SINGAPOREREPORT

CONSTRUCTION MARKETQUARTERLY UPDATE

ISSUE NO. 50 • JUNE 2010MICA (P) 142/05/2010

SINGAPOREREPORT

JUNE 2010

1

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

Rider Levett Bucknall Singapore are the Cost Consultants for this prestigious landmark development.

MARINA BAY SANDS®

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

SINGAPOREREPORT

JUNE 2010

MARKET SUMMARY SINGAPORE

The first half of 2010 has been volatile for the global financial markets, triggered by the public debt crisis in Greece that has moved to a wider eurozone issue. The confluence of a weakening euro currency, austerity measures by the EU governments, tighter US financial market regulations, and tougher policies by the Chinese government to cool the residential market may affect the nascent global economic recovery.

Singapore’s economy grew strongly by 15.5% year-on-year and 38.6% quarter-on-quarter in 1Q2010. The robust growth momentum was underpinned by broad-based expansion across most sectors. In view of the recovering US economy and buoyant growth in key Asian economies, as opposed to the downside risks stemming from EU’s debt problems and asset price inflation in emerging Asia, the Ministry of Trade and Industry has maintained Singapore’s GDP growth forecast for 2010 at 7% to 9%.

Supported by low interest rates and keen interest from foreign buyers in the Singapore property market, the private residential segment continued to witness strong demand, with a total of 4,380 new units sold in 1Q2010, 235% higher compared to 1,860 units in 4Q2009. The upward trend of private residential property prices persisted, with an increase of 5.6% q-o-q and 25% y-o-y in 1Q2010, compared with 7.4% quarterly rise in 4Q2009. Demand for land remained high on the back of strong housing sales, as shown by the bullish top bids in state land tenders amid high participation rates from developers. To provide additional supply of private housing, the government will be offering a total of 27 residential sites and 4 mixed-use sites for sale under the Confirmed and Reserve Lists for the 2nd Half 2010 Government Land Sales Programme, potentially generating 13,905 private residential units. Sentiment for commercial properties has gradually improved, with the URA price indices posting quarterly increases of 1.8% for office and shop, whilst industrial property prices have risen by 1.5% for 1Q2010.

The Singapore construction industry recorded a consistent growth of 13.7% y-o-y in 1Q2010 compared with 11.5% in 4Q2009. The Building and Construction Authority (BCA) estimated that total construction demand in 1Q2010 reached S$5.3 billion, 17% higher than S$4.5 billion in 4Q2009. The higher demand is largely driven by residential building contracts awarded by the public and private sectors, as well as public sector new industrial projects. Total certified payments have, however, slid almost 2% in 1Q2010 from 4Q2009.

Building tender prices have reversed their downward trend since end-2008 to register a small increase towards the end of 1Q2010, primarily due to a spike in steel prices in March 2010. The iron ore supply pricing that was traditionally based on annual contracts has been changed by the major iron ore miners to quarterly pricing contracts pegged to the spot market, contributing to rising iron ore prices and higher steelmaking costs. Steel reinforcement supply prices have risen by about 24%, from S$740/tonne in January to almost S$920/tonne in April this year. Despite inflationary pressures on costs arising from volatile commodity prices, tendering margins remained competitive as contractors showed strong bidding interest for the limited available tenders. Rider Levett Bucknall’s quarterly Tender Price Index showed an average 1.1% increase for 1Q2010 compared with 4Q2009. The BCA All Buildings TPI registered a 0.5% rise for the same period. The BCA Residential (Private) TPI and BCA Commercial Office TPI recorded quarterly increases of 1.1% and 1.6% respectively; whilst the BCA Residential (Public) TPI declined by 5.7%.

Taking into consideration the likely increase of domestic public sector construction demand, against the backdrop of the uncertain global market conditions, Rider Levett Bucknall anticipates that building tender prices in Singapore would register a modest increase over the next two quarters. Full year tender price movement for 2010 is estimated to be in the region of a 3% average increase.

2

SINGAPOREREPORT

JUNE 2010

MARKET FEATURE RELIFING AND ITS APPLICATIONS

RELIFING CONCEPTS

Every building has a useful life which is derived from its physical attributes as well as the needs of its users. Once a building has aged, owners are faced with the decision to repair, upgrade, or replace.

