopoly. However, any legislation can be a double-edged sword. The Bill, as currently drafted, could potentially be used by large companies to block small companies (such as consultancy practices) teaming together to protect themselves from unreasonable employment terms. The draftsman should look at the Bill from different angles and build in the necessary precautions to prevent the Bill being misused after enactment, and not leave it to the Commission to sort out problems later when it is likely too late.


2 Approximate Building Costs in Hong Kong

Building Type HK$/m2 CFA Outline Specification

DOMESTIC 1. Public rental housing based on Hong Kong Housing Authority Non-standard Cruciform Block design

2. Private housing estates with 2 or more towers, 30-50 storeys high, with average unit size not greater than 100m2. Single glazed windows. Tiled or plastered finishes - in general. Average quality built-in furniture and fittings.

3. Private luxury apartments with unit average size greater than 100m2. Provisions generally of high quality. Premium grade stone finishes/fittings.

4. Private housing, apartments and houses equipped with air-conditioning, kitchen cabinets and home appliances, but excluding decorations and loose furniture.

Public rental housing estates, high rise 6,780 - 7,790

Private housing estates, high rise 15,500 - 17,000

Private luxury apartments, high rise 18,000 up

Terraced houses 20,000 - 22,000

Detached houses 28,000 up

OFFICE / SHOPPING CENTRE 1. Offices based on buildings 20 - 30 storeys high with floor plans minimum 1,000m2 per level.

2. Shopping centres and average standard offices exclude finishes, A/C ducting & light fittings to tenant areas.

3. Prestige offices are fitted with raised floor, suspended ceiling, A/C ducting and light fittings to tenant areas.

Average standard offices, high rise 15,000 – 17,500

Prestige offices, high rise 20,000 up

Average standard shopping centres 15,500 - 19,000

Prestige shopping centres 20,000 up

INDUSTRIAL 1. Flatted factories and industrial-office buildings exclude manufacturing equipment, special services provisions, air-conditioning and electrical distribution system to tenant areas.

Light duty flatted factories, high rise, 7.5kpa (150 lb.) loading

8,150 - 9,080

Heavy duty flatted factories & warehouses, high rise, 15kpa (300lb.) loading

8,800 - 10,100

Industrial - Office buildings 10,800 - 13,450

HOTEL 1. F.F.&E. includes interior decoration and loose furniture etc. but excludes pre-opening expenses and hotel operation system & equipment costs (e.g. cutlery, crockery, linen, uniform, etc.).

2. Buildings include 1 level of basement.

3-Star hotels, inclusive of F.F.&E 18,800 - 20,850

5-Star hotels, inclusive of F.F.&E 25,200 up

OTHERS 1. Carparks to be multi-storey, open sided.

2. Primary and secondary schools are allowed with standard government provisions.

3. Schools include external works but exclude F.F.&E.

Carparks, above ground 7,000 - 8,000

Primary and secondary schools 10,500 - 11,500

International schools 13,150 - 14,700

Notes: 1. The costs for the respective categories given above are averages based on fixed price competitive tenders. It must be understood that the actual cost of a building will depend upon the design and many other factors and may vary from the figures shown.

2. The costs per square metre are based on Construction Floor Areas (CFA) measured to the outside face of the external walls / external perimeter including lift shafts, stairwells, balconies, plant rooms, water tanks and the like.

3. All buildings are assumed to have no basements (except otherwise stated) and are built on flat ground, with normal soil and site condition. The cost excludes site formation works, external works, land cost, professional fees, finance and legal expenses.


3 General Trend of Building Works Tender Prices in Hong Kong (including labour, materials, plant, overheads & profit)

Source: Competitive tenders received by Davis Langdon & Seah Hong Kong and the ASD Building Works Tender Price Index (BWTPI).

Notes:

Year2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Quarter IndexASD TPI (Base = 100, at Year 1970)

1st Quarter 862 687 720 685 711 714 821 1,118 1,074 1,134

2nd Quarter 842 742 723 712 716 730 859 1,305 983 1,161

3rd Quarter 807 692 722 704 718 751 906 1,401 1,111 1,249

4th Quarter 721 733 681 701 697 789 998 1,262 1,107 1,266

DLS TPI (Base = 100, at Year 1970)1st Quarter 990 915 855 940 945 970 1,020 1,239 1,245 1,297 1,385

2nd Quarter 960 890 878 952 955 980 1,074 1,360 1,242 1,315

3rd Quarter 945 875 895 933 963 985 1,175 1,355 1,253 1,342

4th Quarter 935 840 895 930 970 990 1,150 1,281 1,273 1,367

0

200

400

600

800

1,000

1,200

1,400

1,600

'70 '74 '78 '82 '86 '90 '94 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12Year

Index

ASD BWTPI DLS TPIASD BWTPI (as at the 4th Quarter) DLS TPI (as at the 4th Quarter)

1. The index measures the trend of general builder’s works only. Special works and Mechanical and Electrical Services would have to be considered separately.

