Foreign Property News | Posted by Si Thu Aung
Hong Kong emerged as the most expensive place to build in Asia, trailing only New York City and San Francisco in first and second place on Turner & Townsend’s most recent International Construction Market Survey.
The 2018 international constructionmarket survey brings together data andexperience from 46 markets aroundthe world, to provide an insight intothe current state and direction of theglobal construction industry. They added three more markets this year– Ho Chi Minh City, Jakarta and Shanghai.
To identify the most expensive place to build, the average build cost in USD for six different types of building was assessed:
Apartment high-rise Office block prestige Large warehouse distribution centre General hospital Primary and secondary school
New York retained its position as the most expensive place to build in the world even though building spend dipped in 2017.
San Francisco held the second spot, driven by the wealth and demand generated by high-speed growth in the technology sector.
Hong Kong moved ahead of Zurich to third. An emphasis on boosting housing and infrastructure supported growth and with labour increasingly stretched, the market’s already historically high construction costs rose further and are expected to grow in 2018.
The average cost of construction across six building types in the Chinese SAR was estimated at USD3,703.9 per square metre, compared with USD3,900 per sqm in New York and USD3,736.7 per sqm in San Francisco.
Hong Kong passed Zurich where construction costs USD3,652 per sqm on average, above London in fifth place with USD3,617.7 per sqm.
The 10 most expensive places to build in Asia, according to the 2018 International Construction Market Survey:
Hong Kong (USD3,703.9 per sqm) Tokyo (USD2,560.1 per sqm) Singapore (USD2,137 per sqm) Seoul (USD1,662.2 per sqm) Kuala Lumpur (USD1,034.5 per sqm) Jakarta (USD888.9 per sqm) Shanghai (USD807.3 per sqm) Beijing (USD804.7 per sqm) Ho Chi Minh City (USD775.8 per sqm) Bangalore (USD638.5 per sqm)
Ref : Property Report
