2024年第一季度香港建筑成本报告（英文版）

MARCH2024 HONGKONG REPORT QUARTERLYCONSTRUCTION COSTUPDATE RLB 利比 Rider Levett Bucknall OFFICESAROUNDTHEWORLD AFRICASouthAsiaEUROPEOCEANIA UnitedKingdom Bacolod Angola Luanda Bohol Australia Birmingham BelfastAdelaice CagayandeOro Botswananqao Brisbane Cambridge GaboroneClarkBristolCairnsCanberra KenyaDavao HoChiMinhCity Cardiff CoffsHarbour Nairobi Iloilo LeedsDarwin MauritiusJakartaLiverpoolGoldCoast KualaLumpur Laguna QuatreBornes Mozambique MaputoMetroManila LondonMelbourne Newcastle Perth Namibia PhnomPenhSheffield SunshineCoast Sydney Windhoek Singapore ThamesValley Yangon WarringtonTownsville Belgium Bulgaria NigeriaMaldivesEuroAllianceNewZealand Lagos Seychelles Hulhumale IndiaAlliance Auckland Christchurch CroatiaDunedin VictoriaBangalore SouthAfrica CapeTown AMERICAS Durban CzechRepublic Hamilton DenmarkPalmerstonNorth GermanyHungary FranceQueenstown Pretoria Caribbean Tauranga Wellington StellenboschSt.Lucia NorthAmerica CalgaryChicago ASIABoston Irelancd NorthAsia Italy LuxembourgMontenegro Netherlands DenverNorway Portugal HiloPoland Beijing ChengduChongqingGuangzhou Guiyang Honolulu seeAse LosAngeles Romania Haikou nouz6ueH HongKong Macau Nanjing Shanghai Shenyang BujuueNSeoul Shenzhen WuhanWuxi Serbia InewSpain MiamiSweden NewYork PhoenixMIDDLEEAST Portland Qatar SanFrancisco Doha esorues SeattleSaudiArabia TorontoRiyadh Tucson UnitedArabEmirates Waikoloa AbuDhabi WashingtonDC XianDubai (eunuzAmericaAlliance MexicoCity 2HONGKONGREPORTIQuarterlyConstructionCostUpdate-March2024 COSTCOMMENTARY RLB Rider 利比Levett Bucknall HONGKONG HongKong'seconomydemonstratedongoingsignsofrecoveryduringthefourthquarterof2023,primarilydrivenbyinboundtourismandprivateconsumption.Thegovernment'seffortstopromotemegaeventsareanticipated tofurtherstimulatevisitorarrivals.Concurrently,theconstructioninolustryalsoexperienceolgrowth,witha4.9% Inlinewiththe2O24-25Budgetspeech,thegovernmentunveilecthe2O24-25LandSaleProgramme,comprising twocommercialsites,oneindustrialsiteandeightresidentialsites.Itisprojectedtoyieldapproximately15.oo0 a'unuouaers6usnosalbuoupaesapueapenuea6ussecans'sunusno governmenthasestablishedplanstoenhanceinfrastructureconnectivitywithintheGreaterBayAreathrough collaborationwithShenzhenauthoritiesoncross-boundaryrailwayprojects.TheNorthernMetropolisandthe associatedlinfrastructureprojectswillcontinuetoprovideboosttotheconstructionindustry,especiallyforthepublicsector.Inlightofthegloloalleconomicclimate,thetime-laggedeffectsofstringentmonetarymeasuresalso hadanimpactontheoverallglobaleconomy.However,itisexpectedthatmajorcentralbankswillreduceinterestrates,leadingtoagradualrecoveryindemand.Movingforward,theeconomicoutlookforHongKongappears favorable,withanticipatedimprovementsintheexternalenvironment.Thegovernment'semphasisoninfrastructure priceindexintheupcomingquarters. TENDERPRICEMOVEMENT sawayear-on-yearriseof10.2%. 2,640 3.73% 0.96% Q42023TPIY-o-YQ-0-Q ECONOMICOVERVIEW GrossDomestic Product 4.3% Q42023Y-o-Yinrealterms|Q42023Y-o-Yinrealterms CompositeConsumer PriceIndex 2.4% Unemployment Rate 2.9% Oct2023-Dec2023 Underemployment Rate 1.0% Oct2023Dec2023 CONSTRUCTIONINDUSTRY (,u)gie GeneralBuildingandSuperstructureWorks 1,600,000 1,200,000 800,000 400,000 0 Q2 Q3 Q4 Q2 Q3 Q4 2022 2023 ConsenttocommenceNotificationtocommence Souroe:BuildingsDepartment HONGKONGREPORTIQuarterlyConstrUctionCostUpdate-March20243 COSTCOMMENTARY HONGKONG CONSTRUCTIONINDUSTRY Q42023 ConsenttoCommence Superstructure 29% 47% Y-o-YQ-0-Q IntermsofGFA Y-o-Y IntermsofGFA 21% NotificationtoCommence 95% Q-0-Q ConsenttoCommenceFoundationWorks 24% Y-o-Y Intermsofno. ApprovalofBuildingPlans 6% Q-0-Q Y-o-Y Intermsofno √52% 29% Q-0-Q MACAU Macau'seconomyisonawayofsustainedrecovery,mainlycontributedbythesignificantincreaseintourism andgamingsectors.Inthefourthquarterof2O23. aremarkableincreaseinvisitorarrivalsisnotedwitha year-on-yearsurgeof520%toreach8.3millionvisitors.Thisfigurerepresents90%ofthevisitorcountinthe privateconstructioninvestment.Conversely,publicconstructioninvestmentdecreasedby5.6%year-on-year,primarilyduetothecompletionoflarge-scalepublicinfrastructureprojects.However,theMacaugovernment isactivelyincreasingitspublicinfrastructureinvestments,includingthedevelopmentofalarge-scalepublic housingprojectandtheexpansionoftheMacauLightRapidTransitEastLine.Consideringthesepositivefactors,itisexpectedthattenderpriceswillgraduallyriseintheupcomingquarters. samequarterof2o19.Thesurgeintourismhascontributectothecontinuousgrowthinexternaldemandforservices.Furthermore,theinvestmentmadebygamingenterpriseshaslecdtoa44.6%year-on-yeargrowthin ECONOMICOVERVIEW GrossDomesticProduct UnemploymentRate UnderemploymentRate 86.4% 2.3%1.4% Q42023Y-o-Yinrealterms Oct2023-Dec2023 Oct2023Dec2023 Disclaimer: Whiletheinforrnationinthispublicationisbolievedtobecorrectatthetimeofpu