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SINGAPORE CONSTRUCTION MARKET

QUARTERLY UPDATE
REPORT
ISSUE NO. 50 • JUNE 2010
MICA (P) 142/05/2010
SINGAPORE JUNE 2010
REPORT

© Marina Bay Sands Pte. Ltd. 2010. All rights reserved. Information is subject to change.

PROJECT FEATURE MARINA BAY SANDS®


Designed by world renowned design
architect Moshe Safdie and project
architect Aedas, the Marina Bay Sands
project is the most significant landmark
development for Singapore. Set within
the financial business district around
Marina Bay, the entertainment destination
has a construction floor area of 850,000
square metres, comprising hotel, dining,
retail, gaming, convention, theatre and
entertainment facilities. The Sands
SkyPark® atop the three Marina Bay Sands
Hotel towers at 200 metres high is one
of the largest cantilever structures in the
world.

Rider Levett Bucknall Singapore are the


Cost Consultants for this prestigious
landmark development.

1
SINGAPORE JUNE 2010
REPORT

MARKET SUMMARY SINGAPORE


The first half of 2010 has been volatile for The Singapore construction industry
the global financial markets, triggered by recorded a consistent growth of 13.7% y-o-y
the public debt crisis in Greece that has in 1Q2010 compared with 11.5% in 4Q2009.
moved to a wider eurozone issue. The The Building and Construction Authority
confluence of a weakening euro currency, (BCA) estimated that total construction
austerity measures by the EU governments, demand in 1Q2010 reached S$5.3 billion,
tighter US financial market regulations, and 17% higher than S$4.5 billion in 4Q2009.
tougher policies by the Chinese government The higher demand is largely driven by
to cool the residential market may affect the residential building contracts awarded by
nascent global economic recovery. the public and private sectors, as well as
public sector new industrial projects. Total
Singapore’s economy grew strongly by certified payments have, however, slid
15.5% year-on-year and 38.6% quarter- almost 2% in 1Q2010 from 4Q2009.
on-quarter in 1Q2010. The robust growth
momentum was underpinned by broad- Building tender prices have reversed their
based expansion across most sectors. In downward trend since end-2008 to register
view of the recovering US economy and a small increase towards the end of 1Q2010,
buoyant growth in key Asian economies, as primarily due to a spike in steel prices in
opposed to the downside risks stemming March 2010. The iron ore supply pricing that
from EU’s debt problems and asset price was traditionally based on annual contracts
inflation in emerging Asia, the Ministry has been changed by the major iron ore
of Trade and Industry has maintained miners to quarterly pricing contracts pegged
Singapore’s GDP growth forecast for 2010 to the spot market, contributing to rising
at 7% to 9%. iron ore prices and higher steelmaking
costs. Steel reinforcement supply prices
Supported by low interest rates and have risen by about 24%, from S$740/tonne
keen interest from foreign buyers in the in January to almost S$920/tonne in April
Singapore property market, the private this year. Despite inflationary pressures on
residential segment continued to witness costs arising from volatile commodity prices,
strong demand, with a total of 4,380 new tendering margins remained competitive as
units sold in 1Q2010, 235% higher compared contractors showed strong bidding interest
to 1,860 units in 4Q2009. The upward for the limited available tenders. Rider
trend of private residential property prices Levett Bucknall’s quarterly Tender Price
persisted, with an increase of 5.6% q-o-q Index showed an average 1.1% increase for
and 25% y-o-y in 1Q2010, compared with 1Q2010 compared with 4Q2009. The BCA
7.4% quarterly rise in 4Q2009. Demand for All Buildings TPI registered a 0.5% rise
land remained high on the back of strong for the same period. The BCA Residential
housing sales, as shown by the bullish (Private) TPI and BCA Commercial Office
top bids in state land tenders amid high TPI recorded quarterly increases of 1.1%
participation rates from developers. To and 1.6% respectively; whilst the BCA
provide additional supply of private housing, Residential (Public) TPI declined by 5.7%.
the government will be offering a total of 27
residential sites and 4 mixed-use sites for Taking into consideration the likely increase
sale under the Confirmed and Reserve Lists of domestic public sector construction
for the 2nd Half 2010 Government Land demand, against the backdrop of the
Sales Programme, potentially generating uncertain global market conditions, Rider
13,905 private residential units. Sentiment Levett Bucknall anticipates that building
for commercial properties has gradually tender prices in Singapore would register a
improved, with the URA price indices posting modest increase over the next two quarters.
quarterly increases of 1.8% for office and Full year tender price movement for 2010
shop, whilst industrial property prices have is estimated to be in the region of a 3%
risen by 1.5% for 1Q2010. average increase.

