Construction Cost Handbook
KOREA 2015
Langdon & Seah Korea Co., Ltd.
Langdon & Seah Korea Co., Ltd.
Handbook Cover Photos :
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INTRODUCTION
The following handbook of information relating to the
construction industry has been compiled by:
LANGDON & SEAH KOREA Co., Ltd.
#429, 27(G-Five Central Plaza)
Seochojungang-ro 24-gil,
Seocho-Gu, Seoul
Korea 137-882
GPS
: 37.4953, 127.0164
Tel
: (82 2) 543 3888
Fax
: (82 2) 543 3898
Email
: info@kr.LangdonSeah.com
Contact : Alan Hearn / Aaron Page
© Langdon & Seah Korea Co., Ltd.
All rights reserved. No part of this publication may be
reproduced, copied, stored of transmitted in any form
without prior written permission from Langdon & Seah
Korea Co., Ltd.
The information contained herein should be regarded
as indicative and for general guidance only. Langdon
& Seah Korea Co., Ltd. makes no representation,
expressed or implied, with regard to the accuracy of the
information herein and cannot accept any responsibility
or liability for any errors or omissions that may be made.
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are current as at 4th Quarter 2014.
Business Registration No: 211-86-99072
INTRODUCTION
3
TABLE OF CONTENTS
Page
Table of Contents
4
About Us
7
Calendars
8
1. CONSTRUCTION COST DATA
Construction Costs for Seoul
12
M&E Costs for Seoul
14
&RQVWUXFWLRQ&RVWV6SHFL¿FDWLRQIRU.RUHD
Construction Costs for Selected Asian cities
18
M&E Costs for Selected Asian cities
24
Major Rates for Selected Asian cities
30
2. GENERAL CONSTRUCTION DATA
Consumer Price Index
4
38
Top twenty Construction Firms
39
Construction Orders Received
40
Materials Prices Indices
42
Labour Prices Indices
48
INTRODUCTION
Page
3. PROPERTY
Real Estate Market
58
4. FINANCIAL
)LQDQFLDO'H¿QLWLRQV
Prime Rates
Exchange Rates
Currency Charts
94
95
96
5. OTHER INFORMATION
Utility Cost for Selected Asian Cities
100
Conversion Factors
104
IDD Codes and Time Differences
106
Public Holidays
108
Contract Procurement
'LUHFWRU\RI2I¿FHV INTRODUCTION
118
5
INTRODUCTION
6
INTRODUCTION
ABOUT US
First established in 1934 in Singapore under the name
“Waters and Watson” we survived the Second World
War to become the pre-eminent Quantity Surveying
and Construction Cost Management firm in Asia –
operating for many years as Langdon Every and Seah
and subsequently Langdon & Seah. One of our early
partners, Mr. Seah Mong Hee, was the first Asian
Chartered Surveyor (RICS) in the world.
Langdon & Seah Korea was established in May 2000
and has been providing quantity surveying, cost
management, negotiation services, project management
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of international and Korean clients on various projects.
In April 2012, Langdon & Seah merged with ARCADIS,
the international consultancy, design, engineering and
management services company. This partnership now
provides Langdon & Seah with the ability, together
with EC Harris, inProjects, Genesis, Hyder, RTKL and
Callison to serve our multi-national clients through a
network of 28,000 professionals. Today Langdon &
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Our vision to be the leading Cost, Contract and
Quantity Surveying, Environmental Sustainability and
Project Management Consultant in the Korea built
environment providing the highest level of excellence
in professionalism and integrity, working on modern,
leading edge projects – integrating and coordinating
each of our business lines.
Our mission is to deliver world class construction cost
management, project management and consultancy
services which, through teamwork, make a measurable
difference to our clients, maximizing value for money
and security of objective.
INTRODUCTION
7
CALENDAR
2014
JANUARY
S
M
T W
5 6 7
12 13 14
19 20 21
26 27 28
T
FEBRUARY
F
S
1 2 3 4
8 9 10 11
15 16 17 18
22 23 24 25
29 30 31
S
M
M
S
M
T W
T
2 3 4 5 6
9 10 11 12 13
16 17 18 19 20
23 24 25 26 27
APRIL
S
T W
MARCH
F
S
F
S
F
S
F
S
1
7 8
14 15
21 22
28
S
M
T W
S
M
T W
MAY
T
F
S
T
F
S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30
S
M
S
M
T W
T
F
S
T
F
S
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23/30 24/31 25 26 27 28 29
JUNE
T
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30
2014
JULY
6 7
13 14
20 21
27 28
T W
AUGUST
1 2 3 4 5
8 9 10 11 12
15 16 17 18 19
22 23 24 25 26
29 30 31
M
T W
5 6 7
12 13 14
19 20 21
26 27 28
T
T
3 4 5 6 7
10 11 12 13 14
17 18 19 20 21
24/31 25 26 27 28
OCTOBER
S
T W
SEPTEMBER
1 2
8 9
15 16
22 23
29 30
S
M
S
M
S
M
T W
S
M
T W
NOVEMBER
F
S
1 2 3 4
8 9 10 11
15 16 17 18
22 23 24 25
29 30 31
S
M
T W
T
T W
T
F
S
F
S
T
F
S
T
F
S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30
DECEMBER
2 3 4 5 6 7
9 10 11 12 13 14
16 17 18 19 20 21
23/30 24 25 26 27 28
1
8
15
22
29
T W
T
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31
2015
JANUARY
S
M
T W
S
M
T W
T
FEBRUARY
F
S
F
S
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
S
M
T W
S
M
T W
MARCH
F
S
F
S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
APRIL
T
T
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31
MAY
1 2 3 4
8 9 10 11
15 16 17 18
22 23 24 25
29 30
JUNE
T
1 2
8 9
15 16
22 23
29 30
1 2 3 4 5 6
8 9 10 11 12 13
15 16 17 18 19 20
22 23 24 25 26 27
29 30
2015
5 6 7
12 13 14
19 20 21
26 27 28
3 4 5 6 7
10 11 12 13 14
17 18 19 20 21
24/31 25 26 27 28
JULY
S
M
T W
5 6 7
12 13 14
19 20 21
26 27 28
AUGUST
T
F
S
1 2 3 4
8 9 10 11
15 16 17 18
22 23 24 25
29 30 31
S
M
T W
T
T W
T
SEPTEMBER
F
S
1
8
15
22
29
S
M
S
S
M
T W
T
S
M
T W
T
F
S
F
S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30
NOVEMBER
F
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
8
M
2 3 4 5 6 7
9 10 11 12 13 14
16 17 18 19 20 21
23/30 24/31 25 26 27 28
OCTOBER
S
7
14
21
28
DECEMBER
F
S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30
T W
1 2
6 7 8 9
13 14 15 16
20 21 22 23
27 28 29 30
T
3 4 5
10 11 12
17 18 19
24 25 26
31
CALENDAR
2016
JANUARY
S
M
T W
T
3 4 5 6 7
10 11 12 13 14
17 18 19 20 21
24/31 25 26 27 28
FEBRUARY
F
S
1 2
8 9
15 16
22 23
29 30
S
M
T W
S
M
T W
S
M
7
14
21
28
APRIL
S
M
T W
S
M
T W
MARCH
T
F
S
T
F
S
F
S
F
S
T
F
S
T
F
S
1 2 3 4 5 6
8 9 10 11 12 13
15 16 17 18 19 20
22 23 24 25 26 27
29
S
M
T W
S
M
T W
1 2
6 7 8 9
13 14 15 16
20 21 22 23
27 28 29 30
MAY
T
F
S
F
S
T
F
S
T
F
S
3 4 5
10 11 12
17 18 19
24 25 26
31
JUNE
2016
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31
JULY
AUGUST
T
3 4 5 6 7
10 11 12 13 14
17 18 19 20 21
24/31 25 26 27 28
1 2
8 9
15 16
22 23
29 30
7
14
21
28
OCTOBER
S
M
T W
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30
T
T W
T
SEPTEMBER
1 2 3 4 5 6
8 9 10 11 12 13
15 16 17 18 19 20
22 23 24 25 26 27
29 30 31
S
M
S
M
S
M
T W
S
M
T W
NOVEMBER
F
2 3 4 5 6 7
9 10 11 12 13 14
16 17 18 19 20 21
23/30 24/31 25 26 27 28
S
1
8
15
22
29
S
M
6 7
13 14
20 21
27 28
T W
T
T W
T
F
S
F
S
T
F
S
T
F
S
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30
DECEMBER
1 2 3 4 5
8 9 10 11 12
15 16 17 18 19
22 23 24 25 26
29 30
T W
T
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
2017
JANUARY
S
M
T W
S
M
T W
T
FEBRUARY
F
S
F
S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31
S
M
T W
S
M
T W
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28
APRIL
T
MARCH
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31
MAY
1
8
15
22
29
7
14
21
28
S
S
JUNE
1 2 3 4 5 6
8 9 10 11 12 13
15 16 17 18 19 20
22 23 24 25 26 27
29 30 30
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30
2017
2 3 4 5 6 7
9 10 11 12 13 14
16 17 18 19 20 21
23/30 24 25 26 27 28
JULY
S
M
T W
AUGUST
T
F
2 3 4 5 6 7
9 10 11 12 13 14
16 17 18 19 20 21
23/30 24/31 25 26 27 28
1
8
15
22
29
6 7
13 14
20 21
27 28
OCTOBER
S
M
T W
T
T W
T
SEPTEMBER
F
S
F
S
1 2 3 4 5
8 9 10 11 12
15 16 17 18 19
22 23 24 25 26
29 30 31
S
M
S
S
M
T W
T
S
M
T W
T
F
S
F
S
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
NOVEMBER
F
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31
CALENDAR
M
DECEMBER
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30
T W
T
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24/31 25 26 27 28 29 30
9
TABLE OF CONTENTS
10
INTRODUCTION
CONSTRUCTION COST DATA
1
Construction Costs for Seoul
M&E Costs for Seoul
Construction Costs Specification for Korea
Construction Costs for Selected Asian cities
M&E Costs for Selected Asian cities
Major Rates for Selected Asian cities
INTRODUCTION
13
1
CONSTRUCTION COST DATA
CONSTRUCTION COSTS FOR SEOUL
TYPES
DOMESTIC
Detached houses and bungalows
Terraced houses
Av. standard apartments, high rise
Luxury apartments, high rise
OFFICE/COMMERCIAL
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3UHVWLJHRI¿FHVKLJKULVH
Shopping Centres
HOTELS
Resort Hotels
3-star budget hotels (incl. F.F. & E.)
5-star luxury hotels, ditto
OTHERS
Basement carparks (<3 levels)
Elevated carparks (<4 levels)
Single storey factory of struc. steel
Primary and Secondary Schools
Student hostels
Sports Clubs inclusive of F.F.&E.
The above costs are at 4th Quarter 2014 levels.
12
CONSTRUCTION COST DATA
Overall Cost
KRW/m2
2013
2014
2,250,000
2,300,000
1,875,000
N/A
1,520,000
1,550,000
1,850,000
1,880,000
1,250,000
1,300,000
1,560,000
1,570,000
1,855,000
1,900,000
1,785,000
1,800,000
1,850,000
1,860,000
2,690,000
2,800,000
1,050,000
1,080,000
670,000
690,000
750,000
750,000
2,040,000
2,050,000
1,230,000
1,250,000
1,660,000
1,670,000
CONSTRUCTION COST DATA
13
14
Average standard offices, high rise
Prestige offices, high rise
Average standard shopping centres
Prestige shopping centres
OFFICE/COMMERCIAL
Public rent houseing , high rise
Private housing estates, high rise
Private luxury apartments, high rise
Terraced houses
Individual prestige houses
DOMESTIC
BUILDING TYPE
M&E COSTS FOR SEOUL
126,000 - 181,000
211,000 - 299,000
126,000 - 199,000
156,000 - 259,000
52,000 - 75,000
85,000 - 126,000
99,000 - 181,000
115,000 - 148,000
154,000 - 172,000
200,000 - 395,000
265,000 - 395,000
180,000 - 230,000
210,000 - 250,000
125,000 - 165,000
145,000 - 180,000
170,000 - 220,000
150,000 - 200,000
170,000 - 220,000
MECHANICAL ELECTRICAL
SERVICES
SERVICES
43,000 - 70,000
43,000 - 70,000
25,000 - 72,000
25,000 - 72,000
33,000 - 70,000
33,000 - 70,000
33,000 - 70,000
33,000 - 70,000
33,000 - 70,000
40,000 - 64,000
40,000 - 64,000
50,000 - 84,000
50,000 - 84,000
29,000 - 41,000
29,000 - 41,000
29,000 - 41,000
29,000 - 41,000
20,000 - 33,000
27,000 - 48,000
34,000 - 61,000
23,000 - 48,000
29,000 - 60,000
31,000 - 43,000
38,000 - 48,000
52,000 - 71,000
47,000 - 54,000
55,000 - 63,000
FIRE
LIFTS/
HYDRAULIC
SERVICES ESCALATORS SERVICES
KRW/m2
436,000 - 758,000
593,000 - 889,000
404,000 - 633,000
470,000 - 725,000
270,000 - 394,000
330,000 - 465,000
383,000 - 583,000
374,000 - 513,000
432,000 - 558,000
TOTAL
SERVICES
1
CONSTRUCTION COST DATA
M&E COSTS FOR SEOUL
CONSTRUCTION COST DATA
CONSTRUCTION COST DATA
15
The above costs are at 4th Quarter 2014 levels.
Carparks, above ground
Primary and secondary schools
International schools
Student hostels
Sports clubs inclusive of F.F. & E.
OTHERS
warehouses, 15 kpa (300 lb.) loading
(150 lb.) loading
INDUSTRIAL
3-star budget hotels, inclusive of F.F. & E.
5-star luxury hotels, inclusive of F.F. & E.
HOTELS
97,000 - 133,000
40,000 - 91,000
40,000 - 91,000
6,000 - 9,000
58,000 - 63,000
179,000 - 201,000
74,000 - 84,000
156,000 - 212,000
63,000 - 125,000
120,000 - 150,000
275,000 - 330,000
140,000 - 190,000
235,000 - 360,000
11,000 - 15,000
20,000 - 25,000
41,000 - 45,000
41,000 - 45,000
46,000 - 55,000
365,000 - 469,000 175,000 - 235,000 123,000 - 164,000
295,000 - 390,000 125,000 - 165,000
191,000-303,000 300,000 - 400,000
221,000-356,000 360,000 - 490,000
85,000 - 192,000
632,000 - 964,000
44,000 - 68,000 685,000 - 1,037,000
62,000 - 97,000 793,000 - 1,214,000
11,000 - 22,000
13,000 - 16,000
12,000 - 16,000
24,000 - 26,000
12,000 - 16,000
32,000 - 37,000
26,000 - 42,000
38,000 - 43,000
26,000 - 42,000 128,000 - 159,000
104,000 - 187,000
234,000 - 280,000
539,000 - 629,000
319,000 - 404,000
591,000 - 828,000
59,000 - 84,000 234,000 - 299,000 956,000 - 1,251,000
30,000 - 84,000
110,000-175,000
110,000-180,000
1
CONSTRUCTION COST DATA
CONSTRUCTION COSTS SPECIFICATION
FOR KOREA
The costs for the respective catagories given on the previous
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must be understood that the actual cost of a building will depend
upon the design and many other factors and may vary from the
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The costs per square metre are based on construction floor
areas measured to the outside face of the external walls/external
perimeter including lift shafts, stairwells, balconies, plant rooms,
water tanks and the like.
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expenses.
The standards for each category of buildings vary from country to
country. Standards represented by the construction costs of other
regions published hereinafter do not necessarily follow those of
Korea.
RESIDENTIAL
Detached Houses
Cost is for 2-storey detached houses with or without airconditioning, garden, parking and the like depending on custom.
Average Standard Apartment, High Rise
Cost is for average standard apartments with limited facilities and
air-conditioning to bedrooms only. Cost excludes car parks.
Luxury Apartments, High Rise
Cost is for good quality apartments with full facilities and airconditioning to all the rooms. Cost excludes car parks.
COMMERCIAL
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&RVWLVIRUDYHUDJHVWDQGDUGRI¿FHVZLWKDLUFRQGLWLRQLQJDQGEDVLF
¿QLVKHV&RVWH[FOXGHVFDUSDUNV
16
CONSTRUCTION COST DATA
3UHVWLJH2I¿FHV+LJK5LVH
&RVWLVIRUXSPDUNHWRI¿FHVZLWKFXUWDLQZDOOLQJRUVLPLODUKLJK
JUDGHFODGGLQJV\VWHPDQGJRRGTXDOLW\¿QLVKHV&RVWH[FOXGHV
car parks.
Shopping Centres
&RVWLVIRUDYHUDJHTXDOLW\VKRSSLQJFHQWUHVZLWKOLPLWHG¿QLVKHV
and M&E services within the shops (i.e. no air-conditioning ducting,
OLJKW¿WWLQJVVSULQNOHUSRLQWVDQGFHLOLQJDQGÀRRU¿QLVKHV
INDUSTRIAL
Light Duty Flatted Factories
Cost is for multi-tenancy building with basic finishes and no airconditioning.
