SINGAPORE

QUARTERLY CONSTRUCTION
COST REVIEW

Issue 40
Arcadis Singapore Pte Ltd 2018 QUARTER
THIRD
 CONTENTS
SINGAPORE MARKET OVERVIEW.............................................................................................. 3

MARKET ANALYSIS ........................................................................................................................... 4

APPROXIMATE BUILDING COSTS............................................................................................... 5

TENDER PRICE INDEX ..................................................................................................................... 6

MATERIALS .......................................................................................................................................... 7

CONSTRUCTION DEMAND ........................................................................................................... 8

APPROXIMATE BUILDING COSTS FOR MAJOR CITIES - ASIA ......................................... 9

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

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

2 THIRD QUARTER 2018
 SINGAPORE
MARKET OVERVIEW

The third quarter of 2018 experienced an increase in demand in the private construction sector that helped maintain stability
in Singapore’s construction market despite the decline in demand for public infrastructure projects.

Singapore’s gross domestic project (GDP) has grown by 2.2% year-on-year 1) Revision of guidelines on the maximum number of Dwelling Units (DUs)
(YoY) in 3Q2018. However, the construction sector has seen a reduction for new flats and condominium developments to deter a surplus in shoebox
of 2.3% YoY this quarter, primarily due to a decrease in public sector units
construction activities.
2) Reduction in bonus Gross Floor Area (GFA) cap for private outdoor
The construction outlook tender prices for 3Q2018 have remained spaces from 10% to 7% to encourage balcony design to be more practical
relatively stable as compared to 2Q2018. The Building and Construction and efficient
Authority’s (BCA) data on key construction material prices such as cement,
3) Greater provision of communal indoor recreation spaces through the
steel bars, granite, concreting sand and ready mixed concrete have also
new Indoor Recreation Space GFA Scheme
remained relatively stable in Q3 when compared to 2Q2018.
4) Changes to Parking Provisions Policy and new development of five
Improving the standard of living in Singapore is high on the government’s
car-lite precincts
agenda as it unveils new property guidelines to limit shoebox units and
new carpark guidelines as part of its car-lite ambitions:

MARKET MOVEMENT

ECONOMY SUPPLY & DEMAND

Indicator 2016 Q2 2017 Q2 2017 Q3 Indicator 2016 Q2 2017 Q2 2017 Q3

GDP Growth Q3/16 - Q3/17 Q2/17 - Q2/18 Q3/17 - Q3/18 BCA Construction Q3/17 Q2/18 Q3/18p
per annum (+) 5.5% (+) 4.1% (+) 2.2% Demand S$7.26 Bn S$6.27 Bn S$6.29 Bn

Inflation Rate (CPI) Sep 16 - 17 Jun 17 - 18 Sep 17 - 18 BCA Construction Q3/17 Q2/18 Q3/18p
per annum (+) 0.4% (+) 0.6% (+) 0.7% Output S$6.64 Bn S$6.45 Bn S$6.58 Bn

Source: Ministry of Trade and Industry Source: Building and Construction Authority
p- denotes preliminary data

BASIC COSTS CONSTRUCTION COST TREND

Indicator 2016 Q2 2017 Q2 2017 Q3 Indicator 2016 Q2 2017 Q2 2017 Q3

BCA Concrete Jul 18 Aug 18 Sep 18 BCA Q3/17 Q2/18 Q3/18

Price Index 106.9 107.0 108.0 Tender Price Index 96.6 98.5 98.9

BCA Steel Jul 18 Aug 18 Sep 18 Arcadis Singapore Q3/17 Q2/18 Q3/18
Reinforcement 104.4 104.6 103.9 Tender Price Index 98.7 99.7 99.7
Price Index
Source: Building and Construction Authority Source: Building and Construction Authority

