Hong Kong Institute of Construction (HKIC) is a member organisation of the Construction Industry Council (CIC). Generally, you can’t just buy land in Hong Kong and build a house on it. The Hong Kong Construction Association, Limited (HKCA) was established in 1920 aimed at improving the construction industry’s standard in Hong Kong. I will explore some ideas about what we can do about the problem. (3) Regarding the subsidised sale flats (SSF) projects completed or to be completed by the Hong Kong Housing Society (HKHS) during the period from 2015-16 to 2020-21, the average construction costs per ft2 of CFA and per flat are set out below. Consumer prices in Hong Kong fell 0.2 percent year-on-year in October of 2020, the smallest decrease in four months, as the effect of the waiver of public housing rentals by Hong Kong Housing Authority in September dissipated in October. Hong Kong is one of the most expensive places in the world to live and work. Find Building & Construction jobs and career opportunities in Hong Kong. This document tabulates construction costs, labour costs and material costs in a large number of cities around the world. Building Cost Pro-forma for Private Sector Developments in Hong Kong 1. CHECKLIST - ESTIMATION OF DEVELOPMENT COSTS FOR OFFICE Assumed Building Quality: Medium Quality High Quality Very High Quality Construction Cost estimation 1A. This paper summarizes earlier research on the subject and adopts a descriptive approach to present investigations into the cost-height relationship of buildings … According to the latest Demographia annual survey, Hong Kong has the most unaffordable housing market in the world. I don’t see much difference in the quality of the buildings that suggests we are getting a better product in Hong Kong. Airlines will collect the ACF from departing passengers, including origin-destination and transit/transfer, at Hong Kong International Airport (HKIA) when air tickets are issued. Hong Kong’s ground conditions can be tricky, but this is a fairly modest proportion of the cost of most buildings We could go on, but none of these go anywhere near the differences for me. Construction Cost Handbook 2020 - China & Hong Kong Review 2020 construction trends in China & Hong Kong Download Now You could surmise that the difference in labour costs between London and Hong Kong might explain the difference between those two places. From Turner and Townsend’s recent (and excellent) International Construction Survey 2017, we can see one possible result. Compensation of employees & payments to labour-only sub-contractors (HK$ million), Consumption of materials and supplies; fuels, electricity and water, and maintenance services (HK$ million), Payment for subcontract works rendered by fee sub-contractors (HK$ million), Miscellaneous operating expenses (HK$ million), Gross value of construction works performed (HK$ million), Gross additions to fixed assets (HK$ million), Consumption of materials and supplies, fuels, electricity & water, & maintenance services (HK$ million), Architectural, surveying and engineering design and consultancy fees (HK$ million), Gross margin of real estate development projects (HK$ million), Building materials & fittings supplied outside the contract sum (HK$ million), Architectural design & technical consultancy fees (HK$ million), Value accrued to projects during reporting period (HK$ million), Gross floor area of buildings when completed (thousand sq. GDP From Construction in Hong Kong decreased to 28799 HKD Million in the first quarter of 2020 from 31112 HKD Million in the fourth quarter of 2019. At our recent thought leadership forum on Innovation, we discussed the presence of a “burning platform” and how this has driven change in delivery methods for large infrastructure projects in the UK, improving costs on projects and providing more satisfactory and certain outcomes for the participants. Construction Innovation & Technology Application Centre (CITAC) CITAC serves as a knowledge hub to promote the implementation and application of construction innovation. Reply： President： My reply to the question raised by the Hon Abraham Shek Lai-him is as follows - (1) & (2) The average construction costs per square foot (ft2) of construction floor area (CFA) and per flat of the public rental housing (PRH) projects completed or to be completed by the Hong Kong Housing Authority (HA) during the period from 2015-16 to 2019-20 are at Annex A. Construction labour squeeze propels Hong Kong into third spot among most expensive cities globally to build These buildings are almost entirely structure. The gross value of investment