Single Storey Factories
Cost is for conventional factories with basic finishes and no airconditioning.
HOTELS
Cost includes the following F.F. & E.:
a) Interior decoration
E)XUQLWXUHDQG¿WWLQJV¿[HGDQGPRYDEOH
F6DQLWDU\¿WWLQJVDQGDFFHVVRULHV
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Cost excludes operating equipment and pre-opening expenses.
OTHERS
Basement Car Parks
Cost is for basement car parks with mechanical ventilation.
Elevated Car Parks
Cost is for multi-storey car parks with natural ventilation and no
curtain walling.
Schools
Cost is for public schools. Cost excludes air-conditioning.
CONSTRUCTION COST DATA
17
18
Budget hotels - 3-star, mid market
Business hotels - 4/5-star
Luxury hotels - 5-star
HOTELS
Out-of-town shopping centre, average
standard
Retail malls, high end
OFFICE / COMMERCIAL
Apartments, high rise, average standard
Apartments, high rise, high end
Terraced houses, average standard
Detached houses, high end
DOMESTIC
BUILDING TYPE
CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES
US$/m2
1
CONSTRUCTION COST DATA
CONSTRUCTION COSTS FOR SELECTED
ASIAN CITIES
CONSTRUCTION COST DATA
(Cont'd)
CONSTRUCTION COST DATA
19
Houses are built to shell and core standard only, where all tenant or occupant areas are unfurnished.
Rates are nett of VAT.
+
$
The above costs are at 4th Quarter 2014 levels, inclusive of preliminaries but exclusive of contingencies.
For latest cost information, please refer to our Quarterly Construction Cost Review.
20
Budget hotels - 3-star, mid market
Business hotels - 4/5-star
Luxury hotels - 5-star
HOTELS
Out-of-town shopping centre, average
standard
Retail malls, high end
OFFICE / COMMERCIAL
Apartments, high rise, average standard
Apartments, high rise, high end
Terraced houses, average standard
Detached houses, high end
DOMESTIC
BUILDING TYPE
US$/m2
CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES (Cont'd)
1
CONSTRUCTION COST DATA
CONSTRUCTION COSTS FOR SELECTED
ASIAN CITIES
CONSTRUCTION COST DATA
CONSTRUCTION COST DATA
Open on all sides with parapet.
Rates are nett of GST.
Houses are built to shell and core standard only, where all tenant or
occupant areas are unfurnished.
Rates are exclusive of any management contract fee.
The above costs are at 4th Quarter 2014 levels, inclusive of preliminaries but exclusive of contingencies.
For latest cost information, please refer to our Quarterly Construction Cost Review.
+
(Cont'd)
21
1
CONSTRUCTION COST DATA
CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES (Cont'd)
CONSTRUCTION COSTS FOR SELECTED
ASIAN CITIES
22
CONSTRUCTION COST DATA
CONSTRUCTION COST DATA
23
$
œ
Rates include 12% VAT.
Rates exclude VAT.
Rates are nett of VAT.
Rates are based on projects in Bangalore and are nett of VAT and
Service Tax. Mumbai costs are generally 8% higher.
The above costs are at 4th Quarter 2014 levels, inclusive of preliminaries but exclusive of contingencies.
For latest cost information, please refer to our Quarterly Construction Cost Review.
1
CONSTRUCTION COST DATA
M&E COSTS FOR SELECTED ASIAN CITIES
M&E COSTS FOR SELECTED ASIAN CITIES
24
CONSTRUCTION COST DATA
(Cont'd)
CONSTRUCTION COST DATA
25
* Generally without A/C.
** Excludes special power supply.
The above costs are at 4th Quarter 2014 levels, exclusive of contingencies.
1
CONSTRUCTION COST DATA
M&E COSTS FOR SELECTED ASIAN CITIES (Cont'd)
M&E COSTS FOR SELECTED ASIAN CITIES
26
CONSTRUCTION COST DATA
(Cont'd)
CONSTRUCTION COST DATA
27
Rates are nett of GST and excluding BAS.
* Generally without A/C.
** Excludes special power supply.
The above costs are at 4th Quarter 2014 levels, exclusive of contingencies.
1
CONSTRUCTION COST DATA
M&E COSTS FOR SELECTED ASIAN CITIES (Cont'd)
M&E COSTS FOR SELECTED ASIAN CITIES
28
CONSTRUCTION COST DATA
4th Quarter 2014
CONSTRUCTION COST DATA
29
1
CONSTRUCTION COST DATA
MAJOR RATES FOR SELECTED ASIAN CITIES
MAJOR RATES FOR SELECTED ASIAN CITIES
30
CONSTRUCTION COST DATA
CONSTRUCTION COST DATA
31
$
Rates include labour costs and are nett of VAT.
4th Quarter 2014
1
CONSTRUCTION COST DATA
MAJOR RATES FOR SELECTED ASIAN CITIES (Cont'd)
MAJOR RATES FOR SELECTED ASIAN CITIES
32
CONSTRUCTION COST DATA
4th Quarter 2014
CONSTRUCTION COST DATA
33
1
CONSTRUCTION COST DATA
MAJOR RATES FOR SELECTED ASIAN CITIES (Cont'd)
MAJOR RATES FOR SELECTED ASIAN CITIES
34
CONSTRUCTION COST DATA
4th Quarter 2014
CONSTRUCTION COST DATA
35
1
36
CONSTRUCTION COST DATA
CONSTRUCTION COST DATA
GENERAL CONSTRUCTION DATA
Consumer Price Index
Top twenty Construction Firms
Construction Orders Received
Materials Prices Indices
Labour Prices Indices
2
2
GENERAL CONSTRUCTION DATA
CONSUMER PRICE INDEX
Year
CPI
(as at Q1 2015)
Index
(Base 2010)
Inflation
2000
73.1
-3.9%
2001
76.1
-2.7%
2002
78.2
-3.4%
2003
80.9
-3.5%
2004
83.8
-2.7%
2005
86.1
-2.2%
2006
88.1
-2.5%
2007
90.3
-4.5%
2008
94.5
-2.7%
2009
97.1
-2.9%
2010
100.0
0.0%
2011
104.0
4.0%
2012
106.3
2.2%
2013
107.7
1.3%
2014
109.0
1.3%
2015 Q1
109.4
0.3%
110
100
90
80
70
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Source: Korean National Statistcal Office
38
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
HOBAN CONSTRUCTION
BOOYOUNG CONSTRUCTION
Rank Construction Firms
Total turnover
million KRW
0
2,000
4,000
6,000 8,000 10,000 12,000 14,000
TOP 20 CONSTRUCTION FIRMS
Source: Korean National Statistcal Office
39
40
100.0
133.0
152.3
148.4
155.8
164.8
188.4
180.8
185.7
168.1
174.2
168.0
152.6
169.5
(base 2001)
Mill.Won
50,994,920
67,833,659
80,897,273
77,774,389
83,489,358
91,001,140
112,501,594
103,906,835
109,088,476
89,814,311
95,331,862
89,395,015
75,644,074
88,423,014
Index
Total Orders Received
Source : The Bank of Korea Economic Statisitics System
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YEAR
33.0%
14.5%
-2.5%
5.0%
5.8%
14.3%
-4.1%
2.8%
-9.5%
3.7%
-3.6%
-9.1%
11.0%
Inflation
Value of Domestic Construction Orders Received
50,576,257
56,215,640
65,552,986
72,837,967
75,830,729
77,838,924
82,938,767
87,032,051
89,862,939
92,276,013
91,716,646
88,713,159
97,937,581
98,255,175
Mill.Won
Completed
Total Value of Construction
100.0
111.2
127.8
138.9
143.0
145.6
152.2
157.1
160.4
163.1
162.4
159.2
169.6
169.9
(base 2001)
Index
Value of Construction Completed
11.2%
14.9%
8.7%
3.0%
1.9%
4.5%
3.2%
2.1%
1.7%
-0.4%
-2.0%
-6.5%
0.2%
Inflation
2
GENERAL CONSTRUCTION DATA
CONSTRUCTION ORDERS RECEIVED
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
41
01
02
03
04
05
06
Total Orders Received
Source : The Bank of Korea Economic Statisitics System
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
07
08
09
10
11
Total Value of Construction Completed
12
13
14
42
Brick (100ea)
(190X90X57)
Concrete Pile
(1,780kg/ea)
Rebar
(D16mm)
Sand
(Coarse)
135.2
2014 4,508
4,833
4,500
4,500
4,500
4,558
4,600
5,000
103.4
-0.5%
6,000
124.1
124.1
6,000
117.2
103.4
6.8%
5,000
97.4
93.1
93.1
93.1
94.3
95.2
100.0
11.0% 5,667
-0.5%
2.8%
14.1% 4,708
0.5%
0.0%
-0.5%
-0.5%
2.1%
0.0%
6.9%
13.8%
0.0%
6.0%
4.3%
0.0%
0.0%
-1.2%
-0.9%
-4.8%
194,025
264,800
264,800
246,942
212,358
211,997
225,108
213,575
183,200
175,233
174,158
176,300
136.5
136.5
127.3
109.4
109.3
116.0
110.1
94.4
90.3
89.8
90.9
100.0
Source: Korean Price Index "KPI" website (www.kpi.or.kr) as at Q1 2015
129.0
135.8
2012 4,300
2013 4,525
118.5
118.0
2010 3,950
2011 3,933
115.7
2009 3,857
101.1
101.1
2006 3,370
2007 3,370
101.6
101.6
2005 3,387
2008 3,387
100.0
102.1
402,750
680,417
711,417
807,167
816,917
744,833
739,000
880,167
526,500
455,667
506,083
550,417
100.0
168.9
176.6
200.4
202.8
184.9
183.5
218.5
130.7
113.1
125.7
136.7
11,000
12,000
12,000
-7.7%
12,000
-23.8% 12,000
-2.4%
17.9% 12,000
1.4%
-35.1% 12,000
87.8% 12,417
17.6% 11,500
-12.5% 11,333
-11.0% 14,167
36.7% 12,250
100.0
109.1
109.1
109.1
109.1
109.1
109.1
112.9
104.5
103.0
128.8
111.4
Note: Costs are the annual average for each year
0.0%
9.2%
17.8%
0.2%
-6.8%
5.9%
15.7%
4.1%
0.6%
-1.1%
-9.1%
0.0%
0.0%
0.0%
0.0%
0.0%
-3.8%
8.3%
1.5%
-25.8%
17.4%
11.4%
Index
Index
Index
Index
Index
Inflation KRW
Inflation KRW
Inflation KRW
Inflation KRW
Inflation
(Base 2003)
(Base 2003)
(Base 2003)
(Base 2003)
(Base 2003)
3,333
KRW
2004 3,404
2003
YEAR
Cement
(40kg Bag)
2
GENERAL CONSTRUCTION DATA
MATERIAL PRICES INDICES
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
43
03
04
05
Cement
06
Brick
Note: Costs are the annual average for each year
50
100
150
200
250
300
07
08
09
Concrete Pile
10
11
Rebar
12
Sand
13
14
44
Plywood
(12T,4'X8')
Ready Mixed Concrete (21MPa,
Slump:12cm, Agg:25mm)
110.4
109.0
2006 13,250
2007 13,083
108.3
108.3
108.3
108.3
2011 13,000
2012 13,000
2013 13,000
2014 13,000
0.0%
0.0%
0.0%
0.0%
0.0%
8.3%
-9.0%
-1.4%
1.4%
2.1%
6.9%
15,125
27,700
27,267
26,800
25,417
23,692
24,650
21,558
18,625
16,792
16,200
16,417
100.0
183.1
180.3
177.2
168.0
156.6
163.0
142.5
123.1
111.0
107.1
108.5
49,080
51,708
53,828
52,210
54,280
2.9%
3.1%
9.1%
59.685
58,900
57,747
11.4% 54,763
-6.3%
20.4% 53,125
19.4% 51,248
12.1% 49,080
3.9%
-1.4%
8.5%
114.3
112.8
110.6
104.9
104.0
101.8
98.2
94.0
94.0
99.0
103.1
100.0
Source: Korean Price Index "KPI" website (www.kpi.or.kr) as at Q1 2015
108.3
108.3
2009 13,000
2010 13,000
100.0
109.0
2005 13,083
2008 12,000
100.0
106.9
862.083
877,500
975,000
999,583
880,000
967,500
1,037,500
658,333
594,167
613,917
623,583
452,500
KRW
L-Copper Pipe
(25 mm)
190.5
193.9
215.5
220.9
194.5
213.8
229.3
145.5
131.3
135.7
137.8
100.0
-3.4%
-21.5%
-5.4%
26.4%
-19.3%
-15.5%
83.8%
14.2%
-4.4%
-2.1%
37.8%
8,412
9,127
9,933
11,112
9,606
7,232
8,770
7,886
7,620
4,962
4,499
3,161
266.1
288.8
314.3
351.5
303.9
228.8
277.5
249.5
241.1
157.0
142.3
100.0
-22.6%
-25.5%
-37.3%
47.6%
75.1%
-48.7%
28.0%
8.4%
84.1%
14.6%
42.3%
Index
Index
Inflation KRW
Inflation
(Base 2003)
(Base 2003)
H-Beam
(346X174X6X9)
Note: Costs are the annual average for each year
1.5%
2.2%
5.7%
0.9%
2.2%
3.6%
4.2%
0.0%
-5.0%
-4.1%
3.1%
Index
Index
Index
Inflation KRW
Inflation KRW
Inflation
(Base 2003)
(Base 2003)
(Base 2003)
2004 12,833
KRW
2003 12,000
YEAR
Gravel
(#467,40mm)
2
GENERAL CONSTRUCTION DATA
MATERIAL PRICES INDICES
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
45
03
04
Gravel
05
Plywood
06
Note: Costs are the annual average for each year
50
100
150
200
250
300
350
400
07
09
Ready Mixed Concrete
08
10
H-Beam
11
12
L-Copper Pipe
13
14
46
7,618
2014
Galvanised Steel Sheet
(3 mm)
Gyp sum board 9.5T
(1,200x2,400) (Each)
Straight Asphalt (AP-3, Asphalt
Penetrometer: 85~100) KG
132.0
134.2
135.8
145.8
140.2
139.4
160.8
167.2
118.8
105.8
120.6
100.0
-2.2%
-1.5%
-10.1%
5.6%
0.8%
-21.4%
-6.4%
48.4%
13.0%
-14.8%
20.6%
3,090
3,073
3,171
3,203
2,739
2,705
2,712
1,824
1,731
1,903
1,675
1,241
248.9
247.6
255.5
258.0
220.7
217.9
218.5
146.9
139.5
153.3
135.0
100.0
-1.4%
-7.9%
-2.6%
37.4%
2.7%
-0.5%
71.5%
7.5%
-13.8%
18.4%
35.0%
1,426,500
1,426,500
1,426,500
1,354,833
1,176,500
1,058,500
1,128,833
937,500
890,833
928,750
837,250
678,833
210.1
210.1
210.1
199.6
173.3
155.9
166.3
138.1
131.2
136.8
123.3
100.0
6,250
7,500
6,600
6,600
6,600
6,600
6,600
5,998
5,600
6,142
6,250
6,250
100.0
120.0
105.6
105.6
105.6
105.6
105.6
96.0
89.6
98.3
100.0
100.0
14.4%
0.0%
0.0%
0.0%
0.0%
9.6%
6.4%
-8.7%
-1.7%
0.0%
0.0%
306
667
768
784
696
640
536
479
326
373
303
309
100.0
218.1
251.1
256.3
227.5
209.3
175.3
156.7
106.5
122.1
98.9
101.1
1.1%
-33.0%
-5.2%
28.8%
18.3%
34.0%
18.6%
50.1%
-15.5%
23.2%
-2.2%
Note: Costs are the annual average for each year
0.0%
0.0%
10.6%
26.3%
17.4%
-10.4%
28.2%
6.9%
-5.6%
13.5%
23.3%
Index
Index
Index
Index
Index
Inflation KRW
Inflation KRW
Inflation KRW
Inflation KRW
Inflation
(Base 2003)
(Base 2003)
(Base 2003)
(Base 2003)
(Base 2003)
Black Steel Pipe
(25 mm)
Source: Korean Price Index "KPI" website (www.kpi.or.kr) as at Q1 2015
7,833
7,746
2012
2013
8,088
8,413
2010
8,041
2011
9,277
6,856
9,647
2006
2007
2009
6,106
2005
2008
5,770
6,959
2004
KRW
2003
YEAR
Stainless Steel Pipe
(25 mm, 2mm Thickness)
2
GENERAL CONSTRUCTION DATA
MATERIAL PRICES INDICES
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
47
03
04
05
Stainless Steel Pipe
06
07
Black Steel Pipe
Note: Costs are the annual average for each year
50
100
150
200
250
300
08
09
Galvanised Steel Sheet
10
11
Gyp sum board 9.5T
12
13
Straight Asphalt
14
48
127,698
127,768
2013
2014
147.1
147.0
138.3
135.0
129.2
127.1
123.9
117.4
115.6
115.3
111.9
100.0
Index
(base
2003)
0.0%
6.3%
2.4%
4.5%
1.7%
2.5%
5.6%
1.6%
0.3%
3.0%
11.9%
Inflation
132,728
123,011
116,637
110,192
109,615
111,378
102,645
99,842
97,888
96,518
94,417
94,877
KRW
134.6
126.7
121.3
115.4
114.9
116.5
108.0
105.2
103.2
101.7
99.5
100.0
Index
(base
2003)
Rebar Worker
6.2%
4.5%
5.1%
0.5%
-1.4%
7.9%
2.7%
1.9%
1.4%
2.2%
-0.5%
Inflation
Source: Korean Price Index "KPI" website (www.kpi.or.kr) as at Q1 2015
113,728
117,486
107,438
2010
2011
105,195
2009
2012
95,742
101,996
94,044
2006
2007
93,738
2005
2008
81,051
90,698
2003
KRW
2004
Year
Steel Erector
128.588
118,581
108,982
103,182
97,282
100,797
102,167
96,614
90,870
89,171
87,848
88,147
KRW
6.5%
7.2%
4.8%
5.5%