2
SINGAPORE JUNE 2010
REPORT

MARKET FEATURE RELIFING AND ITS


APPLICATIONS
Every building has a useful life which is building “as new”, the remaining Intrinsic
derived from its physical attributes as well Value is determined by deduction due to
as the needs of its users. Once a building its physical age.
has aged, owners are faced with the decision
to repair, upgrade, or replace. WEIGHTED AVERAGE
SERVICE LIFE (WASL)
Rider Levett Bucknall’s RElifing service is a WASL is derived as the weighted-average
quantitative-based methodology to estimate life span of the building by considering all
the remaining asset value of an existing of its components’ effective life spans and
building. This decision-making tool helps deriving the cost of each component as a
building owners and facility managers to weighting. The purpose of using WASL is to
identify areas, timelines and expenditure establish a common platform to account for
to extend the life of their building assets the various component life spans against its
after years of service, thereby reducing capital investment. For example:
premature obsolescence. • Foundation amounts to 6% of construction
cost and could last more than 75 years;
RElifing determines the ‘useful life’ of a
• Painting amounts to 2% of construction
building by analyzing the cost and service
cost but lasts only 5 years;
life of its various components – structure,
external claddings, fit-out, and building • Equipment may be as much as 20% of
services. From this, total economic life construction cost but lasts only circa 20
expectancy is calculated. years.

RElifing analyzes and prices options for COST TO EXTEND LIFE


refurbishment and the replacement of Cost to Extend Life, or cost to RElife, is
various building components necessary the minimum cost to extend the life of the
to extend economic life expectancy. When building to the determined period. This
this analysis is compared with the cost to does not form part of the intrinsic value
build new, owners are presented with a calculation. The capital outlay to RElife
quantitative RElifing finding to support their the building would enhance the building
decisions on whether to maintain, upgrade value, thereon contributing to the ‘Added
or replace at specific time frames. Intrinsic Value’.

RELIFING CONCEPTS RELIFING EXAMPLE


INTRINSIC VALUE For the application of RElifing to local
The first step of RElifing is to establish developments, we can illustrate here a
the Current Intrinsic Value of an existing RElifing example for an office building in
building. Intrinsic Value is derived from Singapore. Brief information on the building
the hypothetical costs of constructing is as follows:-
an existing building in today’s dollars.
Intrinsic Value assumes a ‘built-to-original’ GROSS FLOOR AREA (GFA) 36,000 sqm
basis and does not consider factors such
NUMBER OF STOREYS 30
as changes to building codes from the
time of original construction, functional LOCATION Singapore Central
Business District
obsolescence, technological advancement
of Mechanical & Electrical services, DEVELOPMENT TYPE Office, Grade A
loose furniture and equipment, off-site YEAR OF COMPLETION 1995
utilities, development charges, etc. After
establishing the Intrinsic Value of the

3
SINGAPORE JUNE 2010
REPORT

MARKET FEATURE RELIFING STUDY OBJECTIVE


To assist the Client in determining the (WASL) is 10.66 years, and its remaining
value of various capital reinvestment period intrinsic value is $59,023,000.
options.
• The client is a medium to long term COST TO EXTEND SERVICE LIFE
stakeholder Following an inspection of the building,
Rider Levett Bucknall identified the various
• The study is set out that only minimal
building components that require repair or
capital reinvestment will be required.
replacement in order to continue using the
building for another 5, 10 or 25 years. The
CURRENT BUILDING SERVICE LIFE
“Cost to Extend Life” is shown in the chart
ORIGINAL: This building was constructed
ORIGINAL below, along with the “Current Intrinsic
in 1995, with approximately 36,000m2 GFA.
Intrinsic Value Value” of the building, the “Added Intrinsic
$117,382,000 Based on a detailed survey of the building’s
Value” following the life extension, the “New
WASL 21.2 Years major components and a comprehensive
Intrinsic Value”, and the corresponding
review of available documentation, Rider
service life (WASL).
Levett Bucknall estimates its intrinsic
REMAINING value (the cost to construct the building
Current Intrinsic SUMMARY
new as of this study date) at $117,382,000.
Value Rider Levett Bucknall’s findings reveal
By assigning reasonable life cycle years
$59,023,000 that this building has arrived at a stage
WASL 10.66 Years against various building components and
whereby it will be costly to extend its life. A
50% weighting them proportionate to the total
cost of the building, Rider Levett Bucknall
significant number of building components
are currently at the end or are approaching
estimates that the weighted average service
the end of their service life.
life (WASL) of this building upon its initial
construction was 21.2 years.
Based on the analysis, extending the
life of the building for a 25-year period
REMAINING: Based on the current condition
provides the most value in terms of a
of the various building components and
Value-Cost ratio. It is recommended that the
their corresponding life expectancies,
Client proceeds with a major refurbishment
Rider Levett Bucknall estimates that the
for maximum return of capital investment.
building’s current remaining service life