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

THIRD QUARTER 2018 3
 1 MARKET ANALYSIS
INCREASED PRIVATE SECTOR PROJECTS NEW INDOOR RECREATION SPACES BONUS GFA
MAINTAINS STABILITY IN SINGAPORE’S SCHEME
CONSTRUCTION MARKET URA also introduced a new bonus GFA scheme to encourage the greater
provision of communal indoor recreation spaces in private non-landed
According to the BCA’s preliminary data, total construction demand (based
residential developments and the residential component of mixed-use
on actual contracts awarded) for 3Q2018 at S$6.29 billion remained at
developments. The new scheme provides bonus GFA capped at 1%
a similar level as 2Q2018. While public sector construction demand has
of total GFA, or the GFA of the residential component for mixed-use
declined by 27% as compared to 2Q2018, the positive increase of private
developments.
sector construction demand by 48% contributed to supporting the stability
of the Singapore construction market. With effect from 17 October 2018, developers could apply for the
communal indoor recreation spaces to be counted as bonus GFA, provided
Public sector construction demand for 3Q2018 is at S$2.9 billion and the
such spaces exceed 0.6% of the total GFA of the development or 10m2
decline is mainly attributed to the slowdown of residential, industrial and
(whichever is higher). Examples of communal indoor recreation spaces:
civil engineering projects. On the other hand, private sector construction
demand accounts for approximately 54% of the total construction demand, gyms, function rooms, libraries, game rooms and reading rooms.
and it experienced an increase for all building typologies except civil
engineering projects. FIVE NEW AREAS TO BE CAR-LITE PRECINCTS
AND CHANGES TO PARKING PROVISIONS
REVISED GUIDELINES MODERATES
The Land Transport Authority (LTA) announced on 9 November 2018 that
DEVELOPMENT OF SHOEBOX UNITS IN with effect from 1 February 2019, the new Range-based Parking Provision
SINGAPORE Standards (RPPS) will replace the existing Car Parking Standards and
Range-based Car Parking Standards. It aims to provide developers with
There has been a revision of the guidelines on the maximum allowable greater flexibility in managing parking provisions and free up more land
number of DUs for new flats and condominium developments outside the for community spaces and greenery. The new standards will stipulate both
Central Area of Singapore. It aims to deter the excessive development of minimum and maximum number of car parking requirements.
shoebox units in a bid to address capacity concerns and reduce the strain
new developments place on local infrastructure. Additionally, five areas will be gazetted for development as car-lite
precincts where parking provision for developments will be determined on
The revised formula used to derive the maximum permissible number of a case-by-case basis. These precincts are Marina South, Kampong Bugis,
DUs allowed in a non-landed residential development outside the Central Woodlands North, Bayshore and Jurong Lake District.
Area will come into effect from 17 January 2019. Under the new formula,
the maximum number of DUs will be derived by dividing the proposed LTA also introduced a new mandatory motorcycle parking provision
building GFA by 85m2 (in lieu of the current formula of dividing the GFA by requirements in all non-residential development to ensure new
70m2). developments provide sufficient motorcycle parking lots.

Nine areas have also been identified where the cumulative effect of new EXPANSION OF POLICIES ON SURPLUS CAR
developments could pose a strain on local infrastructure. These areas are
Marine Parade, Joo Chiat-Mountbatten, Telok Kurau-Jalan Eunos, Balestier, PARK CONVERSION AND COMPUTATION OF
Stevens-Chancery, Pasir Panjang, Kovan-How Sun, Shelford and Loyang. In SURPLUS PARKING SPACES AS GFA
these areas, the maximum allowable number of DUs will be determined by
In view of the changes in parking provision policy by the LTA, the URA
dividing the GFA by 100m2.
has revised the guidelines and treatment for surplus parking spaces for
existing and new developments.
REVISION TO BALCONY INCENTIVE SCHEME
(BIS) FOR PRIVATE NON-LANDED RESIDENTIAL From 1 February 2019, URA has extended the conversion of surplus car
park spaces policy to the following existing developments to be converted
DEVELOPMENTS to additional GFA for other uses:
Singapore has experienced a growing trend in oversized balconies in private • Residential developments within the Central Area;
residential developments. To curb the rise in units with large balconies and
relatively smaller interiors, the Urban Redevelopment Authority (URA) has • Commercial, Mixed Use, Hotel and Business Park developments within
released the following guidelines that will also take effect from 17 January 400m of MRT and LRT stations.
2019:
For new developments, the computation of surplus car and motorcycle
• The bonus GFA cap for private outdoor spaces will be reduced from parking spaces as GFA will be extended to:
10% to 7%
• Residential developments within the Central Area;
• The size and width requirements of balconies will be capped at 15% of
the nett internal area and each balcony is required to have a minimum • Business Parks within 400m of MRT and LRT stations.
width of 1.5m so that the outdoor space can be used meaningfully Payment of development charge / differential premium (based on the
• As some owners seek to convert large balconies into an extra room usual 70% of value enhancement) is required, where applicable, in relation
with screens, developers are now required to inform homebuyers of the to the additional GFA.
allowable balcony screens at the point of purchase