2. All indices were published quarterly. For reference purpose, only indices from 1st quarter of 1998 and onwards are given in detail on the above graph, whereas indices for the years 1970 - 1997 are shown with their 4th Quarter figures.


4 Labour Index & Average Daily Wage of Workers Engaged in Public Sector Construction Projects

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Quarter Index (Base = 100, at June 1995) Figures below are quarterly average of the monthly indices

1st Quarter 152 150 147 143 137 131 137 129 129 131

2nd Quarter 152 150 146 140 136 133 135 128 128 131

3rd Quarter 152 149 146 140 133 134 131 128 129 131

4th Quarter 151 148 143 138 132 136 130 129 130 132

Selected TradeAverage Daily Wage (HK$)

Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11General Workers 585 588 591 598 599 602

Concretor 934 926 927 935 926 929

Bar Bender and Fixer 1,149 1,144 1,155 1,161 1,167 1,175

Carpenter (formwork) 983 983 986 994 997 1,007

Plumber 883 892 892 889 886 882

Plasterer 881 887 886 888 891 890

Painter and Decorator 830 830 814 830 813 792

Electrical Fitter (incl. Electrician) 697 697 695 686 697 694

Bricklayer 879 875 850 865 861 865

Drainlayer 853 862 864 872 876 887

Metal Worker 797 816 806 826 829 841

Joiner 916 925 925 914 916 909

Construction Plant Mechanic 765 769 771 792 797 793

Glazier 830 871 890 956 908 894

Bamboo Scaffolder 1,089 1,079 1,109 1,090 1,072 1,094

Structural Steel Erector 1,034 1,009 1,016 1,028 1,017 1,029

Asphalter (road construction) 672 695 693 706 705 695

Mechanical Fitter 635 627 612 614 623 609

Source : Census & Statistics Department

Note :

80

100

120

140

160

'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12Year

Index

The labour indices cover public sector construction projects only and reflect the change in wage cost borne by main contractors of public sector construction projects. Owing to the special arrangements widely adopted in the construction industry, the wage cost data probably also includes elements like service charges and administration overheads borne to ensure that tasks are handled by the workers/companies with the appropriate skills. Hence, the labour indices may not reflect the wage received by workers in the construction industry.


5 Material Indices & Average Material Prices

Selected Material UnitAverage Material Price (HK$)

Aug 10 Sep 10 Oct 10 Nov10 Dec 10 Jan 11Mild Steel Round Bars (6mm-20mm) t 6,116 6,258 6,134 6,195 6,408 6,868

High Tensile Steel Bars (10mm-40mm) t 5,877 6,030 5,858 5,906 6,003 6,277

Portland Cement t 619 619 619 621 621 640

Hardwood m3 3,760 3,760 3,763 3,763 3,992 4,107

Plywood (19mm thick) m2 66 66 66 66 66 66

Concrete Blocks (100mm thick) m2 61 61 61 61 62 65

Aggregates (All grades) t 47 46 49 53 50 54

Sand t 72 72 72 72 72 72

Galvanised Mild Steel Angles t 11,133 11,159 11,173 11,471 12,099 12,109

Homogeneous non-slip floor tiles (200 x 200mm) m2 146 146 146 146 146 146

UPVC Pipes (32mmØ x 4m long) No. 46 46 46 47 47 47

Clear Sheet Glass (5mm) m2 132 132 132 134 136 137

Emulsion Paint litre 39 39 39 39 39 39

Source : Census & Statistics Department

0

100

200

300

400

'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

Year

Index

Portland cement (ordinary) Sand

Steel reinforcement Timber formw ork

GMS pipes


6 Usable Floor Areas Completed / With Consent to Commence

Period2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Quarter Usable Floor AreaTotal usable floor area completed (‘000m2)

1st Quarter (Q1) 275 318 253 324 292 232 225 183 215 496

2nd Quarter (Q2) 351 378 425 451# 388 322 271 162 149 141

3rd Quarter (Q3) 312 678 454 590 259 333 126 370 250 299

4th Quarter (Q4) 417 586 455 356 288 502 407 382 201 204

Total usable floor area with consent to commence (‘000m2)

Q1 First submissionMajor revision 493 229 291

19443169

19588

52168

130129

275124

14892

24348


20118781

255141

120129

355107

25878

19821

23238


72136*58*

16586

317173

301218

1443

26343

288 183


6910053

290257

249191

20594

7838

25358

109 58

Source : Census and Statistics Department and Buildings Department

Notes: 1. As from January, 2003 onwards, statistics by Buildings Department on "Consent to Commence" are published with 2 sub-divisions viz "First Submission" and "Major Revision". The 2 sub-divisions are added together to compare with past data.