RELifing Example
Cost to Extend Life ($) Current Intrinsic Value ($)
$120m Added Intrinsic Value ($) Weighted Average Service Life (Years) 20
18.3
NEW Intrinsic Value
$101,147,000
WASL
$100m

NEW Intrinsic Value 14.6 15


13.9 $42,124,000
NEW Intrinsic Value $81,182,000
$80m $77,215,000 WASL $2,763,000 Per
WASL Year or in total
$69,075,000
$22,159,000
$18,192,000

$60m 10
Years

$3,776,600 Per
Year or in total
$6,373,000 Per
$40m Year or in total $37,766,000
$31,865,000
$59,023,000 $59,023,000 $59,023,000 5

$20m

0 0
5 Years 10 Years 25 Years

4
SINGAPORE JUNE 2010
REPORT

TENDER
PRICE TRENDS
BUILDING TENDER PRICE INDICES

160

150

140

130

120

110

100

90

80
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

RLB 110 120 123 105 96 100 91 91 95 97 100 103 130 151 123 120

BCA 105 108 107 100 89 88 88 90 96 99 100 103 123 137 116 113

Data Source: BCA and RLB

BCA TENDER PRICE INDICES

160

145

130

115

100

85

70
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

PUBLIC: HDB FLATS 105 109 103 92 77 76 78 83 96 99 100 104 123 148 128 119

PRIVATE: NON-LANDED 108 111 109 104 95 95 94 94 96 99 100 103 121 131 111 108

COMMERCIAL OFFICE 101 103 105 102 95 95 94 94 96 99 100 103 120 128 111 108

Data Source: BCA

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).

* 1st Quarter 2010 indices only.

5
SINGAPORE JUNE 2010
REPORT

COMMODITY
PRICE TRENDS
METAL PRICES

8,000
COPPER
7,000

6,000
US$/Tonne

5,000

4,000

3,000
ALUMINIUM
2,000

1,000 STEEL

0
NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
08 08 09 09 09 09 09 09 09 09 09 09 09 09 10 10 10 10 10

COPPER 3716 3071 3220 3313 3748 4405 4568 5012 5214 6164 6195 6287 6674 6980 7385 6847 7462 7744 6837

ALUMINUM 1852 1490 1412 1329 1335 1420 1460 1573 1667 1933 1833 1878 1949 2179 2235 2048 2205 2316 2040

STEEL
315 309 311 306 305 325 345 363 398 443 471 484 491 487 417 419 491 561 481
(FAR EAST)
Data Source: London Metal Exchange

STEEL REINFORCEMENT (16 - 32MM HIGH TENSILE) SUPPLY PRICES

1200

1000
S$/Tonne

800

600

400
NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
08 08 09 09 09 09 09 09 09 09 09 09 09 09 10 10 10 10 10p

STEEL REINF 1067 913 862 836 766 729 727 719 742 790 792 768 737 723 742 769 795 917 911

Data Source: BCA p: preliminary

CRUDE OIL PRICES

100

80
US$/Barrel

60

40

20
NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
08 08 09 09 09 09 09 09 09 09 09 09 09 09 10 10 10 10 10

CRUDE OIL 54 42 44 42 47 50 58 69 65 72 68 74 78 75 77 75 79 84 76

Data Source: IMF

Note: Crude Oil Prices above are expressed as monthly average prices of UK Brent, Dubai and WTI oil classifications.

6
SINGAPORE JUNE 2010
REPORT

MATERIAL
PRICE TRENDS
BASIC CONSTRUCTION MATERIALS

S$/Tonne S$/m3
140.0 150.0

120.0
CEMENT (LHS)

100.0

READY MIXED
80.0 CONCRETE (RHS)
100.0

60.0
CONCRETING SAND (LHS)

40.0

20.0

GRANITE (LHS)
0.0 50.0
NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
08 08 09 09 09 09 09 09 09 09 09 09 09 09 10 10 10 10 10p

CONCRETING SAND 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 28.7 27.6 28.1 28.3

GRANITE (20MM) 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 17.9 18.4 18.2 18.2

CEMENT 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 89.8 89.1 89.0

READY MIXED
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 96.0 94.0 95.4 95.0
CONCRETE

Data Source: BCA LHS: Left Hand Side y-axis


RHS: Right Hand Side y-axis
Note: The market prices of ready mixed concrete were based on non-fixed price contracts for Grade 35 Pump. p: preliminary
From Jan 2010 onwards, the market prices of ready mixed concrete are based on new contracts with
non-fixed price, fixed price and market retail price for Grade 40 Pump.