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

4 THIRD QUARTER 2018
2 APPROXIMATE BUILDING COSTS
SINGAPORE
Arcadis Singapore Pte Ltd

2 Approximate Building Costs

BUILDING TYPE S$/m2 CFA
RESIDENTIAL
Terraced Houses 2,350 - 2,650
Semi-Detached Houses 2,550 - 3,000
Detached Houses 3,000 - 4,000
Average Standard Condominium 1,800 - 2,050
Above Average Standard Condominium 2,050 - 2,800
Luxury Condominium 2,800 - 4,200

OFFICE
Average Standard Offices 2,350 - 2,650
Prestige Offices 2,650 - 2,900

COMMERCIAL
Shopping Centres, Average Quality 2,650 - 2,800
Shopping Centres, High Quality 2,800 - 3,100

CAR PARKS
Multi-Storey Car Parks 880 - 1,280
Basement Car Parks 1,280 - 1,730

INDUSTRIAL
Flatted Light Industrial Buildings 1,230 - 1,380
Flatted Heavy Industrial Buildings 1,380 - 1,880
Single Storey Industrial Buildings 1,130 - 1,280
Flatted Warehouses 1,130 - 1,280
Single Storey Warehouses 1,000 - 1,280

HOTEL (Including Furniture and Fittings)

3-Star Hotels 2,950 - 3,250
4-Star Hotels 3,150 - 3,750
5-Star Hotels 3,800 - 4,300

HEALTH
Private Hospitals 3,800 - 4,000
Polyclinics, non air-conditioned 1,600 - 1,800
Nursing Homes, non air-conditioned 1,600 - 1,900
Medical Centres 2,900 - 3,100
Theabove
The above costs
costs are
are at atQuarter
3rd 3rd Quarter 2018 levels.
2018 levels.

Notes:
Notes:
The construction costs above serve only as a guide for preliminary cost appraisals and budgeting. It must be
The construction costs above serve only as a guide for preliminary cost appraisals and budgeting. It must be understood that the actual cost of a building will
understood that the actual cost of a building will depend upon the design, site conditions and many other factors
depend upon the design, site conditions and many other factors and may vary from the figures shown. The costs per square metre are based on Construction
and Areas
Floor may(CFA)varymeasured
from the
to thefigures shown.
outside face The costs
of the external per square
walls / external perimetermetre are
including liftbased on Construction
shafts, stairwells, Floor
plant rooms, water tanks Areas (CFA)
and the like.
measured
All buildings areto the outside
assumed to have noface of the
basements external
(unless otherwisewalls
stated) /and
external
are built onperimeter including
flat ground with normal soillift shafts,
conditions. Thestairwells, plant
costs exclude the
rooms, water tanks and the like.
following:

• Professional fees • Furniture and fittings (unless otherwise stated)

All buildings are assumed to have no basements (unless• otherwise
• Authorities’ plan processing charges
stated) and are built on flat ground with
Operating equipment
normal
• soil conditions. The costs exclude the following:• External works
Land cost
• Financing charges • Prefabricated Prefinished Volumetric Construction (PPVC) /
• Site inspectorate Prefabricated Bathroom Units (PBUs) / Structural steel structure
• oAdministrative
Professionalexpenses fees • Cross Laminated Timber (CLT) / Glued Laminated Timber (Glulam)
• oLegal cost & disbursements • Cost escalation
• oDemolition of
Land cost existing building(s) • Goods and Services Tax

o Financing charges
o Site inspectorate
o Administrative expenses
o Legal cost & disbursements
QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE
THIRD QUARTER 2018 5
o Demolition of existing building(s)
o Furniture and fittings (unless otherwise stated)
 3 SINGAPORE
3 Tender Price
Arcadis
TENDER PRICE INDEX
Index
Singapore TPI is a measure of the comparative tender price movements based on the projects handled
by Arcadis Singapore Pte Ltd. The TPI reflects the tender price level of contracts let out over the years. Other than
material and labour costs, it takes into account the elements of competition, risk and profits.
Arcadis Singapore TPI is a measure of the comparative tender price movements based on the projects handled
by Arcadis Singapore Pte Ltd. The TPI reflects the tender price level of contracts let out over the years. Other
than material and labour costs, it takes into account the elements of competition, risk and profits.