2. Figures marked with " * " have been revised as per Hong Kong Monthly Digest of Statistics, June Edition.

3. Figures marked with " # " includes units of the Hunghom Peninsula, which were converted from Private Sector Participation Scheme to private buildings (Total 81,900m2), as per Hong Kong Monthly Digest of Statistics, June Edition.

0

200

400

600

800

1,000

1,200

'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11Year

'000m2

Area completed Area w ith consent to commenceArea w ith consent to commence - First submission Area w ith consent to commence - Major revision


7 Gross Value of Construction Work Performed

* Provisional Source : Census and Statistics Department

QuarterValue Performed (HK$ Million)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010A. Private sector sites

1st Quarter 8,898 9,900 9,259 6,892 6,725 6,051 6,959 8,382 8,600 6,3492nd Quarter 9,572 11,143 9,065 6,911 6,421 6,161 7,429 8,122 9,055 9,2763rd Quarter 9,836 10,769 8,766 6,840 6,524 6,016 6,582 7,688 8,408 7,3604th Quarter 12,191 10,480 8,097 7,377 6,685 6,627 8,004 9,303 7,543 7,211*

Year Total : 40,497 42,292 35,187 28,020 26,355 24,855 28,974 33,495 33,606 30,196*

B. Public sector sites1st Quarter 11,619 9,007 7,662 7,569 6,924 4,693 4,293 3,819 3,967 6,5112nd Quarter 10,347 8,464 9,061 7,256 5,895 3,998 3,575 3,762 4,652 6,9373rd Quarter 9,394 7,191 8,090 6,890 4,951 3,918 3,105 3,653 4,428 8,6514th Quarter 10,433 7,408 7,564 6,818 4,565 4,526 3,530 4,105 5,605 8,680*

Year Total : 41,793 32,070 32,377 28,533 22,335 17,135 14,503 15,339 18,652 30,779*

C. Locations other than sites1st Quarter 8,132 7,981 7,854 8,607 9,579 11,229 10,995 11,883 11,750 11,9262nd Quarter 7,798 7,809 7,555 8,744 10,027 12,305 11,979 13,213 12,415 12,1093rd Quarter 7,850 7,780 7,970 9,432 11,137 12,368 13,057 12,818 11,969 12,6204th Quarter 7,917 8,068 8,088 9,835 11,417 12,338 13,358 12,851 12,552 13,310*

Year Total : 31,697 31,638 31,467 36,618 42,160 48,240 49,389 50,765 48,686 49,965*

Annual gross value performed (A + B + C)Total : 113,987 106,000 99,031 93,171 90,850 90,230 92,866 99,599 100,944 110,940

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11Year

(HK$Million)

Private sector sites Public sector sites Location other than sites


8 Approximate Building Costs for Major Cities in Asia

Region Hong Kong Macau Shanghai Beijing Seoul Tokyo

Building Type USD/m2 CFA

DOMESTIC Average standard apartments,

high rise2,085 1,315 630 499 487 1,313 2,150

Luxury apartments, high rise 2,310 1,877 945 705 564 1,641 3,000

Terraced houses 2,690 N/A 788 470 415 1,641 N/A

Luxury houses 3,590 N/A 1,050 710 579 1,970 2,630

OFFICE / SHOPPING CENTRE Average standard offices,

high rise2,085 N/A 945 787 701 1,170 2,590

Prestige offices, high rise 2,565 N/A 1,260 1,120 975 1,334 3,090

Average standard shopping centres

2,210 1,600 998 970 747 1,494 2,110

Prestige shopping centres 2,565 2,500 1,310 1,140 1,080 2,069 2,220

INDUSTRIAL Light duty flatted factories,

high rise, 7.5kpa (150 lb.) loading

1,105 1,185 N/A N/A N/A N/A 1,500


1,210 N/A N/A N/A N/A N/A 1,980

Single storey conventional factory with structural steel roof

N/A N/A 525 529 488 703 1,720

HOTEL Resort hotels, inclusive of

F.F.&EN/A N/A 1,310 N/A N/A 1,574 3,380

3-Star hotels, inclusive of F.F.&E

2,540 2,540 1,050 1,039 930 1,738 3,360


3,230 3,300 2,100 1,709 1,410 2,317 4,910

OTHERS Carparks, above ground 960 627 378 406 335 569 1,630

Exchange Rate Used: US$1 = HK$7.8 MOP7.99 RMB6.56 RMB6.56 RMB6.56 KRW1,119 JPY81.40

