RLB Q4
RLB Q4
QUARTERLY UPDATE
   REPORT
            ISSUE NO. 49 • MARCH 2010
            MICA (P) 071/04/2010
    SINGAPORE     MARCH 2010
       REPORT
             1
    SINGAPORE    MARCH 2010
       REPORT
            2
                                                  SINGAPORE                    MARCH 2010
                                                     REPORT
30%
25%
20%
                                         15%
Average Yearly Tender Price Change (%)
10%
5%
                                          0%
                                                SINGAPORE   HO CHI MINH   BANGKOK      MANILA    KUALA LUMPUR   HONG KONG      MACAU        BEIJING       SHANGHAI      SHENZHEN
                                                                CITY
-5%
-10%
-15%
-20%
Year 2006 Year 2007 Year 2008 Year 2009 Year 2010 (forecast)
                                                                          3
   SINGAPORE     MARCH 2010
      REPORT
            4
                                                                upwards in 2010 following a potential
                                                                increase of new infrastructure work and
                                                                building projects.
                    SINGAPORE                               MARCH 2010
                       REPORT
                     TENDER
               PRICE TRENDS
    BUILDING TENDER PRICE INDICES
160
150
140
130
120
110
100
90
                            80
                                 1994     1995       1996   1997     1998     1999     2000     2001     2002     2003     2004     2005     2006      2007       2008   2009*
RLB 104 110 120 123 105 96 100 91 91 95 97 100 103 130 151 123
BCA 101 105 108 107 100 89 88 88 90 96 99 100 103 123 137 116
Average yearly TPI Movement for 2009: BCA All Buildings TPI: -15.6%; RLB TPI: -18.7%
160
145
130
115
100
85
                            70
                                 1994     1995       1996   1997     1998     1999     2000     2001     2002     2003     2004     2005     2006      2007       2008   2009*
PUBLIC: HDB FLATS 97 105 109 103 92 77 76 78 83 96 99 100 104 123 148 128
PRIVATE: NON-LANDED 103 108 111 109 104 95 95 94 94 96 99 100 103 121 131 111
COMMERCIAL OFFICE 99 101 103 105 102 95 95 94 94 96 99 100 103 120 128 111
Notes: 	   Variances between the RLB and the BCA Tender Price Index arise from differences in the index derivation methodology, the basket of items and weightages used for 	
	          each index and the variety of building projects utilised. The index basket here excludes piling works and Mechanical & Electrical services.
Starting from the publication of 2009 indices, the BCA and RLB Tender Price Index are adjusted with a new base year of 2005 (i.e. 2005 index = 100).
                                                 5
                                SINGAPORE                      MARCH 2010
                                   REPORT
                           COMMODITY
                         PRICE TRENDS
  METAL PRICES
8,000
                        6,000
           US$/Tonne
                                                                            COPPER
                        4,000
                                                                                                            ALUMINIUM
                        2,000
                                                                                                                                           STEEL
                           0
                                AUG    SEP    OCT    NOV     DEC     JAN     FEB     MAR     APR     MAY     JUN      JUL    AUG    SEP      OCT    NOV    DEC    JAN     FEB
                                 08     08     08     08      08      09      09      09      09      09      09       09     09     09       09     09     09     10      10
          COPPER                7633   6988   4924   3716    3071    3220    3313    3748    4405    4568    5012    5214    6164   6195     6287   6674   6980   7385   6847
Data Source: London Metal Exchange
          ALUMINUM              2764   2525   2120   1852    1490    1412    1329    1335    1420    1460    1573    1667    1933   1833     1878   1949   2179   2235   2048
          STEEL                  741   545    386    315     309     311      306     305     325     345     363     398     443   471      484    491    487    417     419
          (FAR EAST)
1800
1600
                        1400
           S$/Tonne
1200
1000
800
                         600
                                AUG    SEP    OCT    NOV     DEC     JAN     FEB     MAR     APR     MAY     JUN      JUL    AUG    SEP      OCT    NOV    DEC    JAN     FEB
                                 08     08     08     08      08      09      09      09      09      09      09       09     09     09       09     09     09     10     10p
STEEL REINF 1703 1464 1292 1067 913 862 836 766 729 727 719 742 790 792 768 737 723 742 769
120
100
                          80
           US$/Barrel
60
40
20
                           0
                                AUG    SEP    OCT    NOV     DEC     JAN     FEB     MAR     APR     MAY     JUN      JUL    AUG    SEP      OCT    NOV    DEC    JAN     FEB
                                 08     08     08     08      08      09      09      09      09      09      09       09     09     09       09     09     09     10      10
Note: Crude Oil Prices above are expressed as monthly average prices of UK Brent, Dubai and WTI oil classifications.