Index
130

125

120

115

110

105

100

95

90

85

80

75

70

65
'96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18
Year

BCA Arcadis SG

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q18 2Q18 3Q18

BCA* 101.3 100.0 99.7 99.8 104.6 106.8 104.0 98.0 96.7 97.4 98.5 98.9

Arcadis SG^ 96.6 100.0 102.0 102.0 108.1 108.1 104.3 101.2 98.7 98.7 99.7 99.7

Source: * Building and Construction Authority

Source: * Building and Construction Authority
^ From 2009 onwards, Arcadis Singapore TPI based on 4th Quarter Index.
^ From 2009 onwards, Arcadis Singapore TPI based on 4th Quarter Index.

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

6 THIRD QUARTER 2018
44 MATERIALS
MATERIALS
SINGAPORE

Basic Construction Materials

US$/Tonne S$/Tonne
12,000 110

10,000 100

8,000 90

6,000 80

4,000 70

Copper Ordinary Portland Cement

2,000 60
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source : London Metal Exchange Source: Building and Construction Authority

S$/Tonne S$/Tonne
1,200 30

1,000
25

800
20
600

15
400

Steel Reinforcement (16-32mm high tensile)1 Granite (20mm aggregate)2

200 10
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: Building and Construction Authority Source: Building and Construction Authority

S$/Tonne S$/m3
35 120

30 110

25 100

20 90

15 80

Concreting Sand2 Ready Mixed Concrete (Grade 40)3

10 70
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: Building and Construction Authority Source: Building and Construction Authority

Notes:
Notes:
1
Prices of rebar other than 16-32mm dimensions may subject to surcharge
1
1 Prices
With of from
effect rebarJan
other
2015,than 16-32mm
the market pricesdimensions maycut
of rebar (without subject
& bend)toare
surcharge
based on fixed price supply contracts with contract period 1 year or less
21
Prices
With effect from Jan 2015, the market prices of rebar (without cut batching
of granite and concreting sand exclude local delivery charges to concrete & bend)plants
are based on fixed price supply contracts with contract
3
The market prices of
period 1 year or less ready mixed concrete are based on contracts with non-fixed price, fixed price and market retail price for Grade 40 pump
2
Prices of granite and concreting sand exclude local delivery charges to concrete batching plants
3
The market prices of ready mixed concrete are based on contracts with non-fixed price, fixed price and market retail price for Grade
40 pump

C:\Users\dcmn2477\Desktop\2018 PROJECTS\MC0230\04. Materials

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE
THIRD QUARTER 2018 7
 5 5 SINGAPORE
Construction
CONSTRUCTION DEMAND
Demand

45

"Total construction demand Public Sector Private Sector

40 (excluding reclamation works)
for 2018 is projected to be
35 between $26 billion and $31
billion"

30
Value (S$ Billion)

25

20

15

10

0
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17p 18f
Year

BCA Construction Demand (Exclude Reclamation) (S$ Billion)

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Private Sector 8.3 9.7 12.7 5.9 6.7 8.1 7.0 4.8 4.6 5.7 7.5 13.1

Public Sector 8.0 8.6 11.3 9.4 6.0 5.2 7.1 9.6 5.4 4.6 4.0 3.7

Total Value 16.3 18.3 24 15.3 12.7 13.3 14.1 14.5 10.0 10.3 11.5 16.8

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017p 2018f

Private Sector 18.8 20.2 8.6 19.0 20.2 21.2 20.9 19.5 13.8 11.0 9.0 10 - 12

Public Sector 5.7 15.5 13.9 8.6 15.3 9.5 14.9 19.2 13.3 15.4 15.8 16 - 19

Total Value 24.5 35.7 22.5 27.6 35.5 30.8 35.8 38.8 27.0 26.4 24.8 26 - 31

Notes:
1Q18 2Q18 3Q18
1. Construction demand refers to the total value of
Private Sector 3.8 2.3 3.4 construction contracts awarded. It is a leading market
indicator for the construction industry.
Public Sector 4.5 4.0 2.9
2. p - denotes preliminary data
Total Value 8.3 6.3 6.3 3. f - denotes forecast

Source: Building
Source: Buildingandand
Construction Authority
Construction Authority
Notes:
1. Construction demand refers to the total value of construction contracts awarded. It is a leading market indicator for the construction industry.
2. p - denotes preliminary data
3. f - denotes forecast