in construction activities was 28 percent of total fixed capital formation in 2006. This article looks at the issues, Overcoming the ‘impossible’ to harmonise old…, Housing Crisis: Hong Kong’s approach to new…, How to effectively pursue innovation in Hong…. Quarterly construction cost review, Hong Kong.. [Davis Langdon & Seah Hong Kong Limited. Previously, it had an airport named Kai Tak. B. Amsterdam, April 1, 2020 – Arcadis (EURONEXT: ARCAD), the leading global Design & Consultancy organization for natural and built assets, today announced the release of its annual Arcadis International Construction Cost Index (ICC). In recent years Hong Kong’s construction industry has seen output reaching record levels; this is a result of growth in both private and public sector works. The higher cost of concrete (in place) in Sydney and London is probably largely explained by labour cost. Hong Kong moved down two places in the ranks of cities with the highest average cost of construction globally in 2018, according to international project manager Turner and Townsend. There are many possible reasons for differences including environmental factors: We could go on, but none of these go anywhere near the differences for me. - SPON’S Asia Pacific Construction Costs Handbook In 1994, Davis Langdon & Seah published its first Asia Pacific Construction Costs Handbook. Sydney labour is 3-4 times the construction cost but it is 14-56% cheaper on the limited sample. Its purpose is to present coherent snapshots m.) prices in US$/€ of 120-sq. It is clear that the attitude to processes and the approval of new techniques need to be changed radically. I knew there was a difference but the size and nature of the difference are very surprising to me! The medium home price in the city is currently running … Cost. This post is a prelude to a new series on Innovation called “Innovation: Quelling the Flames on the Invisible Burning Platform”. Tackling Costs in the Digital Age. But how much does the city need them? Singapore and Sydney are both consistently cheaper than Hong Kong. On a year-on-year basis, the tender price decreased by 3.9%. Some of these were also surprising, especially the high cost of glass in Hong Kong. Development scale adjustment: Total GFA < 18,000 m2 → add 5% to 10% on item 1A m.) prices in US$/€ of 120-sq. September 2008 = 100) and its index level is not directly comparable with those of other series. The Buildings Department approved 22 building plans in August – seven on Hong Kong Island, eight in Kowloon and seven in the New Territories. Roy Ying explains the reasons behind the continuing rise in construction costs in Hong Kong. ‘New’ building land is sold by Government to the highest builder and purchased by property developers who pay billions of dollars to erect blocks of high-rise apartments. Consult reliable & professional HK Construction Budgeting Advice Service Suppliers to get free quote & latest prices at Online Marketplace 2020 01h00 HE | Source : Arcadis N.V. When I talk to people in the building industry in Hong Kong, it’s hard to avoid hearing about their frustration with the process of getting projects approved and constructed. Airport Construction Fee The Airport Construction Fee (ACF) is collected on air tickets issued on or after 1 August 2016 as part of the financial arrangement for the three-runway system (3RS). Figure does not include marine sand and manufactured sand. The second edition was published in 1997 and a third in 2000 with over 400 pages of information. We look forward to hearing about their successes. There is still no satisfactory explanation of the massive cost difference. On a year-on-year basis, the tender price decreased by 4.0%. (_____ m2 GFA x _____ $/m2 GFA) 1B. Construction Post is the leading resource for the latest news and articles in the construction industry in Hong Kong and Macau. LCQ17: Cost overruns and delay of major infrastructure projects ***** Following is a question by the Dr Hon Lam Tai-fai and a written reply by the Secretary for Development, Mr Paul Chan, in the Legislative Council today (December 3): Question: It has been reported that in recent months, several major infrastructure projects have experienced significant cost overruns and delay one after another. Is adopting more efficient design and building practices a more promising way to manage cost pressures? Hong Kong is one of the most spectacular cityscapes in the world. The index adopts September 2008 as the base period (i.e. The majority of buildings in Hong Kong come into the multi-storey category. But how much does the city need them? Figure does not include