CURRENCY
EXCHANGE RATES
UNITS PER USD
CURRENCY
UNIT DEC 09 JAN 10 FEB 10 MAR 10 APR 10 MAY 10

Singapore Dollar $ SGD 1 1.40 1.40 1.41 1.40 1.38 1.39

Euro € EUR 1 0.68 0.70 0.73 0.74 0.75 0.79

U.K. Pound Sterling £ GBP 1 0.62 0.62 0.64 0.66 0.65 0.68

Australian Dollar $ AUD 1 1.11 1.09 1.13 1.10 1.08 1.14

Chinese Yuan ¥ YUAN 1 6.83 6.83 6.83 6.83 6.83 6.83

Japanese Yen ¥ YEN 100 0.89 0.91 0.90 0.91 0.93 0.92

Malaysian Ringgit RM MYR 1 3.41 3.38 3.42 3.33 3.21 3.25

Indonesian Rupiah Rp IDR 1000 9.46 9.28 9.35 9.18 9.03 9.17

Vietnamese Dong ₫ VND 1000 18.70 18.71 18.86 19.22 19.24 19.25
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 JUNE 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

OFFICE WITHIN CBD LANDED RESIDENTIAL

< 10 Storeys 1,800 – 2,250 2,600 – 2,950 Terrace House 1,950 – 2,350

11 – 25 Storeys 2,150 – 2,600 2,700 – 3,350 Semi-detached House 2,150 – 2,900

26 – 40 Storeys 2,300 – 2,950 3,050 – 3,850 Detached House 3,000 – 4,900

41 – 55 Storeys 2,750 – 3,450 3,700 – 4,650 INSTITUTIONAL

> 55 Storeys 3,200 – 3,700 4,200 – 4,800 Primary School 1,000 – 1,350

OFFICE OUTSIDE CBD Secondary School 1,100 – 1,650

< 10 Storeys 1,700 – 2,150 2,150 – 2,750 Junior College 1,350 – 2,100

11 – 25 Storeys 1,850 – 2,400 2,500 – 3,200 Institutions of Higher Learning 1,850 – 2,700

26 – 40 Storeys 2,300 – 2,750 2,800 – 3,550 INDUSTRIAL

HOTEL (INCLUDING FF&E) Single Storey Warehouse 900 – 1,250

Three Star 2,950 – 3,300 3,650 – 4,200 Light Industrial Building 1,000 – 1,400

Four Star 3,150 – 3,850 4,050 – 5,050 Heavy Industrial Building 1,200 – 1,700

Five Star 3,750 – 5,000 4,800 – 6,450 Hi Tech Factory 1,300 – 1,950

RETAIL CAR PARK

Medium Quality 1,900 – 2,450 2,600 – 3,100 Above Grade Car Park 600 – 1,150

Good Quality 2,500 – 2,950 3,150 – 3,800 Basement Car Park 1,250 – 1,900

CONDOMINIUM

Medium Quality Condominium 1,750 – 2,300 2,300 – 2,900

Good Quality Condominium 2,150 – 2,800 2,900 – 3,700

Luxury Quality Condominium 2,700 – 3,700 3,650 – 5,050

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 1st Quarter 2010, 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:

COST PROJECT ADVISORY


CONSULTANCY MANAGEMENT SERVICES

• Cost Planning • Project Management Services • Asset Advisory


• Cost Management • Contract Administration • Transaction Review
• Value Management • Client Representation • Technical Due Diligence
• Contract Procurement • Development Management • Replacement Cost Assessment
• Tender & Contract • Construction Management • Capital Cost Allowances
Documentation • Facilities Management
• Progress Valuations Consulting
• Financial Reporting • Life Cycle Costing
• Auditing Services • RElifing
• Post-Contract Services • Litigation Support
• Final Accounts

A Quarterly Publication from:

Rider Levett Bucknall LLP


150 Beach Road #09-01 Gateway West Singapore 189720
Tel: +65 6339 1500 Fax: +65 6339 1521
Web: www.rlb.com E-mail: rlb@sg.rlb.com

Rider Levett Bucknall LLP (Reg. No. T09LL0492J) is registered in Singapore with limited liability under the Limited Liability Partnerships Act (Cap 163A).

Printer: Interprint Communications Pte Ltd

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.
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