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

8 THIRD QUARTER 2018
 6 APPROXIMATE BUILDING COSTS
FOR MAJOR CITIES
ASIA

Shanghai Beijing Guangzhou/Shenzhen Chongqing/Chengdu

BUILDING TYPE
RMB / m2 CFA
DOMESTIC
Apartments, high rise, average standard
- Shell and core 2,709 - 3,124 2,687 - 3,099 2,501 - 2,772 2,409 - 2,828
- Full fit 4,633 - 5,136 4,253 - 4,673 3,707 - 4,100 3,715 - 4,450
Apartments, high rise, high end
- Shell and core 3,308 - 3,604 3,170 - 4,599 2,616 - 3,450 2,974 - 3,944
- Full fit 10,782 - 11,774 10,299 - 11,732 6,024 - 6,602 6,104 - 7,732
Terraced houses, average standard
- Shell and core 3,133 - 3,348 3,100 - 3,620 2,815 - 3,095 2,996 - 3,642
- Full fit N/A 6,085 - 6,597 N/A N/A
Detached houses, high end
- Shell and core 4,651 - 5,166 4,673 - 5,199 3,840 - 4,224 3,979 - 4,591
- Full fit N/A 11,694 - 12,205 N/A N/A
OFFICE / COMMERCIAL
Medium/high rise offices, average standard 6,026 - 8,019 5,946 - 8,006 5,396 - 5,969 5,823 - 6,766
High rise offices, prestige quality 8,035 - 10,032 8,006 - 13,152 7,857 - 9,444 7,403 - 10,034
Out-of-town shopping centre,
average standard N/A 4,533 - 6,059 5,198 - 5,706 4,659 - 6,018
Retail malls, high end 8,521 - 11,003 8,199 - 11,286 7,554 - 10,557 7,044 - 10,442
INDUSTRIAL
Industrial units, shell only
(Conventional single storey framed unit) 1,945 - 2,372 1,873 - 2,286 3,451 - 3,799 2,809 - 3,580
Owner operated factories, low rise, light
weight industry 3,001 - 3,747 3,620 - 4,153 N/A N/A
HOTEL
Budget hotels - 3-star, mid market 6,608 - 8,111 6,706 - 8,266 6,839 - 7,526 6,449 - 8,004
Business hotels - 4/5-star 10,801 - 14,711 11,206 - 14,799 11,053 - 15,777 10,924 - 13,680
Luxury hotels - 5-star 14,689 - 17,614 14,279 - 18,365 15,025 - 16,558 13,755 - 16,905
OTHERS
Underground/basement car parks 5,146 - 7,172 5,179 - 5,693 3,560 - 5,691 2,810 - 3,830
(<3 levels)
Multi storey car parks, above ground 2,649 - 3,690 3,113 - 3,153 2,551 - 2,803 2,141 - 2,675
(<4 levels)
3,664 - 4,695 3,606 - 4,660 2,824 - 3,112 2,890 - 3,216
Schools (primary and secondary)
Students’ residences 2,616 - 3,661 2,553 - 3,606 1,836 - 2,060 N/A
Sports clubs, multi purpose sports/
leisure centres (dry sports) 6,625 - 8,134 6,179 - 6,226 5,235- 5,775 N/A
General hospitals - public sector 9,842 - 12,766 8,119 - 10,166 N/A N/A
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 bulidings are assumed to have no basements (except otherwise stated) and are built on flat ground, with normal soil and site conditions. The cost excludes site formation works, external works, land cost, professional fees,
finance and legal expenses.
4. The standard for each category of building varies from region to region and do not necessary follow that of each other.
5. “Shell and core”: generally covers ONLY base building elements. “Shell” refers to overall structure and foundations, exterior walls, floors and roof, completing with common areas, staircases, lift shafts, service ducts and fire
services systems to local statutory requirements. “Core” refers to fully-fitted public areas (like lobbies, corridors and lavatories) and M&E main plant and upfeed, with tenant or occupant areas unfurnished.
6. “Full fit” buildings should complete with all elements that allow the buildings to be ready for operation, including public and tenants’ (or occupants’) areas (i.e. with ALL finishes, fittings and M&E distributions).
7. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.
The above costs are at 3rd Quarter 2018 levels.