marine sand and manufactured sand. The “burning platform” was the repeated cost and time overruns on these projects. I don’t remember hearing anyone in Sydney rejoicing because their buildings are so cheap!! The gross value of construction works performed by construction establishments covers the output of architectural and civil engineering works at construction sites, renovation, repair and maintenance of immobile structures, and specialized construction-related job areas such as concreting, scaffolding, carpentry, plumbing and gas works. The quest for more efficient designs and construction methods needs to be encouraged and supported by the systems that operate in the industry, not blocked. (_____ m2 GFA x _____ $/m2 GFA) 1B. The money is not going to the workers, that's for sure! Construction of the railway line has cost the Hong Kong government HK$86.4 billion, after the number gradually rose from the initial estimate of HK$66.9 billion. International Construction Costs 2017. It is also one of the most expensive in terms of construction costs. This organisation has a huge challenge. Construction labour squeeze propels Hong Kong into third spot among most expensive cities globally to build To view PDF file, you need to use the Adobe Acrobat Reader software and Adobe Asian Fonts Pack (for supporting Chinese characters), which are available free of charge at the Adobe Systems Incorporated website. Singapore is less than 2/3 of the cost of Hong Kong but the labour cost is really only marginally cheaper. Consumer prices in Hong Kong fell 0.2 percent year-on-year in October of 2020, the smallest decrease in four months, as the effect of the waiver of public housing rentals by Hong Kong Housing Authority in September dissipated in October. In Hong Kong, the building is simply known as 'The Bank'. ;] Perhaps the most interesting cost comparison (for me) is for a multi-storey carpark. The standard for each category of building vary from country to country and do not necessarily follow those of Hong Kong. The airplanes had to fly past the apartments and the tall buildings, very nearly and risk of accident was very high. Hong Kong and London will have greater costs around confined sites, congestion etc. The copper pipes cost index is a new index series with data collection commenced since 2008. London is marginally more expensive, except for a carpark where it is far cheaper. Read More September 2008 = 100) and its index level is not directly comparable with those of other series. As a further comparison, I extracted some material costs to check there wasn’t something else happening. The core programme cost more than $20bn and involved four major sponsors, ten separate projects, 225 construction contracts and over 1,000 critical interfaces. The table compares the costs of the three building types and gives a cost index for each type with Hong Kong taken as the base of 100. Hong Kong Accounting Standard 11 Construction Contracts Objective The objective of this Standard is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Of the approved plans, 10 were for apartment and apartment-commercial developments, three . The Cost of Materials Indices are compiled for working out the increase/decrease of payment to the main contractors of public sector construction projects to adjust for the change in costs. Hong Kong structures need to withstand much higher wind loads. Cost Certainty in an Uncertain World. Hong Kong. m.), Composite labour wages for civil engineering contracts, Composite labour wages for building contracts. Arcadis 2020 International Construction Cost Index finds London, New York City and Hong Kong the most expensive cities Related Articles More articles issued by Arcadis N.V. Smart decisions creating long-term value. The copper pipes cost index is a new index series with data collection commenced since 2008. Average per square metre (sq. Hong Kong moved down two places in the ranks of cities with the highest average cost of construction globally in 2018, according to international project manager Turner and Townsend. Review of the Hong Kong Construction Industry 5. Hong Kong Institute of Construction (HKIC) is a member organisation of the Construction Industry Council (CIC). Launched in January 2004, the HSBC illumination is part of the Victoria Harbour Lighting Plan - a permanent lighting and special effects son et lumiere consisting of the illumination of 18 of Hong Kong’s most prominent buildings. I extracted three different levels of worker from the report. I guess this sounds familiar in Hong Kong as well. What is happening? This statistic shows the construction costs