1. The costs for the respective categories given above are averages based on fixed price competitive tenders. It must be understood that the actual cost of a building will depend upon the design and many other factors and may vary from the figures shown.



4. The standard for each category of building vary from country to country and do not necessarily follow those of Hong Kong.

5. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.

Notes:

Guangzhou/ Shenzhen


8 Approximate Building Costs for Major Cities in Asia

RegionSingapore Kuala

Lumpur Bangkok Jakarta Brunei ManilaBuilding Type USD/m2 CFADOMESTIC Average standard

apartments, high rise1,645 470 827 575 835 830

Luxury apartments, high rise 2,695 1,090 1,159 775 1,030 1,045

Terraced houses 1,995 324 582 N/A 505 585

Luxury houses 2,345 978 965 460 720 1,145

OFFICE / SHOPPING CENTRE Average standard offices,

high rise2,035 766 748 560 835 815

Prestige offices, high rise 2,270 1,124 981 825 1,145 1,070

Average standard shopping centres

2,190 766 798 480 815 740

Prestige shopping centres 2,425 933 931 525 1,055 955

INDUSTRIAL Light duty flatted factories,

high rise, 7.5kpa (150 lb.) loading

1,095 447 599 N/A 465 422


1,330 531 N/A N/A N/A 470

Single storey conventional factory with structural steel roof

940 442 599 250 425 405

HOTEL Resort hotels, inclusive of

F.F.&E2,425 1,358 2,262 1,150 1,370 1,270


2,500 1,565 1,364 950 1,500 1,220


3,360 2,281 1,929 1,350 2,075 1,580

OTHERS Carparks, above ground 745 291 349 250 475 435

Exchange Rate Used: US$1 = S$1.28 RM3.05 BHT30.06 IDR8,825 B$1.28 PHP43.77

1. The costs for the respective categories given above are averages based on fixed price competitive tenders. It must be understood that the actual cost of a building will depend upon the design and many other factors and may vary from the figures shown.



4. The standard for each category of building vary from country to country and do not necessarily follow those of Hong Kong.

5. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.

Notes:

Davis Langdon & Seah Offices in China

HONG KONG38/F, Two Landmark East 100 How Ming Street, Kwun Tong Kowloon, Hong Kong T: (852) 2830 3500 F: (852) 2576 0416E: [email protected]

BEIJINGSuite 1225 - 1238Junefield PlazaCentral Tower South10 Xuan Wu Men Wai StreetBeijing 100052, ChinaT: (86 10) 6310 1136F: (86 10) 6310 1143E: [email protected]

CHENGDU Room 807Block A Times Plaza2 Zong Fu RoadChengdu 610016 ChinaT: (86 28) 8671 8373F: (86 28) 8671 8535E: [email protected]

CHONGQINGRoom 3408International Trade Centre38 Qing Nian RoadCentral DistrictChongqing 400010, ChinaT: (86 23) 8655 1333F: (86 23) 8655 1616E: [email protected] DALIANUnit 07, 32F, Xiwang Tower No. 136 Zhongshan Road, Zhongshan District, Dalian, Liaoning Province, 116001, ChinaT: (86 411) 8800 8018F: (86 411) 8800 8823 E: [email protected]

FOSHANUnit 1803 Room 218/F Hua Hui Mansion46 Zu Miao RoadFoshan 528000, ChinaT: (86 757) 8203 0028F: (86 757) 8203 0029E: [email protected]

GUANGZHOUUnit 2711 - 2713 & 2718Bank of America Plaza555 Ren Min Zhong RoadGuangzhou 510145, ChinaT: (86 20) 8130 3813F: (86 20) 8130 3812E: [email protected]

HANGZHOURoom 2305 WinNing InternationalNo.100 Min Xin Road Hangzhou Zhejiang Province 310016, ChinaT: (86 571) 2829 7766F: (86 571) 2829 7622