                                                     6
                     SINGAPORE                                      MARCH 2010
                        REPORT
                     MATERIAL
                 PRICE TRENDS
  BASIC CONSTRUCTION MATERIALS
                     S$/Tonne                                                                                                                                                                     S$/m3
                    140.0                                                                                                                                                                          150.0
                                                                                              CEMENT (LHS)
                    120.0
                    100.0
                                                                                                                                               READY MIXED
                                                                                                                                               CONCRETE (RHS)
                        80.0
100.0
60.0
20.0
                                                               GRANITE (LHS)
                         0.0                                                                                                                                                                        50.0
                               AUG     SEP          OCT     NOV     DEC      JAN     FEB      MAR     APR     MAY       JUN      JUL       AUG      SEP      OCT    NOV     DEC     JAN    FEB
                                08      08           08      08      08       09      09       09      09      09        09       09        09       09       09     09      09      10    10p
CONCRETING SAND 36.7 36.7 36.8 36.1 34.3 34.3 33.6 31.6 30.9 29.1 28.8 29.3 29.9 29.1 28.3 27.8 26.7 27.8 28.0
GRANITE (20MM) 26.3 26.5 26.9 26.1 23.9 23.4 23.0 22.2 21.4 21.0 18.9 18.7 18.0 17.6 17.4 17.4 17.1 18.0 18.0
CEMENT 126.0 126.3 125.6 123.4 120.4 117.5 111.9 109.4 106.4 105.2 103.3 101.2 99.4 99.3 96.6 95.1 93.4 90.4 90.0
          READY MIXED
                               126.6   126.3        124.5   122.7   121.9    121.1   114.5    110.6   108.6   107.6     104.4    102.9     102.4    98.7     97.4   95.3    93.3    89.9   90.0
          CONCRETE
                  CURRENCY
             EXCHANGE RATES
                                                                                                                                UNITS PER USD
                           CURRENCY
                                                                            UNIT             SEP 09            OCT 09               NOV 09                 DEC 09          JAN 10          FEB 10
U.K. Pound Sterling £ GBP 1 0.61 0.62 0.60 0.62 0.62 0.64
Japanese Yen ¥ YEN 100 0.91 0.90 0.89 0.89 0.91 0.90
Indonesian Rupiah Rp IDR 1000 9.90 9.48 9.47 9.46 9.28 9.35
 Vietnamese Dong                               ₫            VND             1000              18.10             18.08                18.14                 18.70           18.71            18.86
Data Source: IMF
Note: Exchange rates above are expressed in terms of currency units per US Dollar, averaged monthly from daily unit rates.
                                                           7
                   SINGAPORE                      MARCH 2010
                      REPORT
              CONSTRUCTION
                    PRICES
                                            COST PER CFA              COST PER GFA                                                      COST PER CFA
 DEVELOPMENT TYPE                                                                               DEVELOPMENT TYPE
                                                S$/m  2
                                                                          S$/m  2
                                                                                                                                            S$/m2
< 10 Storeys 1,800 – 2,250 2,550 – 2,900 Terrace House 1,950 – 2,350
> 55 Storeys 3,150 – 3,650 4,150 – 4,750 Primary School 1,000 – 1,300
< 10 Storeys 1,700 – 2,150 2,150 – 2,700 Junior College 1,300 – 2,050
11 – 25 Storeys 1,850 – 2,350 2,450 – 3,150 Institutions of Higher Learning 1,850 – 2,650
Three Star 2,900 – 3,250 3,600 – 4,150 Light Industrial Building 1,000 – 1,400
Four Star 3,100 – 3,800 4,000 – 5,000 Heavy Industrial Building 1,200 – 1,700
Five Star 3,700 – 4,950 4,750 – 6,350 Hi Tech Factory 1,300 – 1,950
Medium Quality 1,900 – 2,400 2,550 – 3,050 Above Grade Car Park 600 – 1,150
Good Quality 2,450 – 2,900 3,100 – 3,750 Basement Car Park 1,250 – 1,900
CONDOMINIUM
Notes
CFA – 	Construction Floor Area is the area of all building enclosed covered spaces measured to the outside face of the external walls including covered 	
	      basement and above ground car park areas.
GFA – 	Gross Floor Area is the area of building enclosed covered spaces excluding car park and driveway areas calculated for purposes of
	      planning submission.
All Singapore construction prices stated herein are as at 4th Quarter 2009, and include a general allowance for foundation and external works.
The price ranges herein are indicative and due consideration should be given to the different specification, size, location and nature of each project when
utilising this information. The prices here may not fully reflect the extent of current market forces and tendering conditions.