-3.1%
-1.2%
5.3%
6.1%
1.9%
1.5%
-0.3%
Inflation
128.346
120,803
109,518
103,358
102,364
99,687
98,314
93,589
90,119
89,906
88,945
89,033
KRW
137.7
131.4
121.1
115.2
114.2
111.5
110.1
105.1
101.2
101.0
99.9
100.0
Index
(base
2003)
4.8%
8.5%
5.2%
0.9%
2.4%
1.3%
4.8%
3.8%
0.2%
1.1%
-0.1%
Inflation
Concrete Worker
Note: costs are the annual average per year
139.2
130.8
122.0
116.4
110.3
113.8
115.1
109.4
103.1
101.2
99.7
100.0
Index
(base
2003)
Carpenter
2
GENERAL CONSTRUCTION DATA
LABOUR PRICES INDICES
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
49
03
04
05
Steel Erector
06
Note: costs are the annual average per year
90
100
110
120
130
140
150
08
Rebar Worker
07
09
10
Carpenter
11
12
13
Concrete Worker
14
50
131,900
133,274
2013
2014
141.3
140.3
133.1
128.1
127.6
125.3
113.0
0.7%
5.4%
3.9%
0.3%
1.8%
10.9%
-0.9%
1.2%
81,584
148,641
139,673
128,894
115,306
105,044
95,676
89,232
84,552
173.9
167.4
159.1
147.3
137.5
127.7
120.5
115.0
111.3
110.3
107.6
100.0
Index
(base
2003)
3.8%
5.3%
8.0%
7.1%
7.7%
6.0%
4.8%
3.3%
0.9%
2.6%
7.6%
Inflation
Source: Korean Price Index "KPI" website (www.kpi.or.kr) as at Q1 2015
117,197
123,059
116,677
2010
2011
114,043
2009
2012
101,500
2008
112.6
114.0
6.7%
101,145
102,537
80,782
2006
2007
5.6%
94,494
2005
105.6
73,073
KRW
78,624
100.0
Inflation
89,501
Index
(base
2004)
2004
KRW
Electrical Worker
2003
Year
Plumber
(Waterworks)
131,623
130,906
123,770
109,692
110,318
104,086
97,637
92,266
94,885
95,157
95,983
94,060
KRW
0.4%
4.5%
11.1%
-0.5%
5.4%
6.4%
5.9%
-2.7%
-0.3%
-0.8%
2.0%
Inflation
122.2
118,375
120,754
138.1
136.1
131.8
103,477
113,447
116.7
107.7
105.6
105.1
100.2
102.2
102.7
100.0
Index
(base
2003)
98,090
90,028
88,178
87,685
83,660
85,305
85,792
83,506
KRW
Brick Layer
(Masonry)
1.5%
3.3%
7.9%
4.7%
8.3%
2.0%
0.5%
4.8%
-1.9%
-0.6%
2.7%
Inflation
Note: costs are the annual average per year
135.1
134.6
128.8
116.0
116.6
110.6
104.0
98.1
100.9
101.2
102.0
100.0
Index
(base
2003)
Stone Structure Worker
2
GENERAL CONSTRUCTION DATA
LABOUR PRICES INDICES
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
51
03
04
05
Plumber
06
Note: costs are the annual average per year
90
100
110
120
130
140
150
160
170
180
07
08
Electrical Worker
09
10
Stone Worker
11
Brick Layer
12
13
14
52
84,170
2006
112,325
18,583
2013
2014
141.8
136.2
130.6
122.7
118.2
117.6
115.1
111.8
106.6
103.9
104.4
100.0
Index
(base
2003)
4.1%
4.4%
6.4%
3.7%
0.6%
2.2%
2.9%
4.9%
2.6%
-0.4%
4.4%
Inflation
186,401
170,551
151,458
133,062
121,652
111,107
96,616
86,746
83,718
80,553
81,183
77,757
Index
192.1
182.9
170.2
156.4
147.0
137.6
122.6
111.2
107.6
103.6
104.4
100.0
Index
(base
2003)
Plant Operator
5.1%
7.4%
8.8%
6.4%
6.9%
12.2%
10.2%
3.4%
3.8%
-0.7%
4.4%
Inflation
Source: Korean Price Index "KPI" website (www.kpi.or.kr) as at Q1 2015
98,524
106,285
2011
94,344
2010
2012
91,416
93,725
2008
2009
88,575
81,981
2005
2007
78,884
82,333
2003
Index
2004
Year
Painter
85,426
82,709
78,170
73,212
69,731
67,266
61,541
58,174
55,775
52,753
52,438
51,433
Index
2.2%
4.1%
5.0%
3.8%
2.9%
7.9%
5.1%
4.0%
5.6%
0.6%
2.0%
Inflation
229,564
216,644
200,762
177,633
163,758
154,290
142,202
129,955
123,500
123,101
117,915
113,888
Index
172.9
167.0
159.0
146.0
137.5
131.4
122.9
113.5
108.3
107.9
103.5
100.0
Index
(base
2003)
IT Installer
3.6%
5.0%
8.9%
6.2%
4.7%
6.9%
8.3%
4.8%
0.3%
4.2%
3.5%
Inflation
Note: costs are the annual average per year
152.2
148.9
143.1
136.3
131.3
127.7
118.4
112.6
108.3
102.6
102.0
100.0
Index
(base
2003)
Labourer
2
GENERAL CONSTRUCTION DATA
LABOUR PRICES INDICES
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
53
03
04
Painter
05
06
Note: costs are the annual average per year
90
110
130
150
170
190
210
08
Plant Operator
07
09
10
Labourer
11
IT Installer
12
13
14
54
85,638
2006
120,387
2014
145.5
137.4
129.5
124.4
118.7
119.9
112.1
110.8
110.3
103.6
100.8
100.0
Index
(base
2003)
5.9%
6.1%
4.1%
4.9%
-1.0%
6.9%
1.2%
0.5%
6.5%
2.7%
0.8%
Inflation
129,313
126,993
118,069
108,098
102,761
96,410
98,589
99,150
97,252
96,104
96,730
91,020
Index
136.4
134.6
127.0
117.8
112.6
106.0
108.2
108.8
106.8
105.6
106.3
100.0
Index
(base
2003)
Tiler
1.4%
6.0%
7.8%
4.6%
6.2%
-2.0%
-0.5%
1.8%
1.1%
-0.6%
6.3%
Inflation
Source: Korean Price Index "KPI" website (www.kpi.or.kr) as at Q1 2015
103,192
111,329
2012
2013
92,849
98,215
2010
2011
87,253
93,976
2008
2009
86,116
80,251
2005
2007
77,478
78,131
2003
Index
2004
Year
Glass Fitter
127,805
120,599
111,739
99,003
96,339
95,854
95,540
88,763
88,251
87,486
86,116
84,027
Index
4.3%
6.1%
11.0%
2.4%
0.4%
0.3%
7.2%
0.6%
0.8%
1.6%
2.5%
Inflation
102,858
98,191
92,758
88,630
85,606
83,633
84,531
76,882
77,600
77,314
77,693
66,021
Index
146.7
141.9
136.1
131.4
127.9
125.5
126.6
116.6
117.6
117.2
117.7
100.0
Index
(base
2003)
Duct Installer
3.3%
4.3%
3.5%
2.8%
1.9%
-0.8%
8.5%
-0.8%
0.3%
-0.4%
17.7%
Inflation
Note: costs are the annual average per year
143.5
137.6
129.6
116.8
114.0
113.5
113.2
105.5
105.0
104.1
102.5
100.0
Index
(base
2003)
Interior Finisher
2
GENERAL CONSTRUCTION DATA
LABOUR PRICES INDICES
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
55
03
04
Glass FiƩer
05
06
Note: costs are the annual average per year
90
100
110
120
130
140
150
07
Tiler
08
10
Interior Finisher
09
11
12
Duct Installer
13
14
2
56
GENERAL CONSTRUCTION DATA
GENERAL CONSTRUCTION DATA
PROPERTY
Real Estate Market
3
3
PROPERTY
REAL ESTATE MARKET
3ULPH2I¿FH0DUNHW6XPPDU\
Despite the high vacancy rates in Yeouido and the CBD,
WKH6HRXORI¿FHPDUNHWKDVDWWUDFWHGVXVWDLQHGLQWHUHVW
from both domestic and international investors. This is
due to low interest rates and availability of properties
ZKLFK DUH IRUHFDVW WR EHQH¿W IURP IXWXUH GHFUHDVHV LQ
vacancy.
„ Supply of new buildings pushed up the vacancy
rate in the CBD, while the GBD and the YBD saw
their vacancy rates decline.
„ The CBD recorded a vacancy rate increase but
boasted the highest rent increase with active tenant
relocations.Meanwhile, the GBD enjoyed the lowest
vacancy rate of the three districts, but in contrast
rents climbed at the slowest pace.
„ ,Q4WKHGHPDQGIRUSULPHRI¿FHVSDFHURVH
in comparison with Q2 and Q3 and the total net
absorption was 207,000 sq m.
„ In Q4, transaction volumes amounted to KRW
2.5 trillion, which equalled the combined transaction
volumes of the preceding three quarters. The total
amount of hard asset deals completed in 2014
reached KRW 5.1 trillion
Provided by :
58
PROPERTY
3ULPH2I¿FH6WRFNDQG1HZ6XSSO\
Close to 67% of large office buildings (30,000 sq m
or more) in Seoul are located in three major business
districts - the CBD (32.3%), GBD (20.7%) and YBD
(14.0%). The CBD is the largest of these districts
and is home to major government and multinational
institutions. The GBD also houses many multinational
companies and is an information technology centre,
while the YBD, is the "Wall Street" of South Korea and
LQFOXGHVWKHKHDGTXDUWHUVRIPDMRUVHFXULWLHV¿UPVDQG
broadcasting companies.
Supply
Net additions to supply accounted for approximately
290,000 sq m from newly-supplied or opened prime
buildings in 2014 (Autoway Tower, Gwanghwamun
D Tower, Metro Tower and the demolition of Hana
Bank's HQ). Prime office building supply in 2015 will
be approximately 50% of that recorded in 2014. The
SODQQHGSULPHRI¿FHVXSSO\ZLOOLQYROYHWKUHHEXLOGLQJV
(one owner-occupied building and two buildings for
lease) and they will all be completed in the CBD in Q1.
Provided by :
PROPERTY
59
60
CBD
CBD
Q1
Q1
Source: Savills Korea
CBD
&KUVTKEV
Q1
Twin City
Tower 8
OllehPlex
$WKNFKPI0COG
(Office area)
32,743
51,752
51,120
)(#
USO
Office Buildings Planned for Supply in 2015
2/F to18/F)
(Office floors from
B7/F~30/F
B7/F-24/F
B6/F-25/F
(NQQTU
91,460.61 sq m
retail facility, building GFA of
Office, hotel, officetel, mixed-use
To be used by KT as its own office
4GOCTMU
3
PROPERTY
Provided by :
PROPERTY
3. Demand and Vacancy Rate
1HWDEVRUSWLRQLQWKH6HRXOSULPHRI¿FHVHFWRUUHFRUGHG
207,000 sqm in 2014 compared to 115,000 sq m in
2012 and 164,000 sq m in 2013, however, this is down
from the average of 245,000 sq m posted in the15 years
since 1998. If economic recovery is delayed further,
then net absorption is likely to remain at the same level
in 2015.
In 2015, in CBD, many tenants’ relocation is planned.
SBI Savings Bank is move in to CBD prime building(to
Center 1) and Daewoo International (to NEAT Tower),
Ssangyong affiliates(to City Center) and LG U+(LG
U+buiding) are relocating to their own buildings which
were recently completed.
,Q&%'ZLOOVHHWKUHHQHZSULPHRI¿FHEXLOGLQJVHUHFWHG
(one owner-occupied building and two office buildings
for lease).OllehPlex (51,120 sq m) will be occupied
by its owner KT. Otherwise,Twin City (Dongja District
8) and Tower 8 (Cheongjin District 8), which were
developed for the open leasing market, have yet to
secure new tenants and are likely to cause a 3 to 4 %p
increase in the CBD's vacancy rate in 2015.
Provided by :
PROPERTY
61
3
PROPERTY
In the GBD, vacancy rate has been increased by 3%p
due to relocation activities of conglomerates to other
business districts and public companies to outside of
Seoul in 2014. The Korea electric Power Corporation
(Kepco) site, when sold last September, fetched KRW
10.55 trillion, which is the largest amount ever for a
single property transaction in Korea. The new owner,
Hyundai Motor Group, announced its development plan
for a mixed-use complex, featuring a hotel, exhibition
hall and commercial facilities, as well as its own 'Global
Business Centre' named HQ. Before, starting the
construction, the Hyundai Motor Group has a plan to
move a number of its affiliates to the building starting
from Q1/2015.
In the YBD, the vacancy rate is likely to slide down by
a further 3%p with IBM preparing to leave a secondary
building in Gangnam to occupy already-leased space
in Three IFC. The YBD is showing a downward trend in
average vacancy rate, as Two IFC and the FKI Tower,
newly-supplied office buildings, which were the major
cause for the vacancy increase, are filling up through
the relocation of tenants from other office districts.
With no office buildings to be supplied until 2016, the
vacancy rate in the area is expected to stabilise.
Provided by :
62
PROPERTY
Provided by :
PROPERTY
63
0%
5%
10%
15%
20%
25%
30%
CBD
GBD
YBD
Seoul prime office vacancy rate, Q1/2002–Q4/2014
YBD (excluding Three IFC)
2003
2004
Source: Savills Korea
2002
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Excluding
Three IFC
10.1%
Including
Three IFC
21.1%
64
-200,000
-150,000
-100,000
-50,000
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Net absorption, Q1/2008–Q4/2014
CBD
GBD
YBD
Source: Savills Korea
2008
2009
2010
2011
2012
2013
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
8QLW VTP
3
PROPERTY
Provided by :
PROPERTY
4. Rent rates
,n
Q4/2014, in the CBD, the rental increase rate rose
E\SRVWLQJWKHKLJKHVW<R<LQFUHDVHRIDOORI¿FH
districts, followed by 1.4% in the YBD and 0.8% in the
GBD.The city-wide average YoY rental increase rate
was 1.5%, outpacing the consumer price increase rate
(1.0%), and maintenance fees increased by 2.2% from
the same period last year.In Q4 by office district, the
YoY maintenance fee increase rate was 2.1% in the
CBD, 2.4% in the GBD and 2.5% in the YBD.
The rent increase rate in 2015 is not expected to
surpass the increase rate recorded in 2014 due to
the continued disparity between marketing rents and
effective rents (net of rent free and tenant improvement),
which is underpinned by offers from office buildings
whose tenants will relocate to new buildings or areas
outside Seoul, resulting in large vacancies. Additionally,
low consumer price index growth, led by low oil prices,
will also keep rent and maintenance fee increase rates
at similar levels to 2014.
Provided by :
PROPERTY
65
66
168,700
160,400
170,600
86,100
78,000
90,800
GBD
YBD
Overall Seoul Average
Source: Savills Korea
* Net absorption area of Seoul prime office buildings
175,800
98,900
1.5
1.4
0.8
2.1
#XGTCIG4GPV
#XGTCIG4GPV
;VQ;
-49USO -49USO +PETGCUG4CVG
(%)
$CUGFQP).#
$CUGFQP0.#
CBD
District
Monthly rent and vacancy rate by district, Q4/2014
86,380
50,880
8,560
26,940
#TGC
USO
0GV#DUQTRVKQP
14.1
21.1
8.2
14.9
8CECPE[4CVG
3
PROPERTY
Provided by :
PROPERTY
Provided by :
PROPERTY
67
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
GBD
YBD
CPI Growth rate
Source: Savills Korea
2008
2009
2010
2011
2012
2013
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
CBD
YoY rental increase rate by district, Q1/2008–Q4/2014
3
PROPERTY
5. Transactions and Investment Market
In Q4, 15 buildings, including seven prime office
buildings, changed hands. Total transaction volumes
ZHUH.5:WULOOLRQZKLFKLVVLPLODUWR¿JXUHVSRVWHG
LQ447UDQVDFWLRQVIRUDQXPEHURIRI¿FHEXLOGLQJV
WKDW ZHUH GHOD\HG ZHUH ¿QDOO\ FRQFOXGHG DW \HDUHQG
7RWDORI¿FHEXLOGLQJWUDQVDFWLRQVIRUDPRXQWHGWR
KRW 5.1 trillion. As a result, transaction volumes for
hard asset deals have amounted to KRW 5 trillion or
more per annum for three consecutive years.