Rider Levett Bucknall’s RElifing service is a quantitative-based methodology to estimate the remaining asset value of an existing building. This decision-making tool helps building owners and facility managers to identify areas, timelines and expenditure to extend the life of their building assets after years of service, thereby reducing premature obsolescence.

RElifing determines the ‘useful life’ of a building by analyzing the cost and service life of its various components – structure, external claddings, fit-out, and building services. From this, total economic life expectancy is calculated.

RElifing analyzes and prices options for refurbishment and the replacement of various building components necessary to extend economic life expectancy. When this analysis is compared with the cost to build new, owners are presented with a quantitative RElifing finding to support their decisions on whether to maintain, upgrade or replace at specific time frames.

INTRINSIC VALUEThe first step of RElifing is to establish the Current Intrinsic Value of an existing building. Intrinsic Value is derived from the hypothetical costs of constructing an existing building in today’s dollars. Intrinsic Value assumes a ‘built-to-original’ basis and does not consider factors such as changes to building codes from the time of original construction, functional obsolescence, technological advancement of Mechanical & Electrical services, loose furniture and equipment, off-site utilities, development charges, etc. After establishing the Intrinsic Value of the

building “as new”, the remaining Intrinsic Value is determined by deduction due to its physical age.

WEIGHTED AVERAGE SERVICE LIFE (WASL)WASL is derived as the weighted-average life span of the building by considering all of its components’ effective life spans and deriving the cost of each component as a weighting. The purpose of using WASL is to establish a common platform to account for the various component life spans against its capital investment. For example:

•Foundationamountsto6%ofconstruction cost and could last more than 75 years;

•Painting amounts to 2% of construction cost but lasts only 5 years;

•Equipment may be as much as 20% of construction cost but lasts only circa 20 years.

COST TO EXTEND LIFECost to Extend Life, or cost to RElife, is the minimum cost to extend the life of the building to the determined period. This does not form part of the intrinsic value calculation. The capital outlay to RElife the building would enhance the building value, thereon contributing to the ‘Added Intrinsic Value’.

3

RELIFING EXAMPLE

For the application of RElifing to local developments, we can illustrate here a RElifing example for an office building in Singapore. Brief information on the building is as follows:-

GROSS FLOOR AREA (GFA) 36,000 sqm

NUMBER OF STOREYS 30

LOCATION Singapore Central Business District

DEVELOPMENT TYPE Office, Grade A

YEAR OF COMPLETION 1995

SINGAPOREREPORT

JUNE 2010

MARKET FEATURE RELIFING STUDY OBJECTIVETo assist the Client in determining the value of various capital reinvestment period options.

•The client is a medium to long term stakeholder

•The study is set out that only minimal capital reinvestment will be required.

CURRENT BUILDING SERVICE LIFEORIGINAL: This building was constructed in 1995, with approximately 36,000m2 GFA. Based on a detailed survey of the building’s major components and a comprehensive review of available documentation, Rider Levett Bucknall estimates its intrinsic value (the cost to construct the building new as of this study date) at $117,382,000. By assigning reasonable life cycle years against various building components and weighting them proportionate to the total cost of the building, Rider Levett Bucknall estimates that the weighted average service life (WASL) of this building upon its initial construction was 21.2 years.

REMAINING: Based on the current condition of the various building components and their corresponding life expectancies, Rider Levett Bucknall estimates that the building’s current remaining service life

4

(WASL) is 10.66 years, and its remaining intrinsic value is $59,023,000.

COST TO EXTEND SERVICE LIFEFollowing an inspection of the building, Rider Levett Bucknall identified the various building components that require repair or replacement in order to continue using the building for another 5, 10 or 25 years. The “Cost to Extend Life” is shown in the chart below, along with the “Current Intrinsic Value” of the building, the “Added Intrinsic Value” following the life extension, the “New Intrinsic Value”, and the corresponding service life (WASL).

SUMMARYRider Levett Bucknall’s findings reveal that this building has arrived at a stage whereby it will be costly to extend its life. A significant number of building components are currently at the end or are approaching the end of their service life.

Based on the analysis, extending the life of the building for a 25-year period provides the most value in terms of a Value-Cost ratio. It is recommended that the Client proceeds with a major refurbishment for maximum return of capital investment.