Exclusions
• Land cost • Legal and professional fees • Development charges • Authority fees • Finance costs • Loose furniture, fittings and works of art
• Tenancy work • Site infrastructure work • Diversion of existing services • Green Mark Cost Premiums • Resident site staff cost • Models and
prototypes • Future cost escalation • Goods and Services Tax
                                         8
PROFESSIONAL SERVICES
The extensive range of professional consultancy provided by Rider Levett Bucknall covers the following core services:
Rider Levett Bucknall LLP (Reg. No. T09LL0492J) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act, Cap. 163A and it
was converted from the firm of Rider Levett Bucknall (Reg. No. 08787000B) on 1 April 2009.
Disclaimer: While Rider Levett Bucknall LLP (“RLB”) has endeavoured to ensure the accuracy of the information and materials herein (the “Materials”),
it does not warrant its accuracy, adequacy, completeness or reasonableness and expressly disclaims liability for any errors in, or omissions therefrom.
RLB shall not be liable for any damage, loss or expense whatsoever arising out of or in connection with the use or reliance on the Materials. The Materials
are provided for general information only. Professional advice should be obtained for your particular factual situation before making any decision.
The Materials may not, in any medium, be reproduced, published, adapted, altered or otherwise used in whole or in part in any manner without the prior
written consent of RLB.
RIDER LEVETT BUCKNALL OFFICES
AMERICAS                                      DALIAN
                                              Telephone: +86 411 3973 7778
                                                                             THAILAND                           OCEANIA
                                              E-mail: dalian@cn.rlb.com      BANGKOK
CANADA                                                                       Telephone: +66 2 234 4933          AUSTRALIA
                                              Contact: S.W.Lo
CALGARY                                                                      E-mail: rhlbthai@riderhunt.co.th   ADELAIDE
Telephone: +1 403 571 0505                    GUANGZHOU                      Contact: William Lo                Telephone: +61 8 8100 1200
E-mail: YYC@ca.rlb.com                        Telephone: +86 20 8732 1801                                       E-mail: adelaide@au.rlb.com
Contact: Roy Baxter                           E-mail: guangzhou@cn.rlb.com   VIETNAM                            Contact: Stephen Knight
                                              Contact: Kenneth Kwan
TORONTO                                                                      HO CHI MINH CITY                   BRISBANE
Telephone: +1 416 214 3405                    GUIYANG                        Telephone: +84 83 823 8070         Telephone: +61 7 3009 6933
E-mail: YYZ@ca.rlb.com                        Telephone: +86 851 553 3818    E-mail: rlb@vn.rlb.com             E-mail: brisbane@au.rlb.com
Contact: Anil Ramjee                          E-mail: guiyang@cn.rlb.com     Contact: Ong Choon Beng            Contact: Mark Burow
                                              Contact: K.M.Chau
                                                                                                                CAIRNS
CARIBBEAN                                     HANGZHOU
BARBADOS                                      Telephone: +86 571 8539 3028   EMEA                               Telephone: +61 7 4032 1533
                                                                                                                E-mail: cairns@au.rlb.com
Telephone: +1 246 435 5795                    E-mail: hangzhou@cn.rlb.com                                       Contact: Bill Wilkes
                                              Contact: Stephen Liu           MIDDLE EAST
E-mail: robert.hoyle@bb.rlb.com
                                                                             ABU DHABI                          CANBERRA
Contact: Robert Hoyle                         HONG KONG
                                                                             Telephone: +971 5 0292 5723        Telephone: +61 2 6281 5446
GRAND CAYMAN                                  Telephone: +852 2823 1823                                         E-mail: canberra@au.rlb.com
                                              E-mail: hongkong@hk.rlb.com    E-mail: tony.bratt@ae.rlb.com
Telephone: +1 345 946 6063                                                   Contact: Tony Bratt                Contact: Mark Chappè
E-mail: martyn.bould@ky.rlb.com               Contact: Philip Lo
                                                                             DOHA                               DARWIN
Contact: Martyn Bould                         MACAU
                                                                             Telephone: +971 4 361 4960         Telephone: +61 8 8941 2262
                                              Telephone: +853 2875 3088                                         E-mail: darwin@au.rlb.com
USA                                           E-mail: macau@mo.rlb.com       Email: r.edgecombe@ae.rlb.com
                                                                             Contact: Robin Edgecombe           Contact: Paul Lassemillante
BOSTON                                        Contact: Kenneth Kwan
                                                                             DUBAI                              GOLD COAST
Telephone: +1 617 737 9339                    SANYA
                                                                             Telephone: +971 4 339 7444         Telephone: +61 7 5595 6900
E-mail: BOS@us.rlb.com                        Telephone: +86 898 8898 7866
