Singapore average construction cost fourth highest in Asia: Turner and Townsend
The study also indicates that construction event in emerging markets such as India, Indonesia, Malaysia, Vietnam and also the Philippines is heating up amidst substantial investments in property and also expanding growth of data centres, production together with life sciences.
Turner & Townsend emphasize that Singapore observed the greatest price of building price rise in 2022 at 12%. As the marketplace continues to face skills capacity difficulties and high work and product costs, the company is expecting construction prices to stay high, with a growth rate of 8% projected for 2023.
“Asia’s diversified moreover aspiring market economies place it in a strong position to command sustained construction growth as well as attract investment, especially in commercial, science and also modern technology, medical care, transport plus realty formulations,” states Cheryl Lum, director and head of data and research at Turner & Townsend Asia.
The standard construction cost per sqm for Hong Kong clocked in at $4,292, putting it in 11th setting among the best 10 markets around the world. Meanwhile, Singapore’s construction cost standards US$ 3,307 per sqm, ranking it fourth in Asia and also 31st worldwide.
Tokyo and Osaka are Asia’s priciest cities for construction, with Tokyo at US$ 4,567 ($6,167) per sq m also Osaka at US$ 4,497 per sq m. Worldwide, Tokyo places 5th, and also Osaka places 6th in building and construction expense.
In Asia, solid demand in well established real estate markets like Singapore, Hong Kong, Japan, and South Korea faces skills shortages and even rising work expenses, bring about enhanced construction costs.
In spite of combined economic problems, the construction outlook for Asia remains to be resilient, according to the most recent version of the International Construction Market Research. The annual poll by consulting business Turner & Townsend records the ordinary building cost per sqm for business, non commercial and also industrial projects in 89 markets globally.
Singapore remains sustained by a solid pipeline of construction projects driven by public housing, facilities, business developments, as well as an arising biomedical field. Elsewhere, Japan’s construction activity is boosted by a strong backlog of construction programs in the lead-up to the Globe Expo that will be held in Osaka in 2025, while Hong Kong and also Mainland China are anticipated to see an improvement in their building and construction fields following the lifting of extended Covid-19 regulations.
