RLB 2024年第四季度香港建筑成本更新

OFFICESAROUNDTHEWORLDAFRICASouth AsiaEUROPEAngolaBacolodBoholUnited KingdomLuandaCagayan de OroBelfastBotswananqaoBirminghamGaboroneClarkBristolKenyaDavaoCardiffCambridgeNairobiHo Chi Minh CityIloiloEdinburghMauritiusJakartaLeedsQuatre BornesKuala LumpurLiverpoolMozambiqueLagunaLondonMaputoMetro ManilaManchesterNamibiaPhnom PenhNewcastle upon TyneSingaporeSheffieldWindhoekYangonThames ValleyNigeriaMaldivesWarringtonLagosHulhumaleEuro AllianceSeychellesIndia AllianceBelgiumVictoriaBulgariaBangaloreSouth AfricaCroatiaCape TownCzech RepublicDurbanAMERICASPretoriaCaribbeanFranceGermanyStellenboschSt. LuciaHungaryNorth AmericaIrelandASIABostonItalyNorth AsiaCalgaryLuxembourgBeijingChicagoMontenegroChengduDenverNetherlandlsGuangzhouHiloNorwayGuiyangHonoluluPolandHaikouseeA sePortugalnozfueHLos AngelesRomaniaHong KongInewSerbiaMacauMiamiSpainNanjingNashvilleSwedenNanningNew YorkPhoenixMIDDLE EASTSeoulShanghaiPortlandSan FranciscoQatarShenyangSan JoseDohaShenzhen[xnMSeattleSaudi ArabiaXianTorontoRiyadhleunuzTucsonJeddahWaimeaWashington DCUnited Arab EmiratesAmerlica AlllanceAbu DhabiDubaiMexico CityColombia2HONG KONG REPORT I Quarterly Construction Cost Update - December 2024 OCEANIAAustraliaAdelaiceBrisbaneCairnsCanberraCoffs HarbourDarwinGold CoastMelbourneNewcastlePerthSunshine CoastSydneyTownsvilleNew ZealandAucklandChristchurchDunedinHamiltonPalmerston NorthQueenstownTaurangaWellington COSTCOMMENTARYHONGKONGIn the third quarter of 2024, Hong Kong's economy displayed a mixture of progress and challenges. Despiterising exports and investments, a decline in consumer spending restrained growth, leading to a moderate pace ofe aim nqauo eyiuBs e ape osas iqd a 'aaao 'angipadxa uaansos pe Buipng u easubstantial 2O.O% increase year-on-year.In the Chief Executive's 2o24 Policy Address, a strong commitment to land production was reiterated, with a7O:3o. As the Northern Metropolis moves towards its maturation phase, prioritizing Innovation and Technology(l&T) development remains a cornerstone of Hong Kong's Development Blueprint. Ongoing initiatives includethe establishment of the Hong Kong-Shenzhen I&T Park in the Loop and the gradual rollout of infrastructuredevelopment at the San Tin Technopole. Concurrently, efforts are underway to aclvance Smart and Green MassTransit Systems and major transport infrastructure projects, while optimizing land development procedures.As of December 2024, private land sales for the_ 2024/25 period have amounted to approximately 9,57Orn° in siteareas. Meanwhile, there are still around 113,8OOm* of land under tender. Over the last five years, the average annualland sales from 2O19/20 to 2O23/24 have been about 116,6OOm*. Given the contraction in the construction sector, afurther decline in construction expendliture is anticipated in the near future. The prospect of contractors potentiallysubmitting more competitive bids to sustain their project pipelines might lead to a stable or slightly decreasecltender price index in the forthcoming quarters.TENDERPRICEMOVEMENT2,680Q3 2024 TPIECONOMICOVERVIEWGross DomesticComposite ConsumerProductPrice Index1.8%2.2%Q3 2024 Y-o-Y in real terms | Q3 2024Y-o-Y in real termsCONSTRUCTIONINDUSTRY1,600.000General Building and Superstructure Works(,u) euue.1,200.000800.000400,0002022Q4QIConsent to commenceHONG KONG REPORT I Quarterly Constructicn Cost Update - December 2024 2.49%0.37%Y-o-YQ-0-QUnemploymentRateUnderemploymentRate3.0%1.2%Jul 2024 Sep 2024Jul 2024 Sep 2024Q22023Q3Q4Q12024Q2E0Notification to commenceSouroe: Buildings Department3 COSTCOMMENTARYHONGKONGCONSTRUCTIONINDUSTRYConsenttoCommenceSuperstructure√47%√45%A-O-人In terms of GFAConsentto CommenceFoundation Works26%Y-o-YIn terms of no.MACAUThanks to the rising number of visitor arrivals to Macau during the peak summer season, Macau's economyexpanded with a rise in service exports during the third quarter of 2024. The overall economic output duringthis time was 87.3% of its size compared to the same quarter in 2O19.In this quarter, investments from the gaming industry fueled a sulostantial 25.4% year-on-year growth inprivate construction investment, while government construction expenditure clecreasec by 5.5%. Despite thisdecline, anticipatecl plans suggest that the Macau Government will escalate public infrastructure investmentsin the next year, including the development of West Expansion Line of the Light Rapid Transit. With afavorable local economic forecast for Macau and continuous investments in private and public constructioninitiatives, it is expected that tencler prices will see moderate increases in the upcoming quarters.ECONOMICOVERVIEWGross Domestic Product^4.7%Q3 2024Y-o-Y in real termsDisclaimer:While the inforrnation in this publication is bolieved to be correct at the time of publishing, no responsibility is accepted for its accuracy. Personsthis publication is indicative and for general guidance only and is based on rates at 3rd Quarter 2024desiring to utilize any informotion appe