                                                                             E-mail: ken.barlow@ae.rlb.com      E-mail: goldcoast@au.rlb.com
Contact: Grant Owen                           E-mail: sanya@cn.rlb.com
                                                                             Contact: Ken Barlow                Contact: Peter Spencer
DENVER                                        Contact: Stephen Lai
                                                                             MUSCAT                             MELBOURNE
Telephone: +1 720 904 1480                    SHANGHAI
                                                                             Telephone: + 968 2 449 9676        Telephone: +61 3 9690 6111
E-mail: DEN@us.rlb.com                        Telephone: +86 21 6330 1999
                                                                             E-mail: andres.buce@om.rlb.com     E-mail: melbourne@au.rlb.com
Contact: Peter Knowles                        E-mail: shanghai@cn.rlb.com
                                                                             Contact: Andres Buce               Contact: Michael Kerr
HONOLULU                                      Contact: Stephen Lai
                                                                             RIYADH                             NEWCASTLE
Telephone: +1 808 521 2641                    SHENYANG
                                                                             Telephone: +966 1 479 7772         Telephone: +61 2 4940 0000
E-mail: HNL@us.rlb.com                        Telephone: +86 24 2396 5516
                                                                             Email: andy.ritchie@sa.rlb.com     E-mail: newcastle@au.rlb.com
Contact: Tony Smith / Paul Brussow /          E-mail: shenyang@cn.rlb.com
                                                                             Contact: Andy Richie               Contact: Matthew Harris
	        Maelyn Uyehara                       Contact: C.H.Chan
                                                                                                                NORTHERN NSW
WAIKOLOA                                      SHENZHEN                       UK                                 Telephone +61 2 6659 2060
Telephone: +1 808 883 3379                    Telephone: +86 755 8246 0959
                                                                             BIRCHWOOD                          E-mail: northernnsw@au.rlb.com
E-mail: KOA@us.rlb.com                        E-mail: shenzhen@cn.rlb.com
                                                                             Telephone: +44 192 585 1787        Contact: Matthew Harris
Contact: Kevin Mitchell                       Contact: Kenneth Kwan
                                                                             E-mail: deryck.barton@uk.rlb.com   PERTH
LAS VEGAS                                     TIANJIN                        Contact: Deryck Barton             Telephone: +61 8 9421 1230
Telephone: +1 702 227 8818                    Telephone: +86 22 2339 6632
                                                                             BIRMINGHAM                         E-mail: perth@au.rlb.com
E-mail: LAS@us.rlb.com                        E-mail: tianjin@cn.rlb.com
                                                                             Telephone: +44 121 503 1500        Contact: Alastair McMichael
Contact: Martin Grace                         Contact: S.W.Lo
                                                                             E-mail: birmingham@uk.rlb.com      SUNSHINE COAST
LOS ANGELES                                   WUHAN                          Contact: Mark Weaver               Telephone: +61 7 5443 3622
Telephone: +1 213 689 1103                    Telephone: +86 27 6885 0986
                                                                             BRISTOL                            E-mail: suncoast@au.rlb.com
E-mail: LAX@us.rlb.com                        E-mail: wuhan@cn.rlb.com
                                                                             Telephone: +44 117 974 1122        Contact: Mark Brittain
Contact: Graham Roy                           Contact: Stephen Lai
                                                                             E-mail: bristol@uk.rlb.com         SYDNEY
NEW YORK                                      WUXI                           Contact: Mark Williamson           Telephone: +61 2 9922 2277
Telephone: +1 212 952 1300                    Telephone: +86 510 8274 0266
                                                                             EDINBURGH                          E-mail: sydney@au.rlb.com
E-mail: LGA@us.rlb.com                        E-mail: wuxi@cn.rlb.com
                                                                             Telephone: +44 131 554 3300        Contact: Bob Richardson
Contact: Grant Owen                           Contact: Stephen Lai
                                                                             E-mail: edinburgh@uk.rlb.com       TOWNSVILLE
PHOENIX                                       XIAN                           Contact: Peter Docherty            Telephone: +61 7 4771 5718
Telephone: +1 602 443 4848                    Telephone: +86 29 8833 7433
                                                                             LIVERPOOL                          E-mail: townsville@au.rlb.com
E-mail: PHX@us.rlb.com                        E-mail: xian@cn.rlb.com
                                                                             Telephone: +44 151 225 0264        Contact: Chris Marais
Contact: Julian Anderson / Scott Macpherson   Contact: Stephen Liu
                                                                             E-mail: liverpool@uk.rlb.com       WESTERN SYDNEY