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

THIRD QUARTER 2018 9
 6 APPROXIMATE BUILDING COSTS
FOR MAJOR CITIES
ASIA

Hong Kong Macau Singapore Kuala Lumpur

BUILDING TYPE
USD / m2 CFA (See also exchange rates per U.S. dollar below)
DOMESTIC HK$ 7.83 MOP 8.07 S$1.37 RM 4.14
Apartments, high rise, average standard
- Shell and core N/A 1,770 - 2,623 N/A N/A
- Full fit 3,052 - 3,576 2,279 -2,788 1,315 - 1,495 420 - 585$
Apartments, high rise, high end
- Shell and core N/A 2,623 - 3,934 N/A N/A
- Full fit 4,036 - 4,713 3,183 - 4,864 2,045 - 3,065 880 -1,125
Terraced houses, average standard
- Shell and core N/A 3,107 -3,858 N/A N/A
- Full fit 4,151 - 4,853 3,884 - 4,635 1,715 - 1,935 235 - 345$$
Detached houses, high end
N/A 3,756 - 5,411 N/A N/A
- Shell and core
- Full fit 6,130 up 4,737 - 6,163 2,190 - 2,920 790 - 980
OFFICE / COMMERCIAL
Medium/high rise offices, average standard 2,989 - 3,512* 2,623 - 3,387 1,715 - 1,935@ 640 - 740$$$
High rise offices, prestige quality
3,640 - 4,278 3,387 - 3,705 1,935 - 2,115@ 920 - 1,250$$$
Out-of-town shopping centre,
average standard 2,963 - 3,538 2,470 - 3,705 1,935 - 2,045 585 - 720
Retail malls, high end 3,972 - 4,738 3,884 - 4,686 2,045 - 2,265 725 - 1,000
INDUSTRIAL
Industrial units, shell only
(Conventional single storey framed unit) N/A N/A 730 - 935 340 - 430
Owner operated factories, low rise, light
weight industry 2,324 - 2,963 N/A N/A 460 - 520
HOTEL
Budget hotels - 3-star, mid market 3,857 - 4,176 3,451 - 3,909 2,155 - 2,370 1,070 - 1,490
Business hotels - 4/5-star 4,036 - 4,738 4,686 - 5,602 2,775 - 3,140 1,840 - 2,160
Luxury hotels - 5-star 4,725 - 5,492 5,602 - 6,621 2,775 - 3,140 2,055 - 2,395
OTHERS
Underground/basement car parks 3,193 - 3,831 2,050 - 3,005 935 - 1,265 380 - 530
(<3 levels)
Multi storey car parks, above ground 1,916 - 2,299 1,133 - 1,490 640 - 935@@ 245 - 350
(<4 levels)
2,516 - 2,708** 2,266 - 2,623 N/A 265 - 310$$$$
Schools (primary and secondary)
Students’ residences 2,925 - 3,308 1,795 - 2,088 1,570 - 1,715 315 - 370$$$$$
Sports clubs, multi purpose sports/
3,831 - 4,470 N/A 1,970 - 2,115 630 - 740
leisure centres (dry sports)
General hospitals - public sector 4,955 - 5,594 N/A 2,775 - 2,920 920 - 1,160
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 bulidings are assumed to have no basements (except otherwise stated) and are built on flat ground, with normal soil and site conditions. The cost excludes site formation works, external works, land cost, professional fees,
finance and legal expenses.
4. The standard for each category of building varies from region to region and do not necessary follow that of each other.
5. “Shell and core”: generally covers ONLY base building elements. “Shell” refers to overall structure and foundations, exterior walls, floors and roof, completing with common areas, staircases, lift shafts, service ducts and fire
services systems to local statutory requirements. “Core” refers to fully-fitted public areas (like lobbies, corridors and lavatories) and M&E main plant and upfeed, with tenant or occupant areas unfurnished.
6. “Full fit” buildings should complete with all elements that allow the buildings to be ready for operation, including public and tenants’ (or occupants’) areas (i.e. with ALL finishes, fittings and M&E distributions).
7. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.
The above costs are at 3rd Quarter 2018 levels.