The Seoul prime office market saw vacancy rates
remain high due to accumulated new supply of
premises. Despite this, demand from both domestic
and foreign investors for these assets remained strong.
The relative safety of the asset class continues to be
the preferred investment selection, attracting abundant
liquidity from investors who continue to increase
alternative asset allocations within their portfolios
and take advantage of low interest rates. Additionally,
removal of the reduction on acquisition tax for real
estate funds as of 1 January 2015, has contributed
to increased transaction activity within the closing
PRQWKVRI)RUHLJQLQYHVWPHQWLQWRGRPHVWLFRI¿FH
buildings was also strong, with one such transaction in
the CBD setting a new record per-pyeong price.
Domestic institutional investors, who are under great
pressure for the regular payment of dividends to
investors, continue to show an ingrained preference
IRURI¿FHEXLOGLQJVZLWKDORZYDFDQF\UDWHDQGVWDEOH
tenant base.They were involved in heated competition
for the acquisition of buildings matching this profile.
Meanwhile, foreign investors, who attach significant
importance to IRR levels and capital gains upon resale,
were aggressive in investing in relatively undervalued
or well-located buildings, even in cases involving high
vacancy.
Provided by :
68
PROPERTY
,QWKH&%'WUDQVDFWLRQVZHUHH[HFXWHGIRU¿YHSULPH
buildings, including State Tower Namsan, Jeongdong
Building, Olive Tower, YG Tower, YTN Tower and
Tongyang Life Insurance's owner-occupied secondary
office building. State Tower Namsan changed hands
from Shinhan BNPP to CBRE GI's real estate fund for
KRW 503 billion. The building (with a GFA of 66,799
sq m) was completed in 2011 and is fully leased to
multiple international and creditworthy tenants. The
100% occupancy rate resulted in significant value
appreciation. The ultimate investor of State Tower
Namsan is a foreign sovereign wealth fund and the
building fetched KRW 24.9 million per pyeong, setting a
QHZUHFRUGIRUSULPHRI¿FHEXLOGLQJSULFHVLQWKH&%'
Jeongdong Building (with a GFA of 39,343 sq m), which
was owned by SRA Asset Management, was acquired
by IGIS Asset Management for KRW 277.5 billion (KRW
23.3 million per pyeong). The building, remodelled and
expanded in 2010, is located slightly off from the core
RI¿FHDUHDEXWLVSUHIHUUHGE\WHQDQWVGXHWRLWVWUDQTXLO
and historic surroundings. Currently, the building has
no vacancy and more than 80% of the office area is
RFFXSLHG E\ WZR WHQDQWVRQH RI .RUHD
V WRS ODZ ¿UPV
Kim & Chang, and the Korea Institute for Curriculum
and Evaluation.
The office portion of YG Tower (32,718 sq m,
accounting for 77% of the GFA) changed hands to
Vestas Investment Management for KRW 185 billion
(KRW 18.7 million per pyeong); the remainder of the
building consists of strata-title retail facilities. In spite of
the strata-title ownership, the building attracted interest
from investors due to strong covenant anchor tenants
such as Samsung Fire & Marine and Samsung Life
Insurance, as well as the 100% occupancy rate.
Provided by :
PROPERTY
69
3
PROPERTY
Olive Tower, which was owned by Midas Asset
Management, was sold to Deutsche Asset & Wealth
Management, despite half of the space being vacant
after the recent relocation of the anchor tenant. The
investors of YG Tower and Olive Tower are known to be
foreign funds.
In the GBD, one prime and three secondary office
buildings found new owners. Autoway Tower (with a
GFA of 47,721 sq m) was completed by SK Networks
in Q1/2014 for its own office use, but 60% of the
office section of the building is now leased out to
Hyundai Motors and Hyundai Auto Ever. Google
Campus is planning to establish itself in the basement
of the property at the beginning of 2015. IGIS Asset
Management bought the building for KRW 309 billion
(KRW 21.4 million per pyeong), with 100% financing
from the Korean Teachers' Credit Union.
In the YBD, transactions for one prime and one
secondary office building were concluded. The Korea
/RFDO$GPLQLVWUDWLRQ2I¿FLDOV
0XWXDO)XQGVROG(XJHQH
Investment & Securities Building (with a GFA of 40,440
sq m) to KB Asset Management for KRW 203.9 billion
(KRW 16.7 million per pyeong).
The Korea Electronic Power Corporation (Kepco)
site, when sold last September, fetched KRW 10.55
trillion, which is the largest amount ever for a single
property transaction in Korea. Kepco's office building
was vacated when the company relocated to Naju at
the end of November in order to revitalise retail trade in
the surrounding areas; Hyundai Motor Group is known
WREHFRQVLGHULQJUHORFDWLQJDQXPEHURILWVDI¿OLDWHVWR
the building. The automobile company announced its
development plan for a mixed-use complex, featuring a
hotel, exhibition hall and commercial facilities, as well
as its own 'Global Business Centre' named HQ.
Provided by :
70
PROPERTY
The benchmark interest rate has remained at 2%
since the Bank of Korea lowered the rate by 25bps last
October. With the low benchmark interest rate, interest
rates on loans have also maintained low levels. The
average yield of the five-year government bond hit a
record low of 2.4% in Q4.
7KHDYHUDJHFDSUDWHRISULPHRI¿FHEXLOGLQJVVOLSSHG
EXWWKHVSUHDGZLWKWKH¿YH\HDUJRYHUQPHQWERQGLVDW
the 300bp level. In fact, considering low rental increase
rates, long rent-free period and tenant improvement
allowances,offered to combat high vacancy rates, the
gap between the market yield and effective yields is
believed to have widened significantly. Further cap
rate compression is foreseeing once leasing market is
stabilised.
Provided by :
PROPERTY
71
72
PROPERTY
Provided by :
1.8%
2.3%
2.8%
3.3%
3.8%
4.3%
Source: Bank of Korea
Five-year treasury bond yield
2012/11/14
Benchmark rate
Five-year government bond yield and benchmark interest rate trends, Jan 2012–Dec 2014
2012/01/02
2012/02/16
2012/04/02
2012/05/17
2012/07/03
2012/08/16
2012/09/28
2012/12/31
2013/02/14
2013/04/01
2013/05/15
2013/07/01
2013/08/14
2013/10/02
2013/11/18
2014/01/02
2014/02/18
2014/04/02
2014/05/20
2014/07/04
2014/08/19
2014/10/07
2014/11/17
2014/12/31
3
PROPERTY
2013
2012
2011
2010
2009
2008
Source: Savills Korea
2007
2006
0%
1%
2%
3%
4%
5%
6%
7%
2005
Five-year treasury bond yield (LHS)
Spread (RHS)
Cap rate (LHS)
Prime office building cap rate trends, Q1/2005–Q4/2014
2014
100
200
300
400
500
600
800
8%
700
900
9%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Cap rate calculation method
Cap rate: (income from interest on security deposit (5%) + face
UHQWRIDVWDQGDUGÀRRUUHVLGXDOLQFRPHIURPPDLQWHQDQFH
fee) × occupancy rate (95%) × 12 / transaction amount
For comparison of cap rates of each transaction case, a 5%
interest rate on security deposit and 95% occupancy rate were
uniformly applied.
Provided by :
PROPERTY
73
74
2007
Source: Savills Korea
0
1
2
3
4
5
6
2008
2009
Q1
2010
Q2
Seoul office transaction volumes, Q1/2007–Q4/2014 2011
Q3
2012
Q4
2013
2014
3
PROPERTY
Provided by :
PROPERTY
KRW (trillion)
Provided by :
PROPERTY
75
YBD
State Towers Namsan
Olive Tower
Jeongdong Building
Autoway Tower
POBA Yeouido Building
Q4
Q4
Q4
Q4
Q4
Source: Savills Korea
GBD
Seorin Building
Q3
CBD
CBD
CBD
CBD
CBD
GBD
Cigna Tower
Sisun Baroseum Building
III
CBD
Q2
Pine Avenue A
Q1
Location
Q2
Property
Location
Major investment transactions, 2014
KB AMC
IGIS AMC
IGIS AMC
M Plus Asset
Management
Kwanjeong
Educational
Foundation
CBRE Global
Investors
Deutsche Asset &
Wealth
Management
LINA Life
SOFAZ
Buyer
Office
KRW347.0 bil/
US$319.3 mil
Office
Office
Office
Office
KRW503.0 bil/
US$462.9 mil
KRW277.5 bil/
US$255.4 mil
KRW309.0 bil/
US$284.3 mil
KRW203.9 bil/
US$187.6 mil
Office
Office
Office
Office
Usage
KRW155.0 bn /
US$151.1 m
KRW 477.5 bil/
US$448.5 mill
KRW242.0 bil/
US$234.9 mill
KRW168.0 bil/
US$163.0 mill
Price
3
PROPERTY
6. Tourism in Korea
Since 2007, the average annual increase in the number
of foreign visitors to Korea stands at 11.9%, showing
a continued upward trajectory. In 2014, the figure
climbed by 16.6% from the previous year to 14.2 million
visitors. The Korean tourism industry still shows a high
level of dependency (approximately 60%) on tourists
from China and Japan. Tourists from Asian countries
accounted for 82.4% of the total tourists to Korea. By
country, China represents 43% (6.13 million) of all
visitors to Korea, followed by Japan 16% (2.28 million),
Taiwan 4.5% (0.64 million) and Hong Kong 3.9% (0.56
million). In 2014, the number of tourists from China and
Hong Kong rose by approximately 40% year-on-year
(YoY), continuing the upward trend from the previous
year, while the number of Japanese tourists declined by
17%.
Of the foreign visitors to Korea in 2014, 14.2% (2
million) entered through Jeju Airport. In 2012, only
700,000 tourists arrived in Korea through Jeju Airport,
PHDQLQJWKLV¿JXUHKDVDOPRVWWULSOHGUHFRUGLQJD
average annual increase. Major domestic tour agencies
are promoting group tour programmes for foreigners,
offering shopping and sightseeing tours in Seoul and
Jeju.
Provided by :
76
PROPERTY
Provided by :
PROPERTY
77
-
2
4
6
8
10
12
14
16
18
20
2008
6.89
2009
7.82
2010
China
2011
9.79
Source: KCTI (Korea Culture & Tourism Institute)
2007
6.45
8.80
Japan
2012
2013
12.18
Others
11.14
Overseas tourists and countries of origin, 2007-2016F
Unit: Mil
2014
14.20
2015F
15.90
2016F
17.80
3
PROPERTY
7. Government Policies on
Hotel Development
The government has adopted measures to encourage
private investment and secure tourism infrastructure
through financial support, the easing of development
regulations, and support for hotel REITs.
The government support, which has been provided for
the past few years, will continue in the years ahead.
8. Seoul Hotel Market Overview
As of December 2014, based on Seoul Metropolitan
Government statistics and recent hotel supply, the
estimated Seoul hotel room stock is 33,792 across 220
hotels. By grade, five- and four-star hotels account
for 33.4% and 20.3% respectively, and combined
they represent 53.7% of total stock. The proportion of
existing Seoul hotel inventory is highly weighted toward
upscale hotels.
9. Seoul Hotel Performance
The total sales of Seoul hotels declined by 10.9% (room
sales-15.5%; auxiliary facilities sales-6%) in 2013. In
particular, hotel room sales showed a substantial fall
due to the decrease in the number of foreign customers.
Due to the weakness of the Japanese Yen and the
strained relationship between Korea and Japan, the
number of Japanese visitors plunged by 22%. Such
DSOXQJHKDGDQHJDWLYHLQÀXHQFHRQWKHRSHUDWLRQRI
Seoul hotels as Japanese tourists, a great proportion of
whom visit Korea individually, have a high level of hotel
use.
Provided by :
78
PROPERTY
The average guest room rates, which had enjoyed a
continued increase, dropped in 2013. By grade, the
room rate of five-star hotels was KRW222,400, fourstar hotels KRW118,400 and 3-star hotels KRW91,900.
The average room occupancy rate of Seoul hotels
was above 70%. By grade, four-star hotels showed
the highest room occupancy rate at 82%, followed by
three-star hotels at 80% and five-star hotels at 71%.
7KHRI¿FLDOVWDWLVWLFVIRUKRWHORSHUDWLRQIRUKDYH
yet to be published. However, according to sources
from the hotel industry, Seoul hotels posted improved
performance in 2014 compared to that of 2013, but not
greater than the performance level posted in 2012.
Average Room Rate of Seoul Hotels, 2005-2013
5 Star
4 Star
3 Star
Unit:KRW
250,000
222,400
200,000
150,000
118,400
100,000
91,900
50,000
-
2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: KCTI (Korea Culture & Tourism Institute)
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79
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3
PROPERTY
By area, 50% of Seoul hotels are concentrated in Junggu and Gangnam-gu, which are the central business
and tourist areas. Jung-gu, encompassing historic
tourist areas, Seoul’s top shopping area Myeongdong,
and the CBD area clustered with headquarters of
domestic and multinational companies, not only has
the largest number of hotel rooms, but also shows the
highest average daily rate and occupancy rate in Seoul.
Occupancy Rate of Seoul Hotel, 2007-2013
5 Star
4 Star
3 Star
100%
90%
81.8%
80%
80.1%
71.9%
70%
60%
2007
2008
2009
2010
2011
2012
2013
Source: KCTI (Korea Culture & Tourism Institute)
Provided by :
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PROPERTY
81
Provided by :
70
80
90
100
110
120
130
Index, Mar 2011=100
Consumer Sentiment Index, Jan 2009-Feb 2015
2009/01
2009/03
2009/05
2009/07
2009/09
2009/11
2010/01
2010/03
2010/05
2010/07
2010/09
2010/11
2011/01
2011/03
2011/05
2011/07
2011/09
2011/11
2012/01
2012/03
2012/05
2012/07
2012/09
2012/11
2013/01
2013/03
2013/05
2013/07
2013/09
2013/11
2014/01
2014/03
2014/05
2014/07
103.00
2014/09
2014/11
2015/01
Korea consumer sentiment in 2H/2014 decreased
compared with 1H/2014. Due to increased household
debt and high cost of housing, the Korea consumer
sentiment is slowly improving.
10. Consumer Sentiment
PROPERTY
81
82
0
50
100
150
200
250
300
2010
100.6
38.1
29.2
29.9
7.8
24.8
2011
105.8
42.2
32.3
32.5
9.2
27.6
Unit: KRW Trillion
2012
105.8
44.8
2013
103.1
45.9
38.4
35.1
34.0
35.9
11.7
29.8
10.9
29.1
Sales Volume by Retail Types, 2010-2014
2014
101.7
47.5
Specialized Store
Large Discount Stores
+ Duty Free Shops
Non-Store Retails
Supermarkets
41.1
Department Store
35.4
Convenience Stores
29.3
12.7
38.0%
17.7%
15.4%
13.2%
11.0%
4.8%
-1.3%
3.4%
7.0%
0.8%
-1.6%
8.7%
2014
2013 2014
Portion(%) Sales Increase(%)
3
PROPERTY
Provided by :
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11. Retail Performance by types
Large discount stores
Large discount stores recorded 3.4% growth in
2014. Due to government restrictions imposed on
their business operations, large discount stores
lose trade to e-commerce platforms and changes
in consumption patterns. As the domestic market
becomes more saturated, large discount stores are
employing strategies to maximise sales at their existing
store locations, rather than increasing their number
of stores (in 2013 the number of new stores was
50% of that posted in 2012). The sales growth rate in
1H/2014 declined and it is believed that there will be no
VLJQL¿FDQWFKDQJHLQWKHHQYLURQPHQWIRUFRQVXPSWLRQ
in 2H/2014. Therefore, only minor growth is projected
for large discount stores.
Convenience stores
In 2013 the convenience store market expanded
8.7%. However, as the strategy to open stores in
large numbers, which was the major factor behind
the increase, has reached its limit, convenience store
businesses are looking to pursue more solid growth by
increasing sales per store.
Since the implementation of the Exemplary Transaction
Standard in May 2013 by the Fair Trade Commission,
the opening of new convenience stores decreased by
52% year-on-year. The Standard restricts the opening
of stores of the same brand within a 250 metre radius
of an existing store. In addition, with the revision of the
Act on Fair Trade Practices in Franchising in February
2014, convenience stores have the discretion to shut
down between 1am and 7am. Consequently, the
convenience store business is projected to also see
slow sales growth.
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83
3
PROPERTY
Supermarkets
In 2014 the overall supermarket sector posted 0.8%
year-on-year growth. The market size of supermarkets
run by large corporations (companies operating more
than 20 stores, a total of eight large corporations
currently operate supermarkets) is estimated to have
decreased by 2.9%, due to the regulations stipulating
mandatory closure dates.