PORTLAND                                      ZHUHAI                         Contact: Phil Higham               Telephone +61 2 9806 0044
Telephone: +1 503 226 2730                    Telephone: +86 756 388 9010
                                                                             LONDON                             E-mail: westsyd@au.rlb.com
E-mail: PDX@us.rlb.com                        E-mail: zhuhai@cn.rlb.com
                                                                             Telephone: +44 207 398 8300        Contact: Gary Train
Contact: Graham Roy                           Contact: Kenneth Kwan
                                                                             E-mail: london@uk.rlb.com
SAN FRANCISCO                                                                Contact: Tony Catchpole            NEW ZEALAND
Telephone: +1 415 362 2613
                                              INDONESIA
                                                                             MANCHESTER                         AUCKLAND
E-mail: SFO@us.rlb.com                        JAKARTA
                                                                             Telephone: + 44 161 868 7700       Telephone: +64 9 309 1074
Contact: Gus Oppermann                        Telephone: + 65 6339 1500
                                                                             E-mail: manchester@uk.rlb.com      E-mail: auckland@nz.rlb.com
                                              E-mail: rlb@sg.rlb.com
SEATTLE                                                                      Contact: Phil Higham               Contact: Brian Dackers
                                              Contact: Christopher Leong
Telephone: +1 206 223 2055                                                                                      CHRISTCHURCH
E-mail: SEA@us.rlb.com                                                       NEWCASTLE UPON TYNE
Contact: Simon Squire
                                              MALAYSIA                       Telephone: +44 1325 328 859        Telephone: +64 3 365 0590
                                                                             E-mail: newcastle@uk.rlb.com       E-mail: christchurch@nz.rlb.com
                                              KUALA LUMPUR
WASHINGTON DC                                                                Contact: Dean Sheehy               Contact: Malcolm Timms
                                              Telephone: +60 3 2282 8838
Telephone: +1 202 457 1450                                                                                      OTAGO
                                              E-mail: ymfkl@tm.net.my        SHEFFIELD
E-mail: DCA@us.rlb.com                                                                                          Telephone: +64 3 409 0325
                                              Contact: Kang Kian Kiat        Telephone: +44 114 289 5000
Contact: Grant Owen                                                                                             E-mail: otago@nz.rlb.com
                                              KOTA KINABALU                  E-mail: sheffield@uk.rlb.com
                                                                             Contact: Dean Sheehy               Contact: Chris Haines
                                              Telephone: +60 8 821 1626
ASIA                                          Contact: Chin Hon Kong         WARTON                             PALMERSTON NORTH
                                                                             Telephone: +44 177 285 6801        Telephone: +64 6 357 0326
CHINA                                         PHILIPPINES                    E-mail: warton@uk.rlb.com          E-mail: palmerstonnorth@nz.rlb.com
                                                                             Contact: Steve Aikman              Contact: Wayne Kitching
BEIJING                                       MANILA
Telephone: +86 10 6515 5818                   Telephone: +63 2 634 0535      WELWYN GARDEN CITY                 TAURANGA
E-mail: beijing@cn.rlb.com                    	          +63 2 634 3124      Telephone: +44 170 787 1506        Telephone: +64 7 579 5873
Contact: S. W. Lo                             	          +63 2 667 3579      E-mail: welwyn@uk.rlb.com          E-mail: tauranga@nz.rlb.com
                                              E-mail: rhl@rhl.com.ph         Contact: Andrew Reynolds           Contact: Richard Gerrish
CHENGDU
                                              Contact: Cora Ballard                                             WELLINGTON
Telephone: +86 28 8670 3382                                                  WOKINGHAM
E-mail: chengdu@cn.rlb.com                                                   Telephone: +44 118 974 3600        Telephone: +64 4 384 9198
Contact: Stephen Liu
                                              SINGAPORE                                                         E-mail: wellington@nz.rlb.com
                                                                             E-mail: wokingham@uk.rlb.com
                                              SINGAPORE                      Contact: Simon Kerton              Contact: Hugh Mackenzie
CHONGQING
                                              Telephone: +65 6339 1500
Telephone: +86 23 6380 6628
                                              E-mail: rlb@sg.rlb.com
E-mail: chongqing@cn.rlb.com
                                              Contact: Winston Hauw
Contact: Kenneth Kwan
                                              SOUTH KOREA
                                              SEOUL
                                              Telephone: +82 2 582 2834
                                              E-mail: seoul@kr.rlb.com
                                              Contact: Stephen Lai
www.rlb.com