MACAU14 Andar BEdifacio Commercial Rodrigues 599 Avenida da Praia Grande MacauT: (853) 2833 1710F: (853) 2833 1532 E: [email protected]

SANYA1206 Skyline Tower119 Yingbin Road Sanya Hainan 572000, ChinaT: (86 898) 3828 0878F: (86 898) 3828 0678

SHANGHAI Room 1582, Tower BCity Centre of Shanghai 100 Zun Yi RoadShanghai 200051ChinaT: (86 21) 6091 2800F: (86 21) 6091 2999E: [email protected]

SHENYANGRoom 8-9, 11/FE Tower of Fortune Plaza59 Bei Zhan Road, Shen He DistrictShenyang 110013, ChinaT: (86 24) 3128 6678 F: (86 24) 3128 6983E: [email protected]

SHENZHENRoom E & F, 42/F World Finance Centre, Block A4003 East Shen Nan RoadShenzhen 518001ChinaT: (86 755) 8269 0642F: (86 755) 8269 0641E: [email protected]

SUZHOURoom 1606 Century Financial Tower1 Suhua Road, Industrial ParkSuzhouJiangsu Province 215021, ChinaT: (86 512) 8777 5599 F: (86 512) 8777 5600E: [email protected]

TIANJINSuite 1-1-2103, Tianjin Harbour Centre240 Zhang Zi Zhong RoadHe Ping DistrictTianjin 300041, ChinaT: (86 22) 8331 1618F: (86 22) 2319 3186E: [email protected]

WUHANRoom B, 5th Floor2-1 Building, Wuhan Tiandi68 Lu Gou Qiao RoadWuhan 430010, HubeiChinaT: (86 27) 5920 9299F: (86 27) 5920 9298E: [email protected]

○ DAVIS LANGDON & SEAH INTERNATIONAL OFFICES

○ CONTACT USDAVIS LANGDON & SEAH HONG KONG LTD.38/F, Two Landmark East, 100 How Ming Street, Kwun Tong, Kowloon, Hong KongT (852) 2830 3500 F (852) 2576 [email protected]

OUR SERVICES | Cost Management | Project Management | Due Diligence | | Legal Support | Project Monitoring | Construction Research | www.dlsqs.com

1. United States of America: Boston, Chicago, Denver,

Honolulu, Los Angeles, New York, Philadelphia, Sacramento, San Francisco, Seattle, Washington DC

2. Mexico: Mexico City3. England: London, Birmingham,

Bristol, Cambridge, Heathrow, Leeds, Liverpool, Maidstone, Manchester, Norwich, Oxford, Peterborough, Plymouth, Southampton

Scotland: Edinburgh, Glasgow Wales: Cardiff4. Northern Ireland: Belfast

Republic of Ireland: Cork, Dublin, Galway, Limerick

5. Netherlands: Amsterdam6. Germany: Munich7. France: Paris8. Spain: Madrid9. Italy: Milan10. Turkey: Istanbul11. Libya: Tripoli12. Egypt: Cairo13. Nigeria: Lagos14. South Africa: Bloemfontein,

Cape Town, Durban, George, Johannesburg, Klerksdorp, Nelspruit, Pietermaritzburg, Port Elizabeth, Port Shepstone, Pretoria, Richards Bay, Stellenbosch, Vanderbijlpark

15. Botswana: Gaborone

16. Mozambique: Maputo17. Lebanon: Beirut18. Saudi Arabia: Riyadh19. Bahrain: Manama20. Qatar: Doha21. UAE: Abu Dhabi, Dubai22. Pakistan: Karachi23. India: Bangalore, Chennai, Delhi,

Hyderabad, Mumbai24. Thailand: Bangkok25. China: Hong Kong, Beijing,

Chengdu, Chongqing, Dalian, Foshan, Guangzhou, Hangzhou, Macau, Sanya, Shanghai, Shenyang, Shenzhen, Suzhou, Tianjin, Wuhan

26. Korea: Seoul

27. Japan: Tokyo28. Malaysia: Selangor, Johor,

Penang, Sabah, Sarawak29. Vietnam: Hanoi, Ho Chi Minh City30. Philippines: Manila31. Singapore32. Indonesia: Bali, Jakarta, Surabaya33. Brunei: Bandar Seri Begawan,

Kuala Belait34. Australia: Adelaide, Brisbane,

Caims, Canberra, Darwin, Hobart, Melbourne, Perth, Sydney, Townsville

35. New Zealand: Auckland, Christchurch, Wellington

DLS - Quarterly Construction Cost Review 1st 2011

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