Department Stores
The department store sector posted -1.6% growth in
2014 from the previous year. Department stores did not
open any new locations in 2013 and only focused on
the revitalisation of their existing stores, in response to
the economic recession and changes in consumption
patterns.
The three major department store companies are
coping with market changes, not just through this
strategy but also through diversified efforts involving
changes made to the items on sale, marketing and
services. In particular, they have boosted sales by
attracting celebrated gourmet restaurants and premium
groceries, whose customers are drawn to visit and
make purchases at other retail stores as well. In 2014,
the proportion of food section sales rose by 3.4% from
2013, constituting 17.2% of total sales.
Provided by :
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PROPERTY
12. Major Retail Area Rents
Of the major retail trade areas, including Myeongdong,
Gangnam, Garosugil, Hongdae and Itaewon;
Myeongdong posted the fastest rental increase.
Rental increase rates in Q3 2014 were on average
up 5-10% on the year before; however, there were
large discrepancies between individual transactions –
including cases where rental rates rose by 100% when
lease agreements were made with a new tenant for 5
years.
Myeongdong is the major shopping area for foreign
tourists and the surge in the number of foreign visitors
has had a significant influence on rental increases. In
Q2/2014 the number of foreign tourists to Korea rose
by 31.6% from Q1/2014 (including a 55% increase in
Chinese visitors) and the amount paid with credit cards
held by foreigners (non-residents of Korea) jumped
by 31.2% (Bank of Korea, Korea Culture and Tourism
Institute).
At Gangnamdaero, most retail shops are rented by
fashion brands that pay higher rents than cosmetics and
F&B brands. There the rental increase rates averaged
5%. The story is similar in the Garosugil trade area
which sprawls along the roads off Garosugil and have
been renamed Serosugil.
The Itaewon trade area is being expanded to include the
Gyeongnidangil and the Hannamdong area. However,
those areas are mostly occupied by F&B stores, whose
lower rents result in slower than average growth when
compared with the higher paying fashion brands.
Provided by :
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85
3
PROPERTY
The rental increase rates in the Itaewon and Hongdae
trade areas are estimated to be on a par with the
consumer price increase rate of about 2%.
13. Retail Investment Markets
From Q3/2013 to Q3/2014, most transactions that
were conducted centred around large discount stores.
Lotte Shopping, in order to improve its financial
structure and asset efficiency, has been liquidating its
assets, including a number of major stores. For the
two department stores and five large discount stores
that changed hands in Aug 2014, the transactions
were executed through 20-year sale and leaseback
arrangements, in which rent is paid according to the
market interest rate (every seven years) to ensure a 5%
ROI.
14. Retail New Supply
As the retail market matures, the three major
department store companies are striving to expand
their businesses by opening outlets and shopping
malls, rather than single department stores. Shopping
malls that integrate shopping and entertainment in one
location are preferred in the market.
In 2014 Lotte Shopping is to launch three outlets and
two mixed shopping malls. Shinsegae is planning to
build outlets in three areas outside Seoul by 2016 and
six mixed shopping malls in the Seoul metropolitan
area by 2017. Hyundai Department Store will open four
outlets and one mixed shopping mall by 2015, starting
ZLWKLWV¿UVWRXWOHWLQ*LPSRZKLFKLVVODWHGIRURSHQLQJ
at the end of 2014.
Provided by :
86
PROPERTY
Provided by :
PROPERTY
87
2013
100
2014
2014
102102
Hongdae
2013
100
107 106
Myeong-dong
Savills
Strip Shop Rent Index, 2013-2014
KAB
KAB (Korea Appraisal Board)
2013
100
102
2014
105
2014
105 105
Gangnam
2013
100
100
2014
102
Garosugil
2013
100
Itaewon
88
Super-regional
mall in suburban
area
Regional Mall
Shopping Mall
Lotte World Mall
Suwon Lotte Mall
COEX Mall (Remodeling)
Parnas Mall (Remodeling)
2014
Shopping Mall New Supply, 2014-2017
East Busan Lotte Mall
DMC Lotte Mall
2015
Gimhae Lotte Mall
Hanam Union Square
Songdo Lotte Mall
East Daegu Mall
Pangyo Alphadom
2016
Lotte Paju Seven Festa
Shinsegae Ansung Mall
Shinsegae Goyang Mall
Lotte Incheon Terminal Mall
Shinsegae Cheongna Mall
2017
3
PROPERTY
Provided by :
PROPERTY
Provided by :
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89
Name
Lotte Outlets
Hyunndai Premium Outlet
COEX (Remodeling)
Gimpo
Seoul
Dec 2014
Dec 2014
Dec 2014
Dec 2014
Oct 2014
IKEA 1
Lotte Outlets
Nov 2014
Department store, mart, outlet
Oct 2014
Department store,
mart, outlet
Premium outlet, movie theatre,
theme park
Duty free shop, shopping mall,
Movie theatre
Outlet
Department store, shopping mall,
supermarket,
movie theatre
Furniture store, restaurant,
coffee shop
Outlet
Facilities
Ma y 201 4
Date
Lotte Mall
Hyunndai Outlets
(ex-Hyhill)
Lotte Complex shopping
Mall
Guri
Gwangmyeong
Suwon
Busan
Seoul
Location
Supply of new major retail properties
82,645
165,000
N/A
131,000
124,000
232,000
200,000
39,000
GFA (sqm)
90
Homeplus
Lotte Mart
8 Seconds
building
Goyang Bus
Terminal
Lotte
Department
Store
Aug 2014
Goyang
Daegu
Aug 2014
Aug 2014
Goyang
5 Cities
Apr 2014
Seoul
Apr 2014
Incheon
Oct 2013
Feb 2014
4 Cities
Homeplus
Jul 2013
Transaction date
Seoul
Seoul
Lotte Mart
Hyhill
Location
Name
Major retail property transaction cases
314
287.7
193
105
122.2
329.3
630
230.3
Purchase price
(Billion KRW)
Seller
Buyer
Lotte Shopping
Lotte Shopping
JEIL, Hana Bank
KB Asset Management
KB Asset Management
Macquarie Funds
Individual
Hanhwa Asset
Management
ABC company
KTB Asset Management
Capstone
Asset Management
Samsung SRA Asset
Management
KT Asset Management
Halla Corporation
Homeplus
GS E&C
3
PROPERTY
Provided by :
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FINANCIAL
Financial Definitions
Financial Formulae
Prime Rates
Exchange Rates
Currency Charts
4
4
FINANCIAL
FINANCIAL DEFINITIONS
DISCOUNT RATE
The rate of return a developer expects when investing
in a project.
i.e. opportunity cost.
INTERNAL RATE OF RETURN (IRR)
cost of the investment.
The IRR can be compared to the Discount Rate.
NET PRESENT VALUE (NPV)
discounted back to today's values at the Discount Rate.
on a nominated Discount Rate).
72 RULE
The approximate number of years required to double
your capital can be calculated by dividing the interest
rate into 72.
e.g.
If interest rate = 10% p.a.
Then 72 ÷ 10 = 7.2 years
It will take approximately 7.2 years to double
your capital if it is invested at 10% p.a.
92
FINANCIAL
FINANCIAL FORMULAE
Future value of $1
FV = PV (1 + i)n
Future value of $1 per
period
FV = PMT [((1+i)n - 1) ÷ i]
Sinking fund (the
amount required to be
put away periodically
to realise some future
sum)
PMT = FV [ i ÷ ((1 + i)n - 1)]
Present value of $1
PV = FV [1÷ (1+i)n]
Present value of $1
per period
PV = PMT[((1+i)n -1)÷( i(1+i)n)]
Annuity with a PV of
$1 (mortgage bond
formula)
PMT = PV[(i (1+i)n) ÷((1+i)n -1)]
PV
=
present value
FV
=
future value
PMT
=
payment amount
n
=
period (e.g. 10 years with monthly
payments, n = 10 x 12 = 120)
i
=
interest rate per period
(e.g. 12% p.a. compounded monthly;
i = 12% ÷ 12 months = 1% per period)
Refer to www.hkifa.org.hk for further information.
FINANCIAL
93
4
FINANCIAL
PRIME RATES
PRIME RATES AND BASE LENDING RATES AS AT
4TH QUARTER 2014
COUNTRY
Australia1
2.50
Brunei
5.50
2
6.15
Egypt3
10.75
China
5.00
Hong Kong
India
10.75
Indonesia
7.75
4
1.15
Macau
5.25
Japan
Malaysia
New Zealand
Pakistan
6.85
5
6
10.46
10.00
Philippines
4.36
Singapore
5.35
South Africa
9.50
South Korea7
2.00
Thailand
8
7.28
United Kingdom
0.50
United States of America
3.25
Vietnam9
1 - O/N Cash Rate
2 - 3-Year Benchmark Lending Rate
3 - Overnight Lending Rate
4 - Long-term prime rate % per
annum (implementation date is
10 Dec. 2010)
5 - SME Overdraft Rate (Previously
Business Base Lending Rate)
94
RATE (%)
9.00
6 - Weighted Average Lending Rate
7 - Call Rate of The Bank of Korea
(Implementation date is 22 Nov.
2012)
8 - Minimum Loan Rate % per
annum (average based on local
bank)
9 - Min. and in VND per year
FINANCIAL
EXCHANGE RATES
Approximate rates prevailing on 28 November 2014.
COUNTRY
CURRENCY
HK$1
US$1
Australia
Dollar
0.15
1.18
Brunei
Dollar
0.17
1.31
Canada
Dollar
0.15
1.14
Renminbi
0.79
6.14
EU (Euro Zone)
Euro
0.10
0.80
Hong Kong
Dollar
1.00
7.76
India
Rupee
8.03
62.24
Indonesia
Rupiah
1,571
12,185
Japan
Yen
15.30
118.62
Macau
Pataca
1.03
8.00
Malaysia
Ringgit
0.44
3.38
New Zealand
Dollar
0.16
1.28
China
Source
: www.exchange-rates.org
Refer also : www.xe.com
FINANCIAL
95
4
FINANCIAL
CURRENCY CHARTS
US Dollar
KRW per 1US$
-DQ
)HE 0DU $SU 0D\ -XQ
-XO
$XJ 6HS 2FW 1RY 'HF
Hong Kong Dollar
KRW per 1HK$
-DQ
96
)HE 0DU $SU 0D\ -XQ
-XO
$XJ 6HS
2FW 1RY 'HF
FINANCIAL
Singaporean Dollar
KRW per 1HK$
-DQ
)HE 0DU $SU 0D\ -XQ
-XO
$XJ 6HS
2FW 1RY 'HF
Chinese Yuan
KRW per 1 CNY
-DQ
FINANCIAL
)HE 0DU $SU 0D\ -XQ
-XO
$XJ 6HS
2FW 1RY 'HF
97
4
98
FINANCIAL
FINANCIAL
OTHER INFORMATION
Utility Cost for Selected Asian Cities
Conversion Factors
IDD codes and Time Differences
Public Holidays
Contract Procurement
Directory of Offices
5
5
OTHER INFORMATION
UTILITY COSTS FOR SELECTED
ASIAN CITIES
ELECTRICITY
EXCHANGE
RATE
DOMESTIC
COMMERCIAL/
INDUSTRIAL
US$1=
US$/kWh
US$/kWh
Hong Kong
HK$ 7.80
0.10
0.13
Shanghai
RMB 6.14
0.111(peak) /
0.055(normal)
0.173(peak) /
0.082(normal)
Beijing
RMB 6.14
0.08
0.16
RMB 6.14
0.13
0.11 / 0.15
RMB 6.14
0.08
0.13 / 0.138
Macau
MOP 7.99
0.17
0.17
Kuala Lumpur
RM 3.46
0.063 - 0.165
0.110 - 0.147
Singapore
S$ 1.26
0.20
0.20
CITY
The above costs are at 4th Quarter 2014 levels.
Basis of Charges in Hong Kong, China
Water
Domestic :
0 - 12m3
43 - 62m3 = US$ 0.83/m3
3
3
= US$ 0.53/m3
= US$ 1.16/m3
Electricity (Based on tariff scheme of CLP Holdings Limited)
Domestic (bi-monthly consumption)
Basis of Charges in Beijing and Guangzhou, China
Unleaded fuel rate is for Unleaded gasoline 97.
Basis of Charges in Shanghai, China
Unleaded Fuel
Basis of Charges in Chongqing, China
Unleaded Fuel
Basis of Charges in Kuala Lumpur, Malaysia
Unleaded fuel rate is for Unleaded petrol Ron 95.
100
12
OTHER INFORMATION
WATER
FUEL
DOMESTIC
COMMERCIAL/
INDUSTRIAL
DIESEL
LEADED
UNLEADED
US$/m3
US$/m3
US$/litre
US$/litre
US$/litre
0.83
0.59
1.57
N/A
2.10
0.48
0.60
1.10
N/A
1.12 - 1.19
0.81-1.47
1.16
1.12
N/A
1.13
0.32
0.57
1.18
N/A
1.31
0.46
0.67
1.08
N/A
1.09 / 1.15
0.55 - 0.78
0.70
1.44
N/A
1.94
0.165 - 0.578 0.598 - 0.659
1.43
1.65
0.645
1.21
N/A
N/A
0.653
1.76
Basis of Charges in Macau, China
Water
Domestic :
3
Consumption charge = US$ 0.54/m3 for 28m3
3
for 29m3 to 56m3
for 57m3 or above
Other charges (Depending on meter size 15mm - 200mm) :
Meter rental = US$0.34 - 58.00/month
Commercial/ Industrial :
Charges for ordinary users (e.g. Business, government buildings,
schools, associations, hospitals and others) only. Special users (e.g.
gaming industries, hotels, saunas, golf courses, construction, public
infrastructure and other temporary consumption) are excluded.
Electricity
Electricity tariffs are a composition of demand charges, consumption
charges, fuel clause adjustment and government tax.
Basis of Charges in Singapore (All rates are nett of GST)
Domestic water rate includes conservation tax and water-borne fee and is an
average for the 1st 40m3, excluding sanitary appliance fee.
Non-domestic water rate includes conservation tax and water-borne fee,
excluding sanitary appliance fee.
Electricity tariff is based on low tension power supply.
Unleaded fuel rate is for 98 Unleaded petrol as at 6 November 2014.
Diesel fuel rate as at 6 November 2014.
(Cont'd)
OTHER INFORMATION
101
13
5
OTHER INFORMATION
UTILITY COSTS FOR SELECTED
ASIAN CITIES
ELECTRICITY
EXCHANGE
RATE
DOMESTIC
COMMERCIAL/
INDUSTRIAL
US$1=
US$/kWh
US$/kWh
Bangkok
BHT 32.75
0.057 - 0.120
0.081- 0.083
Manila
PHP 44.50
0.22 - 0.27
0.21
Brunei
B$ 1.26
0.008 - 0.12
0.058 - 0.162
Jakarta
IDR 12,150
0.125
0.125
Ho Chi Minh
VND 21,282
0.11
0.09 - 0.16 /
0.06 - 0.11
Bangalore
INR 62.00
0.043 - 0.093
0.115 - 0.123
New Delhi
INR 62.00
0.064 - 0.130
0.139 - 0.160
KRW 1,114.60
0.12
0.154
CITY
Seoul
The above costs are at 4th Quarter 2014 levels.
Basis of Charges in Bangkok, Thailand
Eletricity (Domestic) = For normal tariff with consumption not
exceeding 150kWh per month
Fuel (Unleaded)
= Gasohol 95
Basis of Charges in Manila, Philippines
Water
Domestic
: 29m3 - 41m3/month
Commercial/Industrial : 4,030m3/month
Electricity
Domestic
: 190kWh - 860kWh
Commercial/Industrial : 150,000kWh
Water and Electricity actual billing includes miscellaneous charges such
as Environmental Charge, Currency Exchange Rate Adjustment (CERA),
VAT, etc.
Basis of Charges in Brunei
Electricity (Domestic) : Tariff effective from 1st Jan 2012. 1-10 kWh 10c,
11-60 kWh 8c, 61-100kWh 12c, above 100kWh 15c
102
12
OTHER INFORMATION
WATER
FUEL
DOMESTIC
COMMERCIAL/
INDUSTRIAL
DIESEL
LEADED
UNLEADED
US$/m3
US$/m3
US$/litre
US$/litre
US$/litre
0.867
N/A
1.014
0.808
N/A
1.041
0.306
0.411
0.427
0.260 - 0.441 0.290- 0.483
0.48 - 0.69
1.47
0.088 - 0.355 0.492 - 0.532
0.807
1.033
0.617
N/A
0.700
0.25 - 0.54
0.80 / 0.49
0.89
N/A
0.95 - 0.98
0.242 - 0.580
0.967
0.920
N/A
1.120
0.847
N/A
1.021
1.35
N/A
1.55
0.175 - 1.288 1.202 - 5.366
0.59
1.52
Basis of Charges in Seoul, Korea
Water
Domestic
= US$0.939/month (basic rate)
(Within 30m3 usage)
Commercial = US$77.39/month (basic rate)
(Within 100m3 usage)
Electricity
Domestic
= US$5.368/month (basic rate) + US$0.08/kWh
(300kWh below in use)
Commercial = US$4.687/month (basic rate) + US$0.066/kWh
(300kWh below in use)
Basis of Charges in Ho Chi Minh, Vietnam (All rates are VAT inclusive)
Electricity
Domestic electricity rates are applied to the 301 KW above wards
Fuel
: Diesel fuel D.O - 0.05%
: 92 and 95 Unleaded petrol as at October 2012.