for selected airports (as of 2012*). Reply： President： My reply to the question raised by the Hon Abraham Shek Lai-him is as follows - (1) & (2) The average construction costs per square foot (ft2) of construction floor area (CFA) and per flat of the public rental housing (PRH) projects completed or to be completed by the Hong Kong Housing Authority (HA) during the period from 2015-16 to 2019-20 are at Annex A. There are some possible explanations to which I don’t give any weight, like high builder’s margins! The conventional wisdom of construction economics suggests that the cost of construction per square metre increases as buildings become higher. Of the approved plans, 10 were for apartment and apartment-commercial developments, three . Hong Kong and Singapore have much higher air-conditioning loads. But what is the end result of us accepting it and moving on? Members of HKCA, currently over 300, are registered construction companies in Hong Kong. The Hong Kong Construction Association, Limited (HKCA) was established in 1920 aimed at improving the construction industry’s standard in Hong Kong. Cost of living in Hong Kong is 11.21% higher than in United States (aggregate data for all cities, rent is not taken into account). The cheapest carpark is built in the place with the highest labour costs and materials that cost more. It had only one run way and the congestion was a lot rather increasing day by day. Arcadis 2020 International Construction Cost Index finds London, New York City and Hong Kong the most expensive cities. Average per square metre (sq. The majority of buildings in Hong Kong come into the multi-storey category. How can we capture opportunities in the era of surging construction costs in Hong Kong? Two mega projects, the Hong Kong-Zhuhai-Macau Bridge and Guangzhou-Shenzhen-Hong Kong Express Rail Link, opened last year, and six more are on the way. Construction delays are common in civil engineering projects in Hong Kong, inevitably resulting in contractual claims and increased project cost. Accepting what is and moving on is costing the community for no visible benefit. For residential property, construction costs in Hong Kong were among the most expensive. International Construction Costs 2016. Because of the nature of the activity undertaken in construction contracts, (3) Regarding the subsidised sale flats (SSF) projects completed or to be completed by the Hong Kong Housing Society (HKHS) during the period from 2015-16 to 2020-21, the average construction costs per ft2 of CFA and per flat are set out below. The table of costs above indicates to me that the burning platform is here in Hong Kong. Singapore only needs cooling, London will probably have much higher insulation costs, including double glazing. The construction costs for the Berlin-Brandebug airport amounted to at least 3 billion euros. HONG KONG COST COMMENTARY According to Rider Levett Bucknall’s Tender Price Index, which measures tender price movements of builder’s works in the private sector in Hong Kong, there was a decrease of 1.7% in tender prices in the first quarter of 2020. Read More International Construction Costs 2018. International Construction Costs 2019. These numbers further confuse the picture! Hong Kong: Square metre prices, premier city centre, US$. Why is it so expensive and are we getting anything for it. Hong Kong is one of the wealthiest cities in the world. Construction of the railway line has cost the Hong Kong government HK$86.4 billion, after the number gradually rose from the initial estimate of HK$66.9 billion. But that was in the middle of the city, endangering human life and property. CHECKLIST - ESTIMATION OF DEVELOPMENT COSTS FOR OFFICE Assumed Building Quality: Medium Quality High Quality Very High Quality Construction Cost estimation 1A. 2.0 city cost comparison 2.1 summary 2.2 results table: international cost comparison 3.0 global construction market trends 3.1 trends in commodities 3.2 trends in currency 3.3 ten of the most expensive construction projects in 2017 4.0 regional construction market trends 4.1 americas - new york 4.2 asia - hong kong - singapore What cities are the costliest to build in around the world? Hong Kong: Square metre prices, premier city centre, US$. As a result in November 2019, HSBC Holdings PLC, Bank of China (Hong Kong), and Hang Seng Bank lowered their prime lending rates by 12.5 basis points to 5%. building cost information in Hong Kong and across the region. Members of HKCA, currently over 300, are registered construction companies in Hong Kong. “We just have to accept it and move on” is a common reaction. Cost of living in