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

10 THIRD QUARTER 2018
 6 APPROXIMATE BUILDING COSTS
FOR MAJOR CITIES
ASIA

Bangkok Jakarta Manila

BUILDING TYPE
USD / m2 CFA (See also exchange rates per U.S. dollar below)
DOMESTIC BAHT 32.75 IDR 14603.00 PHP 52.75
Apartments, high rise, average standard
- Shell and core 534 - 687 N/A N/A
- Full fit 702 - 870 722 - 818 935 - 1,150
Apartments, high rise, high end
- Shell and core 626 - 809 N/A N/A
- Full fit 977 - 1,206 996 - 1,124 1,262 - 2,135
Terraced houses, average standard
- Shell and core 305 - 397 N/A N/A
- Full fit 458 - 565 383 - 499 760 - 929
Detached houses, high end 534 - 763 N/A N/A
- Shell and core 794 - 962 1,042 - 1,165 1,627 - 2,759
- Full fit
OFFICE / COMMERCIAL
Medium/high rise offices, average standard 641 - 794# 712 - 789 931 - 1,090
High rise offices, prestige quality 870 - 1,176## 1,050 - 1,174 1,262 - 1,408
Out-of-town shopping centre,
average standard 626 - 809 612 - 676 760 - 947
Retail malls, high end 840 - 886 676 - 731 1,090 - 1,528
INDUSTRIAL
Industrial units, shell only
489 - 611 328 - 357 484 - 545
(Conventional single storey framed unit)
Owner operated factories, low rise, light N/A 356 - 393 683 - 799
weight industry
HOTEL
Budget hotels - 3-star, mid market 1,145 - 1,267 1,237 - 1,462 1,193 - 1,330
Business hotels - 4/5-star 1,466 - 1,679 1,691 - 1,826 1,344 - 1,628
Luxury hotels - 5-star 1,710 - 1,985 1,799 - 2,028 1,847 - 2,557
OTHERS
Underground/basement car parks 550 - 733 506 - 620 493 - 618
(<3 levels)
Multi storey car parks, above ground 183 - 293 328 - 357 474 - 669
(<4 levels)
N/A N/A 699 - 964
Schools (primary and secondary)
Students’ residences N/A N/A 740 - 949
Sports clubs, multi purpose sports/ N/A 1,094 - 1,638 1,183 - 1,721
leisure centres (dry sports)
General hospitals - public sector N/A N/A 1,284 - 1,543

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 bulidings are assumed to have no basements (except otherwise stated) and are built on flat ground, with normal soil and site conditions. The cost excludes site formation works, external works, land cost, professional fees,
finance and legal expenses.
4. The standard for each category of building varies from region to region and do not necessary follow that of each other.
5. “Shell and core”: generally covers ONLY base building elements. “Shell” refers to overall structure and foundations, exterior walls, floors and roof, completing with common areas, staircases, lift shafts, service ducts and fire
services systems to local statutory requirements. “Core” refers to fully-fitted public areas (like lobbies, corridors and lavatories) and M&E main plant and upfeed, with tenant or occupant areas unfurnished.
6. “Full fit” buildings should complete with all elements that allow the buildings to be ready for operation, including public and tenants’ (or occupants’) areas (i.e. with ALL finishes, fittings and M&E distributions).
7. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.
The above costs are at 3rd Quarter 2018 levels.