OTHER INFORMATION
103
13
5
OTHER INFORMATION
CONVERSION FACTORS
UNIT
LENGTH
10 mm = 1 cm
100 cm = 1 m
1,000 m = 1 km
12 in = 1 ft
3 ft = 1 yd
1,760 yd = 1 mile
AREA
10,000 m2 = 1 ha
100 ha = 1 km2
640 acre = 1 mile2
9 ft2 = 1 yd2
4,840 yd2 = 1 acre
VOLUME
1,000 ml = 1 l
(US) 8 pt = (US) 1 gal
1,000 l = 1 m3
(UK) 8 pt = (UK) 1 gal
MASS
1,000 g = 1 kg
1,000 kg = 1 tonne
16 tael = 1 catty
16 oz = 1 lb
2,240 lb = 1 ton
POWER
TEMPERATURE
Refer to www.online-unit-converter.com , www.dimensionconverter.com
for further information.
104
12
OTHER INFORMATION
(APPROX)
1 in
1 ft
1 yd
1 mile
= 25.400 mm
= 30.480 cm
= 0.914 m
= 1.609 km
1 ft2
1 yd2
1 acre
1 mile2
=
=
=
=
(UK) 1 pt
(US) 1 pt
(UK) 1 gal
(US) 1 gal
(APPROX)
1 cm
1m
1m
1 km
=
=
=
=
0.093 m2
0.836 m2
0.405 ha
2.590 km2
1 m2
1 m2
1 ha
1 km2
= 10.764 ft2
= 1.196 yd2
= 2.471 acres
= 0.386 mile2
=
=
=
=
(UK) 1 l
(US) 1 l
(UK) 1 l
(US) 1 l
0.568 l
0.473 l
4.546 l
3.785 l
0.394 in
3.281 ft
1.094 yd
0.621 mile
=
=
=
=
1.760 pt
2.113 pt
0.220 gal
0.264 gal
1 oz
1 lb
1 ton
1 catty
= 28.350 g
= 0.454 kg
= 1.016 tonne
= 0.605 kg
1 gram =
1 kg
=
1 tonne =
0.035 oz
2.205 lb
0.984 ton
1 hp
=
1 kw
1.341 hp
0.746 kw
(0F - 32) x 5/9
OTHER INFORMATION
=
(0C x 9/5) + 32
105
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5
OTHER INFORMATION
IDD CODES AND TIME DIFFERENCES
LOCATION
Australia:
Melbourne
Perth
Sydney
Bahrain
Bangladesh (Dhaka)
Bhutan (Thimphu)
Brunei:
Bandar Seri Begawan
Kuala Belait
Cambodia (Phnom Penh)
Canada:
Toronto (Metropolitan)
Vancouver
China:
Beijing
Guangzhou
Hong Kong
Macau
Shanghai
Shenzhen
France (Paris)
India:
Bangalore
Chennai
New Delhi
Mumbai
Indonesia:
Bali
Jakarta
Ireland:
Cork
Dublin
Japan:
Tokyo
Osaka
Kazakhstan (Almaty)
Korea (Seoul)
Korea (Pyongyang)
Laos (Vientiane)
IDD
COUNTRY
CODE
AREA
CODE
TIME
DIFFERENCE
(Hours)*
61
61
61
973
880
975
3
8
2
2
2
+3
+1
+3
-5
-2
-2
673
673
855
2
3
23
0
0
-1
1
1
416
604
-13
-16
86
86
852
853
86
86
33
10
20
21
755
1
0
0
0
0
0
0
-7
91
91
91
91
80
44
11
22
-2.5
-2.5
-2.5
-2.5
62
62
361
21
0
-1
353
353
21
1
-8
-8
81
81
7
82
850
856
3
6
327
2
2
21
+1
+1
-2
+1
+1
-1
Source : www.worldtimeserver.com ; www.worldtimezone.com
www.timeanddate.com
106
12
OTHER INFORMATION
LOCATION
Malaysia:
Johor Bahru
Kota Kinabalu
Kuala Lumpur
Kuching
Penang
Mongolia (Ulaanbaatar)
Myanmar (Rangoon)
Nepal (Kathmandu)
New Zealand:
Auckland
Wellington
Pakistan (Karachi)
Philippines (Manila)
Qatar
Singapore
Spain:
Barcelona
Girona
South Africa:
Johannesburg
Cape Town
Sri Lanka (Colombo)
Russia (Moscow)
Taiwan (Taipei)
Thailand:
Bangkok
Phuket
United Arab Emirates:
Abu Dhabi
Dubai
United Kingdom:
London
Edinburgh
USA:
Los Angeles
New York
Vietnam:
Ho Chi Minh City
Hanoi
*
IDD
COUNTRY
CODE
AREA
CODE
TIME
DIFFERENCE
(Hours)*
60
60
60
60
60
976
95
977
7
88
3
82
4
11
1
1
0
0
0
0
0
0
-1.5
-2.25
64
64
92
63
974
65
9
4
21
2
-
+5
+5
-3
0
-5
0
34
34
93
972
-7
-7
27
27
94
7
886
11
21
1
495
2
-6
-6
-2.5
-4
0
66
66
2
76
-1
-1
971
971
2
4
-4
-4
44
44
20
131
-8
-8
1
1
213
212
-16
-13
84
84
8
4
-1
-1
As compared to Hong Kong. Allowance should be made for
seasonal time variations. Time differences above as at 1 January.
OTHER INFORMATION
107
13
5
OTHER INFORMATION
PUBLIC HOLIDAYS
2015
HONG KONG
Lunar New Year's Day
The 2nd day of Lunar New Year
The 3rd day of Lunar New Year
Good Friday
The day following Good Friday
The day following Ching Ming Festival
Easter Monday
Labour Day
Buddha's Birthday
Tuen Ng Festival
HKSAR Establishment Day
The day following the Chinese
Mid-Autumn Festival
National Day
Chung Yeung Festival
Christmas Day
The 1st week-day after Christmas Day
*
108
12
01 Jan
19 Feb
20 Feb
21 Feb
03 Apr
04 Apr
06 Apr*
07 Apr
01 May
25 May
20 Jun
01 Jul
28 Sep
01 Oct
21 Oct
25 Dec
26 Dec
As Ching Ming Festival in 2015 falls on a Sunday, the following
day will be designated as a general holiday in substitution.
However, as the day following Ching Ming Festival and Easter
Monday fall on the same day, the next following day that is not
itself a general holiday will be observed as an additional general
holiday.
OTHER INFORMATION
2015
CHINA
New Year's Day *
Chinese New Year's Eve
Chinese New Year @
Tomb-Sweeping Day
Labour Day
Dragon-Boat Festival
Mid-Autumn Festival
National Day
01 Jan
18 Feb
19 Feb
20 Feb
05 Apr
01 May
20 Jun
27 Sep
01 Oct
02 Oct
05 Oct
*
2 - 3 January 2015 are holidays, 4 January 2015 is working
day.
@
21 - 24 February 2015 are holidays, 15 and 28 Febuary 2015
are working days.
6 April 2015 is holiday.
22 June 2015 is holiday.
As 27 September 2015 falls on Sunday, the deferred day off
is arranged together with National Day.
6 - 7 October 2015 are holidays, 10 October 2015 is working
day.
(Cont'd)
OTHER INFORMATION
109
13
5
OTHER INFORMATION
PUBLIC HOLIDAYS
2015
MACAU
New Year's Day
Lunar New Year's Eve (Afternoon)
Lunar New Year's Day
The 2nd day of Lunar New Year
The 3rd day of Lunar New Year
The 5th day of Lunar New Year
Good Friday
The day before Easter
Ching Ming Festival
01 Jan#*
18 Feb@
19 Feb#*
20 Feb#*
21 Feb*
23 Feb#@
03 Apr#
04 Apr
05 Apr*
before Easter
The second working day after
Ching Ming Festival
Labour Day
The Buddha's Birthday
Tung Ng Festival (Dragon Boat Festival)
06 Apr#@
07 Apr@
01 May#*
25 May#
20 Jun
Festival
Bank's Holiday
The day following Mid-Autum Festival
National Day
The day following National Day
Chung Yeung Festival
All Soul's Day
Feast of the Immaculate Conception
Macau SAR Establishment Day
22 Jun@
01 Jul#
28 Sep#*
01 Oct#*
02 Oct
21 Oct#*
02 Nov#
08 Dec#
20 Dec*
SAR Establishment Day
Winter Solstice
Christmas Eve
Christmas Day
New Year's Eve (Afternoon)
21 Dec#@
22 Dec
24 Dec#
25 Dec#
31 Dec@
#
*@
110
12
Bank's Holiday
Obligatory Holiday
Special holiday granted by Chief Executive for staff in Public
Administration
OTHER INFORMATION
2015
BRUNEI
New Year's Day
Prophet Muhammad's Birthday
Chinese New Year **
National Day
Israk Miraj
Royal Brunei Armed Forces Anniversary**
First Day of Ramadhan *
Anniversary of the Revelation of the
Holy Koran * & **
His Majesty's Birthday
*
nd
Day) * & **
rd
Day) * & **
Hari Raya Aidil Adha *
First Day of Hijrah *
Christmas Day
Notes :
01 Jan
03 Jan
19 Feb
23 Feb
16 May
31 May
18 Jun
04 Jul
15 Jul
17 Jul
18 Jul
19 Jul
23 Sep
13 Oct
25 Dec
Fridays and Sundays are government off days
Subject to change
*
** Replacement for Fridays / Sundays
INDIA
New Year's Day
Sankranthi
Republic Day
Ugadi
May Day
Independence Day
Gandhi Jayanthi
Karnataka Formation Day
Deepavali
Christmas Day
01 Jan
14 Jan
26 Jan
21 Mar
01 May
15 Aug
02 Oct
01 Nov
11 Nov
25 Dec
(Cont'd)
OTHER INFORMATION
111
13
5
OTHER INFORMATION
PUBLIC HOLIDAYS
2015
INDONESIA
New Year's Day
Prophet Muhammad's Birthday
Chinese New Year (Imlek)
Hindu Day of Quiet (Nyepi)
Good Friday
International Labour Day
Ascension Day of Jesus Christ
Ascension of Prophet Mohammad *
Waicak Day
Idul Fitri *
National Independence Day
Idul Adha Day
Hijriyah New Year
Christmas Day
*
01 Jan
03 Jan
19 Feb
21 Mar
03 Apr
01 May
14 May
16 May
02 Jun
17 Jul
18 Jul
17 Aug
24 Sep
14 Oct
25 Dec
Subject to change
MALAYSIA
New Year's Day ^
Chinese New Year
Labour Day
Wesak Day
King/Agong's Birthday
*
National Day
Malaysia Day
Hari Raya Qurban *
Awal Muharam (Maal Hijrah)
Deepavali *
Prophet Muhammad's Birthday
Christmas Day
*
^
#
112
12
01 Jan
19 Feb
20 Feb
01 May
03 May#
06 Jun
17 Jul
18 Jul
31 Aug
16 Sep
24 Sep
14 Oct
10 Nov
24 Dec
25 Dec
Subject to change
Except Johor, Kelantan, Kedah, Perlis and Terengganu
The following Monday will be an additional public holiday
OTHER INFORMATION
2015
PHILIPPINES
A. Regular Holidays
New Year's Day
Maundy Thursday
Good Friday
Araw ng Kagitingan
Labour Day
Independence Day
End of Eid-ul-Fitre
National Heroes' Day
Eid-ul Adha
Bonifacio Day
Christmas Day
Rizal Day
01 Jan
02 Apr
03 Apr
09 Apr
01 May
12 Jun
18 Jul
31 Aug
24 Sep
30 Nov
25 Dec
30 Dec
B. Special Holidays
(Non-Working Holidays)
Chinese New Year
Black Saturday (Additional)
Ninoy Aquino Day
All Saint's Day
All Souls Day (Additional)
Christmas Eve (Additional)
Last Day of the Year (Additional)
19 Feb
04 Apr
21 Aug
01 Nov
02 Nov
24 Dec
31 Dec
(Cont'd)
OTHER INFORMATION
113
13
5
OTHER INFORMATION
PUBLIC HOLIDAYS
2015
SINGAPORE
New Year's Day
Chinese New Year
01 Jan
19 Feb
20 Feb
03 Apr
01 May
01 Jun
17 Jul
09 Aug@
24 Sep
10 Nov
25 Dec
Good Friday
Labour Day
Vesak Day
Hari Raya Puasa
National Day
Hari Raya Haji
Deepavali *
Christmas Day
*@ Subject to change.
The following Monday will be a public holiday.
SOUTH KOREA
New Year's Day
Lunar New Year (Seol)
Independent Movement Day
Children's Day
Buddha's Birthday
Memorial Day
Liberation Day
Full Moon Day (Chuseok)
National Foundation Day
Hangul Proclamation Day
Christmas Day
114
12
01 Jan
19 Feb
01 Mar
05 May
25 May
06 Jun
15 Aug
27 Sep
03 Oct
09 Oct
25 Dec
OTHER INFORMATION
2015
TAIWAN
Founding Day
Lunar New Year's Eve
Lunar New Year's Day
The 2nd day of Lunar New Year
The 3rd day of Lunar New Year
Peace Memorial Day
Children's Day
Ching Ming Festival
Double Ten Day
*
01 Jan
18 Feb
19 Feb
20 Feb
23 Feb*
27 Feb*
03 Apr*
06 Apr*
09 Oct*
When the memorial day or holiday falls on a Saturday or Sunday,
a deferred day off will be granted. If a memorial day or a holiday
falls on a Saturday, the deferred day of is on the the preceding
workday; if a memorial day or a holiday falls on a Sunday, the
deferred day off is on the following workday. However, the
deferred days off for Chinese New Year's Eve and Chinese New
are always on the following workdays.
(Cont'd)
OTHER INFORMATION
115
13
5
OTHER INFORMATION
PUBLIC HOLIDAYS
2015
THAILAND
New Year's Day
Special Holday
Chinese New Year *
Makha Bucha Day
Chakri Memorial Day
Songkran Festival
National Labour Day
Coronation Day
Royal Ploughing Ceremony Day +
Visakha Bucha Day
Mid Year Bank Holiday @
Asarnha Bucha Day
Khao Phansa Day (Buddhist Lent Day) +
H.M. The Queen's Birthday
Chulalongkorn Day
H.M. The King's Birthday
Constitution Day
New Year's Eve
01 Jan
02 Jan
19 Feb
04 Mar
06 Mar
13 Apr
14 Apr
15 Apr
01 May
05 May
13 May
01 Jun
01 Jul
30 Jul
31 Jul
12 Aug
23 Oct
07 Dec#
10 Dec
31 Dec
Special Holiday Granted by Thai Government
*
@
+
#
116
Banks only
Government only
Substitute for 05 December 2015 (Saturday)
OTHER INFORMATION
2015
VIETNAM
Normal Scheduled Holidays
Solar New Year
Lunar New Year
Hung Vuong King Celebration
Liberation Day of Saigon
International Labour Day
National Day
Christmas Day
#
01 Jan
17 Feb
18 Feb
19 Feb
20 Feb
23 Feb#
28 Apr
30 Apr
01 May
02 Sep
25 Dec
Substitute for 21 February 2015 (Saturday)
OTHER INFORMATION
117
5
OTHER INFORMATION
CONTRACT PROCUREMENT
FIDIC RAINBOW SUITE
International Standard Forms of Contract recommended
for use in Korea - current as of 2013
FIDIC Forms of Conditions of Contract published by the
Federation Internationale des Ingenieurs-Conseils, 1st
Edition 1999
- Conditions of Contract for Construction for Building
and Engineering Works designed by the Employer (Red
Book)
- Conditions of Contract for Plant and Design-Build for
Electrical and Mechanical Plant and for Building and
Engineering Works designed by the Contractor (Yellow
Book)
- Conditions of Contract for EPC/Turnkey Projects
(Silver Book)
- Short Form of Contract (Green Book)
118
12
OTHER INFORMATION
FIDIC Conditions of Contract for Construction for
Building and Engineering Works designed by the
Employer
(1) Documents forming the Contract are accorded a
sequence of priority for purposes of interpretation
[Clause 1.5]
(2) Administration of the Contract and supervision of the
execution of the Works are carried out by the Engineer
appointed by the Employer [Clause 3.1]
(3) Provision is made for the Contractor to design the
Works to the extent specified in the Contract [Clause
4.1]
(4) Contractor is obliged to submit detailed time
programme within 28 days from receipt of notice of the
Commencement Date [Clause 8.3]
(5) Employer may take over any part of the Works upon
issue of a Taking-Over Certificate by the Employer
[Clause 10.2]
(6) Employer is entitled to an extension of the Defects
Notification Period (by not more than two years) if the
Works or a Section thereof cannot be used by reason of
a defect or damage [Clause 11.3]
(7) Contractor may submit to the Engineer value
engineer-ing proposals to accelerate completion,
reduce cost of construction, maintenance and operation, or improve efficiency or value to the Employer
[Clause 13.2]
OTHER INFORMATION
119
13
5
OTHER INFORMATION
CONTRACT PROCUREMENT
FIDIC RAINBOW SUITE
(8) Quantities in the Bill of Quantities are estimated
quantities [Clause 14.1]
(9) Provision for advance payment to the Contractor
upon submission of an Advance Payment Guarantee, if
Employer agrees [Clause 14.2]
(10) Amount certified in Interim Payment Certificate is
paid by the Employer within 56 days from receipt of the
Contractor’s Statement and supporting
documents[Clause14.7]
(11) Employer is entitled to terminate the Contract
without cause at any time for his convenience subject to
certain provisions [Clause 15.5]
(12) Insuring party is the Contractor unless otherwise
stated in the Particular Conditions that the Employer
wishes to effect insurances [Clause 18.2]
(13) Provision is made for disputes to be adjudicated by
a Dispute Adjudication Board [Clause 20]
(14) Claims for additional payment and extension of
time are regulated by a claims procedure which inter
alia, requires the Engineer or Employer to respond
within a given time period [Clause 20]
120
12
OTHER INFORMATION
TYPES OF CONTRACT
Contractual Arrangements
Contractual arrangements are concerned with the type
of agreement to be entered into and the obligations,
responsibilities, rights and liabilities assumed by the
parties under a contract. It deals with the situation that
exists from the time when a contract is formed until the
time when all the obligations created by it have been
discharged.