Hong Kong is 11.21% higher than in United States (aggregate data for all cities, rent is not taken into account). HONG KONG COST COMMENTARY According to Rider Levett Bucknall’s Tender Price Index, which measures tender price movements of builder’s works in the private sector in Hong Kong, there was a decrease of 1.7% in tender prices in the first quarter of 2020. You might find insight from my previous series - Buildings of the Future: What’s happening and what’s not in Hong Kong. Labour Costs in Hong Kong averaged 78.69 Index Points from 1980 until 2016, reaching an all time high of 154.60 Index Points in the first quarter of 2016 and a record low of 12.30 Index Points in the second quarter of 1980. Building Cost Pro-forma for Private Sector Developments in Hong Kong 1. Hong Kong’s currency has been pegged at circa HK$7.8 per U.S. dollar since October 1983, so when the US Federal Reserve interest rates move, so too do Hong Kong’s interest rates. Labour Costs in Hong Kong increased to 141.70 Index Points in the fourth quarter of 2016 from 134.60 Index Points in the third quarter of 2016. Sydney’s costs are dramatically less than Hong Kong on 3-4 times the labour rates. Since opening our first Hong Kong office in 1962 and pioneering quantity surveying in China, we’ve grown across 20 cities, with a team of over 2,000 professionals. One definite hopeful sign is the new Construction Innovation Centre to be chaired by the very forward thinking Thomas Ho of Gammon. Does everyone realize just how much more expensive it is to construct buildings in Hong Kong than in other places. Construction Innovation & Technology Application Centre (CITAC) CITAC serves as a knowledge hub to promote the implementation and application of construction innovation. On a year-on-year basis, the tender price decreased by 4.0%. The Hong Kong construction industry produced a total gross value of work of nearly HK$90 billion in 2006 in nominal terms, accounting for around 5.5 percent of total local GDP. Arcadis 2020 International Construction Cost Index finds London, New York City and Hong Kong the most expensive cities Email Print Friendly Share 01 avr. The report contains information about a lot of different building types but I have picked three that are arguably similar in quality standard across the four locations. The conventional wisdom of construction economics suggests that the cost of construction per square metre increases as buildings become higher. Based on HA's Public Housing Construction Programme as at December 2016. We need to change. The construction of Hong Kong International Airport at Chek Lap Kok was one of the biggest operations in the industry. COST COMMENTARY REVIEW OF TENDER PRICE MOVEMENTS IN HONG KONG According to Rider Levett Bucknall's Tender Price Index, which measures tender price movements of builder's works in the private sector in Hong Kong, there was a decrease of 1.2% in tender prices in the third quarter of 2018. JobsDB Hong Kong will help you search and apply for your job in Building & Construction. Get this from a library! Rent in Hong Kong is, on average, 78.31% higher than in United States. GDP From Construction in Hong Kong averaged 24460.37 HKD Million from 2000 until 2020, reaching an all time high of 35944 HKD Million in the fourth quarter of 2016 and a record low of 16120 HKD Million in the third quarter of 2007. Hong Kong Construction Cost Budgeting and Advice, from Construction Cost Advice Service Providers in Hong Kong. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars. Rent in Hong Kong is, on average, 78.31% higher than in United States. Two mega projects, the Hong Kong-Zhuhai-Macau Bridge and Guangzhou-Shenzhen-Hong Kong Express Rail Link, opened last year, and six more are on the way. As a result in November 2019, HSBC Holdings PLC, Bank of China (Hong Kong), and Hang Seng Bank lowered their prime lending rates by 12.5 basis points to 5%. Email: construction-cost@censtatd.gov.hk; Abstract: The index numbers of the costs of labour presented in this report are compiled based on data contained in GF527 returns provided to the Census and Statistics Department (C&SD) by various government works departments. Hong Kong’s ground conditions can be tricky, but this is a fairly modest proportion of the cost of most buildings. All these will add cost. Development scale adjustment: Total GFA < 18,000 m2 → add 5% to 10% on item 1A Hong Kong’s currency has been pegged at circa HK$7.8 per U.S. dollar since October 1983, so when the US Federal Reserve interest rates move, so too do Hong Kong’s interest rates. 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