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

THIRD QUARTER 2018 11
 6 APPROXIMATE BUILDING COSTS
FOR MAJOR CITIES
ASIA
BUILDING TYPE OUTLINE SPECIFICATION
DOMESTIC
Apartments, high rise, average standard Shell and core, including finishes to public area, but excluding finishes
to apartment units
Full fit, with air-conditioning, kitchen cabinets and home appliances,
but excluding decorative light fittings and loose furniture
Apartments, high rise, high end Shell and core, including finishes to public area, but excluding finishes
to apartment units
Full fit, good quality provisions, with air-conditioning, kitchen cabinets and home
appliances, but excluding decorative light fittings and loose furniture
Terraced houses, average standard Shell and core, joined houses in row(s), excluding garden, parking, finishes and
fittings to house interior
Full fit, joined houses in row(s), with air-conditioning, kitchen cabinets and home
appliances, but excluding decorative light fittings, loose furniture, garden and
parking
Detached houses, high end Shell and core, good quality facade, excluding garden, parking, finishes and fit-
tings to house interior
Full fit, good quality provisions, with air-conditioning, kitchen cabinets and home
appliances, but excluding decorative light fittings, loose furniture, garden and
parking
OFFICE / COMMERCIAL
Medium/high rise offices, average standard RC structure, curtain wall, including public area fit-out, tenant area with raised
High rise offices, prestige quality floor/ carpet, painted wall and false ceiling
Out-of-town shopping centre, average standard Including public area fit-out and M&E, but excluding shop fit-out
Retail malls, high end
INDUSTRIAL
Industrial units, shell only (Conventional single storey framed unit) RC structure with steel roof and M&E to main distribution, but excluding a/c,
heating and lighting
Owner operated factories, low rise, light weight industry RC structure, including small office with simple fit-out and M&E, but excluding
a/c and heating
HOTEL
Budget hotels - 3-star, mid market 1) Interior decoration
Business hotels - 4/5-star 2) Furniture (fixed and movable)
3) Special light fittings (chandeliers, etc.)
Luxury hotels - 5-star 4) Operating Supplies and Equipment (OS&E) excluded
OTHERS
Underground/basement car parks (<3 levels) RC structure
Multi storey car parks, above ground (<4 levels) RC structure, natural ventilation, no facade enclosure
Schools (primary and secondary) Including fit-out and a/c, but excluding educational equipment
Students’ residences Including fit-out, loose furniture and a/c
Sports clubs, multi purpose sports/leisure centres (dry sports) Dry sports (no swimming pool) and are for ‘leisure centre’ type schemes includ-
ing main sports hall, ancillary sports facilities, changing and showers, restaurant
/ cafe, bar, etc. Costs include a/c, Furniture, Fittings and Equipment (FF&E)
General hospitals - public sector Excluding medical and operating equipment

Notes:
1. The costs for the respective categories given above are averages based on fixed price competitive tenders. It must be understood that the actual cost of a building will depend upon the design
and many other factors and may vary from the figures shown.
2. The costs per square metre are based on Construction Floor Areas (CFA) measured to the outside face of the external walls / external perimeter including lift shafts, stairwells, balconies,
plant rooms, water tanks and the like.
3. All buildings are assumed to have no basements (except otherwise stated) and are built on flat ground, with normal soil and site conditions. The cost excludes site formation works, external
works, land cost, professional fees, finance and legal expenses.
4. The standard for each category of building varies from region to region and do not necessarily follow that of each other.
5. “Shell and core” generally covers ONLY base building elements. “Shell” refers to overall structure and foundations, exterior walls, floors and roof, completing with common areas, staircases, lift
shafts, service ducts and fire services systems to local statutory requirements. “Core” refers to fully-fitted public areas (like lobbies, corridors and lavatories) and M&E main plant and upfeed,
with tenant or occupant areas unfurnished.
6. “Full fit” buildings should complete with all elements that allow the buildings to be ready for operation, including public and tenants’ (or occupants’) areas (i.e. with ALL finishes, fittings and
M&E distributions).
7. Fluctuation in exchange rates may lead to changes in construction costs expressed in U.S. dollars.
8. Hong Kong: * (i) Tenant area with screeded floor, painted wall and ceiling (ii) Facade in curtain wall/window wall ** Public authority standard, no a/c and complete with basic external works
9. Singapore: @ Excluding carpet @@ Open on all sides with parapet
10. Kuala Lumpur $ 6-12 units per floor, 46m2 - 83m2 per unit; excluding air-conditioning $$ Excluding air-conditioning, Kitchen cabinets and home appliances
$$$Exclude Tenant fit-out $$$$ Standard government provisions $$$$$ University standard
11. Bangkok # (i) Excluding raised floor/carpet and inter-tenancy partition (ii) Facade in windows and brick wall/pre-cast concrete panel ## Excluding raised floor/carpet and inter-tenancy partition

QUARTERLY CONSTRUCTION COST REVIEW SINGAPORE

12 THIRD QUARTER 2018
 CONTACT US
COST RESEARCH DEPARTMENT

Khoo Sze Boon

Executive Director
Head of Cost Management and
Quantity Surveying
T: +65 6239 8232
E: [email protected]

Cheryl Lum
Senior Director
T: +65 6239 8260
E: [email protected]

MECHANICAL & ELECTRICAL

QS DEPARTMENT

Lorimer A. Doig
Executive Director
T: +65 6239 8201
E: [email protected]

@ArcadisAsia

ArcadisAsia

ARCADIS SINGAPORE PTE LTD

1 MAGAZINE ROAD
#05-01 CENTRAL MALL
SINGAPORE 059567
T : +65 6222 3888
E : [email protected]

www.arcadis.com

Arcadis. Improving quality of life