Contractual arrangements may comprise the following:
Conventional Contracts
The commonest form of contract is one based upon a
standard form, for example the FIDIC Conditions of
Contract. The design is prepared by a Consultant and
the price of the works determined before award, usually
by competition but occasionally by negotiation.
Small projects tend to be based upon specification and
drawings whilst large projects are usually based upon
bills of quantities.
Design and Build Contracts
A design and build contract is a contractual arrangement where the Employer employs a Contractor to
design and build the project.
The Contract Sum is inclusive of design work, management and construction costs.
OTHER INFORMATION
121
13
5
OTHER INFORMATION
CONTRACT PROCUREMENT
TYPES OF CONTRACT
Develop and Construct Contracts
A develop and construct contract is a contractual
arrangement where the Employer engages consultants
to design the project to a certain stage; the Contractor
then develops and completes the design and constructs
the building.
Term Contracts
Under term contracts, the Contractor signs a contract to
carry out an indefinite amount of work within a certain
framework over a time period or ‘term’. While exactly
what is to be done may be uncertain, the general
character of the work will usually be fairly easy to
define.
Orders for work are issued progressively from time to
time throughout the contract period. The work is
measured, valued and the Contractor is paid accordingly subject to the tendered adjustment on the
Schedule of Rates.
Guaranteed Maximum Price (GMP) Contracts
A GMP, effectively a guaranteed lump sum price for a
project, is a set of conditions that can be introduced and
used in conjunction with any standard form of contract.
It is not a standard form of contract.
The guaranteed price is not subject to upward adjustment except for client scope changes and changes as a
result of legislation or statutory requirements.
GMP benefits include greater price certainty, early start
as design and construction can overlap, contractor’s
input and contribution on buildability, best practice
construction methods and mutually beneficial
partnering-style relationship.
122
12
OTHER INFORMATION
Management Contracts
A management contract is one in which the Management Contractor is appointed to manage the planning
and construction of a project and in which the construction work is executed by Sub-Contractors working
under him, selected and appointed as the job proceeds.
The Management Contractor prepares the programme,
decides on the contents of each work package to be
sub-contracted, organizes and manages the construction of all works which are undertaken by
Sub-Contractors, each selected in competition.
Construction Management Contracts
Construction management contracts entail an interactive procurement concept involving combined efforts of
the Employer, Construction Manager, design consultants and multitude of work package contractors.
Under construction management contracts, the
Construction Manager is appointed to manage the
entire delivery process from inception to completion
while construction work is executed by a myriad of work
package contractors engaged by the Employer,
selected and appointed as the job proceeds.
OTHER INFORMATION
123
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OTHER INFORMATION
CONTRACT PROCUREMENT
TYPES OF CONTRACT
Public-Private Partnership (PPP)
Public-Private Partnership (PPP) is a generic term
which describes the various structures possible
whereby the public and private sectors work together in
the delivery of services and the provision and operation
of assets. Typical forms of project structures under PPP
include PFI (Private Finance Initiative), DBFO (Design,
Building, Finance, Operate), DCMF (Design, Construct,
Manage, Finance), BOB (Build, Own, Operate), BOT
(Build, Operate, Transfer) and BOOT (Build, Own,
Operate, Transfer).
Broadly, a typical PPP model involves the procuring
authority (or public agency) contracting with the Special
Purpose Vehicle (SPV) under a long-term service
purchase agreement for the design, construction,
maintenance and operation of the facility. The SPV
enters into a range of subcontracts for the building
works, and operations and maintenance of the new
asset.
12
124
OTHER INFORMATION
AUTHORITY PROCESS AND SUBMISSION
Development Project in Korea
(General procedure)
1. Land Purchase Published Official Land Price
- This is a publicized price of the land for the
purpose of assessment of Property Tax and
other taxes. Actual land price is mostly
higher than this by 20~30%.
- Acquisition Tax, Registration Tax Education
Tax, Farm & Fishery Village Support Special
Tax
2. Budget and Feasibility Study
The following are the factors that need to be considered:
- Interest Rates in Korea
- Special Taxes or Charges
- Development Charge (For increase of land
price after Development)
- Over Population Charge (For development
in CBD areas)
- Traffic Congestion Charge (For buildings
that cause traffic congestion such as
shopping center, and apartment)
- Environment Improvement Charge
(Buildings that will cause pollution)
3. Government Approval and Permit
- Special Relationship with Government
Authority and District Office
- This is normally handled by Architect /
Contractor on behalf of Employer.
- Traffic Impact Analysis
- Design Review and Approval
- Especially for GFA Ratio, even though the
figures are within the legal requirement, the
City Government can still have the right to
reduce the ratio at its discretion based on a
municipal ordinance.
OTHER INFORMATION
125
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OTHER INFORMATION
CONTRACT PROCUREMENT
AUTHORITY PROCESS AND SUBMISSION
- Public or Neighboring Complaint.
- Even though, all the legal requirements
have been complied with, if complaints are
filed with the District Office, the period for
Approval can be prolonged until they are
resolved.
4. Design
- Main Architect: Client only needs to nominate
the Main Architect. All M&E and other
subconsultants are hired by the Architect.
- Main Architect is responsible for all Design
Review, Approval and Occupancy Permit.
- Two Stages of Procedure for Design
Approval. (Takes approximately 2 months
period)
- First Stage : Architectural & Aesthetical
Evaluation
- Second Stage: Building Permit Evaluation
- For interior works most interior consultants
carry out interior construction also as design
builder.
5. Construction Work
- Korean Standard Construction Contract Form
- Supervision Work: Supervision Work for big
or special projects should be carried out by
Special Supervision Company. Other projects
can be supervised by Architectural Firms.
- Compulsory Art Features(1% of the
Construction Cost)
- Utility Connection Cost are billed to Client.
6. Strategy for Advertisement and Sales
- Nomination of Sales & Marketing Agent
- Korean Market Study / Special Real Estate
Market
12
126
OTHER INFORMATION
FLOWCHART OF DEVELOPMENT BUSINESS
DEVELOPER
Designation of
prospective land
development
area
CONSULTANT
Proposition
of suitable
housing sites in
residential areas
Proposition of
development
areas
Prior selection
site
Selection of
development
areas
GOVERNMENT
Decision of
master plan for
development
Decision of
working plan
for development
ARCHITECT /
(QS)
GOVERNMENT
PERMIT
STUDY
Development
Feasibility
Study
Recommendation
of construction
company
Preparation of
proposal for the
project
Decision of
design and cost
estimation
Decision of
construction
company
PROJECT
COMPANY
DEVELOPMENT
COMPANY
Approval of
development
construction
plan
Acquisition of
land
PM/CM
Contracts
GOVERNMENT
PERMIT
SUBMISSION
Starting
construction
work
Selection of
tenants
Completion of
construction
work
Occupation by
residents
OTHER INFORMATION
13
127
5
OTHER INFORMATION
CONTRACT PROCUREMENT
DEVELOPMENT COSTS IN KOREA
Gross Floor Area (GFA)
Land Property Value
Building Property Value
Total Property Value
M2
KRW
KRW
KRW
:
:
:
:
DESCRIPTION
1. Stamp Duty
2. Statutory Taxs & Fees
a) Property Tax
Gross Real Estate Holding Tax(national tax)
Farm & Fishery Special Tax
Property Tax(local tax)
Educational Tax
b) Land Acquisition
Registration Tax
Farm & Fishery Special Tax
Educational Tax
c) Building Acquisition (new building)
Acquisition Tax
Farm & Fishery Special Tax
Educational Tax
d) Development Impact Fees
e) Over Population Charge
Retail: over 15,000m²
Office: over 25,000m²
f) Traffic Inducement Charge
g) Metropolitan Transportation facility fee
Only residence development project
h) Legal Attorney Fees
3. Professional Fees
a) Design Fee
b) Supervision Fee
4. Marketing Fee
5. Planning & Consultant Cost
*6. Compulsory Special Art Work
7. Operating Equipment, Spare parts,
Furniture and General
TOTAL
Every Building must have, in its pulic area, an Art
Work(Sculpture, Paintings, etc.) by Korean Artist.
The value of the work should be as much as 1% of
the Construction Cost.
12
128
OTHER INFORMATION
RATES
REMARK
nominal
0.75%~8%
0.75% ~ 2.0%
20%
0.2% ~ 0.4%
20%
of the Property Value/Year
of the Property Value/Year
of the Gross Real Estate Holding Tax
of the Property Value/Year
of the Property Tax
4.6%
of the Land Value
chargeable annually
after occupation
4%
0.2%
0.4%
3.16%
of the Building Value
2.8%
0.2%
0.16%
Profit x 25%
Profit=Land Value After DevelopmentLand Value Before Development
-Development Cost-Normal Land Value Increase Portion)
for building a new
building
If land-catogory was
changed
=(Total Area－Parking Area－5,000m²)
applicable in certain city center areas
×standard construction cost/m²x0.1
Standard Construction cost=KRW 1,693,000/㎡ (2014)
Floor Area x KRW 700 x Tr.Ind.Factor
differs by type of buildings
New owners pay the cost after completion
of the building(except residence).
This is not contained to the development cost.
= [(Standard construction cost for public affodable
apartment × 2% × Gross Area) - deductions]
up to 50% of exemption to the area
( Attorney's consultation not necessary unless court case is involved.)
KRW 30,000/m²
KRW 15,000/m²
Structural, M&E Design included
@80%
5-9%
of the Construction Cost
1.5~3%
of the Construction Cost
less than 1% of the Construction Cost(standard construction cost)
Over 10,000㎡ of
gross area
OTHER INFORMATION
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DIRECTORY OF OFFICES
KOREA
SEOUL
LANGDON & SEAH KOREA CO LTD
#429, 27(G-Five Central Plaza)
Seochojungang-ro 24-gil
Seocho-Gu, Seoul
Korea 137-882
GPS
: 37.4953, 127.0164
Tel
: (00 82 2) 543 3888
Fax
: (00 82 2) 543 3898
Email
: info@kr.LangdonSeah.com
Contact : Aaron Page / Victor Stanger
MALAYSIA
SELANGOR
LANGDON & SEAH SDN BHD
JURU UKUR BAHAN MALAYSIA
JUBM SDN BHD
ARCADIS PROJEKS SDN BHD
Level 5, Menara TSR
12 Jalan PJU 7/3, Mutiara Damansara
47810 Petaling Jaya
Selangor Darul Ehsan, Malaysia
GPS
: 3.1616, 101.6129
Tel
: (60 3) 2106 8000
Fax
: (60 3) 2106 9090
Email
: info@my.LangdonSeah.com
Contact : Loo Ming Chee / Mohd Ali Abd Karim /
Justin Teoh / Syed Mahadzir Syed Ahmad
Mohamad Faiz Awang / Nur Aziz Abu Bakar
JOHOR
LANGDON & SEAH SDN BHD
JURU UKUR BAHAN MALAYSIA
JUBM SDN BHD
DLSM PROJEKS SDN BHD
47, Jalan Setia Tropika 1/30
Taman Setia Tropika
81200 Johor Bahru
Johor Darul Takzim, Malaysia
GPS
: 1.5422, 103.7111
Tel
: (60 7) 232 8300
Fax
: (60 7) 232 8232
Email
: jubmjb@my.LangdonSeah.com
Contact : Syed Mahadzir Syed Ahmad
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OTHER INFORMATION
PENANG
LANGDON & SEAH SDN BHD
JURU UKUR BAHAN MALAYSIA
JUBM SDN BHD
DLSM PROJEKS SDN BHD
Suite 3A-3, Level 3A
Wisma Great Eastern
No.25, Lebuh Light
10200 Penang, Malaysia
GPS
: 5.4201, 100.3408
Tel
: (60 4) 264 2071 / 264 2072 / 264 2073
Fax
: (60 4) 264 2068
Email
: penangoffice@my.LangdonSeah.com
Contact : Nur Aziz Abu Bakar
SABAH
LANGDON & SEAH SDN BHD
JURU UKUR BAHAN MALAYSIA
JUBM SDN BHD
DLSM PROJEKS SDN BHD
Suite 8A, 8th Floor, Wisma Pendidikan, Jalan Padang
P.O.Box 11598, 88817 Kota Kinabalu
Sabah, Malaysia
GPS
: 5.9783, 116.0761
Tel
: (60 88) 223 369
Fax
: (60 88) 216 537
Email
: jubmkk@my.LangdonSeah.com
Contact : Ang Kun Eng
SARAWAK
JUBM SDN BHD
No.2 (3rd Floor), Jalan Song Thian Cheok
93100 Kuching
Sarawak, Malaysia
GPS
: 1.5532, 110.3532
Tel
: (60 82) 232 212
Fax
: (60 82) 232 198
Email
: kuching@my.LangdonSeah.com
Contact : Nor Azman Bin Baharum
(Cont'd)
OTHER INFORMATION
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OTHER INFORMATION
DIRECTORY OF OFFICES
BRUNEI
BANDAR SERI BEGAWAN
LANGDON & SEAH
JURUUKUR BAHAN dan PENGURUSAN UTAMACON
Unit 25, BT Complex, Kg. Jaya Setia
Mukim Berakas ‘A’ BB2713
P.O.Box 313, Bandar Seri Begawan BS8670
Negara Brunei Darussalam
GPS
: 4.9394, 114.9377
Tel
: (00 673) 233 2833
Fax
: (00 673) 233 2933
Email
: info@bn.LangdonSeah.com
Contact : Shafie Yusof / Justin Teoh
KUALA BELAIT
JBPU (B) SDN BHD
Unit 1, 1st floor,
Tang Ching Ying(TCY) Building,
Lot 118, Jalan Sungai,
Kuala Belait, KA 2331,
Negara Brunei Darussalam
Tel:
+673 3347641
Email:
info.jbpusb@jbpu.com.bn
Contact : Shafie Yusof / Shahril Othman
KUALA BELAIT
PETROKON UTAMA SDN BHD
Lot 7219, Jalan Jaya Negara
Kg. Pandan, P.O. Box 811
Kuala Belait KA1189
Negara Brunei Darussalam
GPS
: 4.5843, 114.2087
Tel
: (00 673) 3347878
Fax
: (00 673) 3347788
Email
: pusbkb@pusbbrunei.com.bn
Contact : Shafie Yusof
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OTHER INFORMATION
CHINA
BEIJING
LANGDON & SEAH (BEIJING) CONSTRUCTION
CONSULTANTS CO LTD
Suite 1225 - 1242, South Wing
Central Tower, Junefield Plaza,
10 Xuan Wu Men Wai Street
Beijing 100 052, China
GPS
: 39.896738,116.375676
Tel
: (86 10) 6310 1136
Fax
: (86 10) 6310 1143
Email
: info@cn.LangdonSeah.com
Contact : Chan Chi Keung, Andrew
CHANGSHA
LANGDON & SEAH CONSULTANCY(SHANGHAI)
CO LTD CHANGSHA BRANCH
Room 11051, Zhong Tian Plaza
766 Wu Yi Avenue, Furong District,
Changsha, Hunan
410005, China
GPS
: 28.195151,112.983057
Tel
: (86 731) 8971 1860
Fax
: (86 731) 8971 6736
Email
: info@cn.LangdonSeah.com
Contact : Chen Yong
CHENGDU
LANGDON & SEAH CONSULTANCY (CHENGDU)
CO. LTD.
Room 807, Block A,
Times Plaza
2 Zongfu Road
Chengdu, Sichuan Province 610 016, China
GPS
: 30.656666,104.080567
Tel
: (86 28) 8671 8373
Fax
: (86 28) 8671 8535
Email
: info@cn.LangdonSeah.com
Contact : Lum Ka Wai, Andy
(Cont'd)
OTHER INFORMATION
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OTHER INFORMATION
DIRECTORY OF OFFICES
CHONGQING
LANGDON & SEAH CONSULTANCY (CHENGDU)
CO. LTD. CHONGQING BRANCH
Room 3408, International Trade Centre
38 Qing Nian Road, Central District
Chongqing City 400010, China
GPS
: 29.556331,106.574332
Tel
: (86 23) 8655 1333
Fax
: (86 23) 8655 1616
Email
: info@cn.LangdonSeah.com
Contact : Lin Wai Yip, Gary
DALIAN
LANGDON & SEAH (BEIJING) CONSTRUCTION
CONSULTANTS CO LTD DALIAN BRANCH
Unit 07, 32F, Xiwang Tower,
136 Zhongshan Road, Zhongshan District,
Dalian, Liaoning Province
116001, China
GPS
: 38.914864,121.631245
Tel
: (86 411) 8800 8018
Fax
: (86 411) 8800 8823
Email
: info@cn.LangdonSeah.com
Contact : Ng Hin Kan, Kenn
FOSHAN
LANGDON & SEAH CONSULTANCY (SHENZHEN)
CO. LTD. FOSHAN BRANCH
3/F, Foshan Ling Nan Tian Di
Zu Miao Road Shop Nos. Z01-Z11
Zu Miao Road, Foshan
Guangdong Province
528000, China
GPS
: 23.031224,113.11278
Tel
: (86 757) 8203 0028
Fax
: (86 757) 8203 0029
Email
: info@cn.LangdonSeah.com
Contact : Lee Kwok Wing, Dickey
12
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OTHER INFORMATION
GUANGZHOU
LANGDON & SEAH CONSULTANCY (SHENZHEN)
CO. LTD. GUANGZHOU BRANCH
Unit 2711 – 2713 & 2718,
Bank of America Plaza
555 Ren Min Zhong Road
Guangzhou, Guangdong Province, 510 145, China
GPS
: 23.123148,113.253628
Tel
: (86 20) 8130 3813
Fax
: (86 20) 8130 3812
Email
: info@cn.LangdonSeah.com
Contact : Wong Wing Cheung, Jack
HAIKOU
LANGDON & SEAH CONSULTANCY (SHENZHEN)
CO LTD HAIKOU BRANCH
Unit B 27/F Times Square
2 GuomaoRoad, Haikou
Hainan Province
570100, China
GPS
: 20.029509,110.326235
Tel
: (86 898) 6652 7818
Fax
: (86 898) 6652 7809
Email
: info@cn.LangdonSeah.com
Contact : Yi Zheng Gang
HANGZHOU
LANGDON & SEAH CONSULTANCY (SHANGHAI)
CO.LTD. HANGZHOU BRANCH
Room 2305 WinNing International
100 Min Xin Road
Hangzhou, Zhejiang Province
310016, China
GPS
: 30.251755,120.218913
Tel
: (86 571) 2829 7766
Fax
: (86 571) 2829 7622
Email
: info@cn.LangdonSeah.com
Contact : Lu Mei Hua / Lu Wei
(Cont'd)
OTHER INFORMATION
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OTHER INFORMATION
DIRECTORY OF OFFICES
HENGQIN
LANGDON & SEAH CONSULTANCY
(ZHUHAI HENGQIN) CO. LTD. HENGQIN BRANCH
7/F, 156 Nan Shan Ju Road,
Hengqin, Zhuhai,
Guangdong Province 519031, China
GPS
: 22.142774, 113.544438
Tel
: (86 756) 868 8986
Fax
: (86 756) 868 8969
Email
: info@cn.LangdonSeah.com
Contact : Wan Chi Shing, Stanley
HONG KONG
LANGDON & SEAH HONG KONG LIMITED
LANGDON & SEAH CHINA LIMITED
LANGDON & SEAH MANAGEMENT LIMITED
38/F AIA Kowloon Tower, Landmark East,
100 How Ming Street
Kwun Tong, Kowloon, Hong Kong
GPS
: 22.3125, 114.2223
Tel
: (852) 2830 3500
Fax
: (852) 2576 0416
Email
: info@hk.LangdonSeah.com
Contact : Au Kai Ming, Francis
MACAU
LANGDON & SEAH MACAU LIMITED
Avenida da Praia Grande, No. 594
Edificio BCM, 12th Floor
,Macau
GPS
: 22.192210,113.541252
Tel
: (853) 2833 1710
Fax
: (853) 2833 1532
Email
: info@mo.LangdonSeah.com
Contact : Chan Yuk Sim, Katherine
12
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OTHER INFORMATION
QINGDAO
LANGDON & SEAH CONSULTANCY (SHANGHAI)
CO LTD QINGDAO BRANCH
Room 09, 16F, HNA Center
234 Yan An San Road, Shinan District
Qingdao, Shangdong Province
266071, China
GPS
: 36.060852,120.375351
Tel
: (86 532) 8280 1818
Fax
: (86 532) 8280 1881
Email
: info@cn.LangdonSeah.com
Contact : Feng Shi En, Andy
SHANGHAI
LANGDON & SEAH CONSULTANCY (SHANGHAI)
CO. LTD.
6/F, City Point
666 Huaihai Road West
Shanghai 200052, China
GPS
: 31.197233,121.422376
Tel
: (86 21) 6091 2800
Fax
: (86 21) 6091 2999
Email
: info@cn.LangdonSeah.com
Contact : Chan Hoi Or, Joe
SHENYANG
LANGDON & SEAH (BEIJING) CONSTRUCTION
CONSULTANTS CO. LTD. SHENYANG BRANCH
Room 1801, 1806 – 1809, 18/F
E Tower of Fortune Plaza
59 Beizhan Road, Shenhe District
Shenyang, Liaoning Province 110 013, China
GPS
: 41.814314,123.435484
Tel
: (86 24) 3195 8880
Fax
: (86 24) 3128 6983
Email
: info@cn.LangdonSeah.com
Contact : Chow Hau Ming, Simon
(Cont'd)
OTHER INFORMATION
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OTHER INFORMATION
DIRECTORY OF OFFICES
SHENZHEN
LANGDON & SEAH CONSULTANCY (SHENZHEN)
CO LTD
Room 1001, AVIC Centre,
1018 Huafu Road, Shenzhen
Guangdong Province 518031, China
GPS
: 22.543241, 114.082051
Tel
: (86 755) 2598 1841
Fax
: (86 755) 2598 1854
Email
: info@cn.LangdonSeah.com
Contact : Lo Kwok Chu, Kenneth
SUZHOU
LANGDON & SEAH CONSULTANCY (SHANGHAI)
CO LTD SUZHOU BRANCH
Room 906 Century Financial Tower
1 Suzhou Avenue West
Suzhou, Jiangsu Province
215021 China
GPS
: 31.315872,120.674879
Tel
: (86 512) 8777 5599
Fax
: (86 512) 8777 5600
Email
: info@cn.LangdonSeah.com
Contact : Zhang Rui
TIANJIN
LANGDON & SEAH CONSULTANCY CO LTD
TIANJIN BRANCH
4002, 40/F
Tianjin World Financial Centre Office Tower
2 Dagubei Road,
He Ping District, Tianjin 300 020, China
GPS
: 39.129619,117.202758
Tel
: (86 22) 2329 8611
Fax
: (86 22) 2319 3186
Email
: info@cn.LangdonSeah.com
Contact : Wong Chin Ying
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OTHER INFORMATION
WUHAN
LANGDON & SEAH CONSULTANCY (SHANGHAI)
CO. LTD. WUHAN BRANCH
Room 1008, 10/F, Corporate Centre 5,
Wuhan Tiandi, 1628 Zhongshan Road,
Wuhan, Hubei Province 430 010, China
GPS
: 30.608202,114.310273
Tel
: (86 27) 5920 9299
Fax
: (86 27) 5920 9298
Email
: info@cn.LangdonSeah.com
Contact : Guang Rong
XI’AN
LANGDON & SEAH CONSULTANCY (SHENZHEN)
CO LTD XI’AN BRANCH
Unit 06-07, 16/F, CapitaMall Office Building
64 South Second Ring Western
Xi’an, Shaanxi Province
710065, China
GPS
: 34.230397,108.934893
Tel
: (86 29) 8866 9711
Fax
: (86 29) 8866 9760
Email
: info@cn.LangdonSeah.com
Contact : Wang Zhu Zhu
(Cont'd)
OTHER INFORMATION
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OTHER INFORMATION
DIRECTORY OF OFFICES
INDIA
BANGALORE
LANGDON & SEAH CONSULTING INDIA PVT LTD
2nd Floor, Esquire Center
No.9, M G Road
Bangalore 560 008, India
GPS
: 12.974, 77.617
Tel
: (00 91 80) 4123 9141
Fax
: (00 91 80) 4123 8922
Email
: info@in.LangdonSeah.com
Contact : Gary Miles / Velan Murali / Biju AK
CHENNAI
LANGDON & SEAH CONSULTING INDIA PVT. LTD
New No.20, West Cott Road
Royapettah
Chennai 600 004, India
GPS
: 13.055, 80.265
Tel
: (00 91 44) 2855 3137
Fax
: (00 91 44) 2855 0141
Email
: info@in.LangdonSeah.com
Contact : Gary Miles / Sankar Ramakrishnan
DELHI
LANGDON & SEAH CONSULTING INDIA PVT. LTD
The Elements
2nd Floor, Unit No.465, Udyog Vihar, Phase-V
Gurgaon, Haryana 122 016 India
GPS
: 28.5012, 77.085
Tel
: (00 91 124) 430 8790
Fax
: (00 91 124) 430 8793
Email
: info@in.LangdonSeah.com
Contact : Gary Miles / Arun Basu
HYDERABAD
LANGDON & SEAH CONSULTING INDIA PVT LTD
2nd Floor, Trade Fair Office
Hitex Exhibition Center
Izzat Nagar, Hyderabad 500 084, India
GPS
: 17.475, 78.375
Tel
: (00 91 40) 2311 4942
Fax
: (00 91 40) 2311 2942
Email
: info@in.LangdonSeah.com
Contact : Gary Miles / Bhoomeshwar Rao
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OTHER INFORMATION
PUNE
LANGDON & SEAH CONSULTING INDIA PVT LTD
City Survey No 804 / B,
Bhandarkar Institute Road,
Lane No-14.Pune 411004 (Near Skoda Show room),
Maharashtra - INDIA
GPS
: 18.5204, 73.8567
Tel
: (00 91 20) 256504174 / 25650419
Fax
: (00 91 22) 3933 5556
Email
: info@in.LangdonSeah.com
Contact : Gary Miles / Darshan Joshi / Rahul Patil
MUMBAI
LANGDON & SEAH CONSULTING INDIA PVT LTD
Unit No.103, First Floor
Akruti SMC, Khopat Junction
Near Khopat Bus Depot
Thane (West) 400601
Maharashtra, India
GPS
: 19.1988, 72.9756
Tel
: (00 91 22) 3933 5555
Fax
: (00 91 22) 3933 3956
Email
: info@in.LangdonSeah.com
Contact : Gary Miles / Darshan Joshi
KOLKATA
LANGDON & SEAH CONSULTING INDIA PVT LTD
Stesalit Towers, 6th Floor
E2-3, EP & Gp Block,
Sector V, Salt Lake,
Kolkata - 700091
GPS
: 22.569814, 88.433725
Tel
: (00 91 124) 430 8790
Fax
: (00 91 124) 430 8793
Email
: info@in.LangdonSeah.com
Contact : Gary Miles / Arun Basu
(Cont'd)
OTHER INFORMATION
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OTHER INFORMATION
DIRECTORY OF OFFICES
INDONESIA
BALI
P.T. LANGDON & SEAH INDONESIA
Jalan Sunset Road No 8C
Lingkungan Abian Base
Bali 80361, Indonesia
GPS
: 8.7046, 115.1520
Tel
: (00 62 361) 894 7517
Fax
: (00 62 361) 894 7392
Email
: lsbali@id.LangdonSeah.com
Contact : Ir. Putu Arya Canti
JAKARTA
P.T. LANGDON & SEAH INDONESIA
Level 18, Ratu Plaza Office Tower
Jalan Jenderal Sudirman 9
Jakarta 10270, Indonesia
GPS
: 6.2271, 106.8008
Tel
: (00 62 21) 739 7550
Fax
: (00 62 21) 739 7846
Email
: lsjkt@id.LangdonSeah.com
Contact : Peter Robinson / Stephen Osborne
PHILIPPINES
MANILA
LANGDON & SEAH PHILIPPINES INC
4th & 7th Floor, Kings Court 1
2129 Pasong Tamo,
Makati City 1231
Philippines
GPS
: 14.5576, 121.0135
Tel
: (00 63 2) 811 2971
Fax
: (00 63 2) 811 2071
Email
: manila@ph.LangdonSeah.com
Contact : Bernie C. Basilan
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OTHER INFORMATION
CEBU
LANGDON & SEAH PHILIPPINES INC
12F, 2Quad Bldg., Cardinal Rosales Avenue
Cebu Business Park, Cebu City
Philippines
GPS
: 10.3142754, 123.9053502
Tel
: (00 63 32) 2322 200
Fax
: (00 63 32) 2603 699
Email
: info@ph.LangdonSeah.com
Contact : Bernie C. Basilan
SINGAPORE
MANILA
LANGDON & SEAH SINGAPORE PTE LTD
L&S CONTRACT ADVISORY & DISPUTE
MANAGEMENT SERVICES PTE LTD
1 Magazine Road, #05-01 Central Mall
Singapore 059567
GPS
: 1.288526,103.842085
Tel
: (65) 6222 3888
Fax
: (65) 6224 7089
Email
: lssp3@sg.LangdonSeah.com
Contact : Eugene Seah / Ho Kong Mo
ARCADIS PROJECT MANAGEMENT PTE LTD
(Formerly known as Langdon & Seah Project
Management Pte Ltd)
1 Magazine Road, #03-12 Central Mall
Singapore 059567
GPS
: 1.288526,103.842085
Tel
: (65) 6239 8600
Fax
: (65) 6538 4508
Email
: pmps@arcadis.sg
Contact : Seah Choo Meng / Bernard Ho
/ Teoh Wooi Sin
(Cont'd)
OTHER INFORMATION
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OTHER INFORMATION
DIRECTORY OF OFFICES
THAILAND
BANGKOK
LANGDON & SEAH (THAILAND) LTD
LECE (THAILAND) CO LTD
10th Floor, Kian Gwan II Building
140/1 Wireless Road, Lumpini, Pratumwan
Bangkok 10330, Thailand
GPS
: 13.734969, 100.545448
Tel
: (00 66 2) 253 1438 - 9
Fax
: (00 66 2) 253 4977
Email
: info@th.LangdonSeah.com
Contact : Ang Yen Kooi / Wong Soon Bin
VIETNAM
HANOI
LANGDON & SEAH VIETNAM CO LTD
4th Level Thanh Dong Building
132-138 Kim Ma Street, Ba Dinh District
Hanoi, Vietnam
GPS
: 21.0320, 105.8263
Tel
: (00 844) 3942 7525
Fax
: (00 844) 3942 7526
Email
: info@vn.LangdonSeah.com
Contact : Mark Olive
HO CHI MINH CITY
LANGDON & SEAH VIETNAM CO LTD
9th Level, Unit E-VTP Building
08 Nguyen Hue, District 1
Ho Chi Minh City, Vietnam
GPS
: 10.7727, 106.7051
Tel
: (00 848) 3823 8297
Fax
: (00 848) 3823 8197
Email
: info@vn.LangdonSeah.com
Contact : Mark Olive
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OTHER INFORMATION
ARCADIS HEADQUARTERS
HONG KONG
38/F AIA Kowloon Tower, Landmark East,
100 How Ming Street
Kwun Tong, Kowloon, Hong Kong
GPS
: 22.3125, 114.2223
Tel
: (852) 2830 3500
Fax
: (852) 2576 0416
Email
: asiainfo@arcadis.com
Contact : Poon Kan Young, Kenneth, CEO
ARCADIS HEADQUARTERS
AMSTERDAM
ARCADIS NV
"Symphony"
Gustav Mahlerplein 97 - 103
1082 MS Amsterdam
P.O. Box 7895
1008 AB Amsterdam
The Netherlands
Tel
: (31 20) 201 1011
Fax
: (31 20) 201 1002
Email
: info@arcadis.com
Website : www.arcadis.com
Contact : Neil McArthur, CEO
(Cont'd)
OTHER INFORMATION
145
#429, 27(G-Five Central Plaza)
Seochojungang-ro 24-gil
Seocho-Gu, Seoul
Korea 137-882
Tel: (822) 543 3888 Fax: (822) 543 3898
www.LangdonSeah.com