ORIGINALIntrinsic Value$117,382,000

WASL 21.2 Years

REMAININGCurrent Intrinsic

Value

50%$59,023,000

WASL 10.66 Years

RELifing Example

Cost to Extend Life ($)

Added Intrinsic Value ($)

Current Intrinsic Value ($)

Weighted Average Service Life (Years) 20

15

10

5

0

$120m

$100m

$80m

$60m

$40m

$20m

0

Year

s

5 Years 10 Years 25 Years

NEW Intrinsic Value

$101,147,000

NEW Intrinsic Value

$81,182,000NEW Intrinsic Value

$77,215,000

18.3

14.613.9

WASL

WASLWASL

$42,124,000

$22,159,000$18,192,000

$2,763,000 PerYear or in total

$69,075,000

$3,776,600 PerYear or in total

$37,766,000$6,373,000 PerYear or in total

$31,865,000$59,023,000$59,023,000$59,023,000

SINGAPOREREPORT

JUNE 2010

5 6

TENDER PRICE TRENDS

COMMODITY PRICE TRENDS

Data Source: IMF

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

S$/T

onne

US$

/Ton

neU

S$/B

arre

l

Data Source: BCA p: preliminary

Data Source: London Metal Exchange

Data Source: BCA

Notes: Variances between the RLB and the BCA Tender Price index arise from differences in the index derivation methodology, the basket of items and weightages used for each index and the variety of building projects utilised. The index basket here excludes piling works and Mechanical & Electrical services.

Starting from the publication of 2009 indices, the BCA and RLB Tender Price Index are adjusted with a new base year of 2005 (i.e. 2005 index = 100).

* 1st Quarter 2010 indices only.

NOV08

DEC08

JAN09

FEB 09

MAR 09

APR09

MAY 09

JUN09

JUL09

AUG 09

SEP09

OCT09

NOV09

DEC09

JAN10

FEB10

MAR 10

APR10

MAY 10

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

NOV08

DEC08

JAN09

FEB09

MAR 09

APR09

MAY 09

JUN09

JUL09

AUG 09

SEP09

OCT09

NOV09

DEC09

JAN10

FEB10

MAR 10

APR10

MAY 10p

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

NOV08

DEC08

JAN09

FEB 09

MAR 09

APR09

MAY 09

JUN09

JUL09

AUG 09

SEP09

OCT09

NOV09

DEC09

JAN10

FEB10

MAR 10

APR10

MAY 10

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

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

STEEL (FAR EAST) 315 309 311 306 305 325 345 363 398 443 471 484 491 487 417 419 491 561 481

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

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

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

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

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

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

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

100

80

60

40

20

1200

1000

800

600

400

160

150

140

130

120

110

100

90

80

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Data Source: BCA and RLB

BUILDING TENDER PRICE INDICES METAL PRICES

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

CRUDE OIL PRICES

BCA TENDER PRICE INDICES

160

145

130

115

100

85

70

COPPER

ALUMINIUM

STEEL

SINGAPOREREPORT

JUNE 2010

5 6

TENDER PRICE TRENDS

COMMODITY PRICE TRENDS

Data Source: IMF

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

S$/T

onne

US$

/Ton

neU

S$/B

arre

l

Data Source: BCA p: preliminary

Data Source: London Metal Exchange

Data Source: BCA

Notes: Variances between the RLB and the BCA Tender Price index arise from differences in the index derivation methodology, the basket of items and weightages used for each index and the variety of building projects utilised. The index basket here excludes piling works and Mechanical & Electrical services.

Starting from the publication of 2009 indices, the BCA and RLB Tender Price Index are adjusted with a new base year of 2005 (i.e. 2005 index = 100).

* 1st Quarter 2010 indices only.

NOV08

DEC08

JAN09

FEB 09

MAR 09

APR09

MAY 09

JUN09

JUL09

AUG 09

SEP09

OCT09

NOV09

DEC09

JAN10

FEB10

MAR 10

APR10

MAY 10

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

NOV08

DEC08

JAN09

FEB09

MAR 09

APR09

MAY 09

JUN09

JUL09

AUG 09

SEP09

OCT09

NOV09

DEC09

JAN10

FEB10

MAR 10

APR10

MAY 10p

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

NOV08

DEC08

JAN09

FEB 09

MAR 09

APR09

MAY 09

JUN09

JUL09

AUG 09

SEP09

OCT09

NOV09

DEC09

JAN10

FEB10

MAR 10

APR10

MAY 10

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

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

STEEL (FAR EAST) 315 309 311 306 305 325 345 363 398 443 471 484 491 487 417 419 491 561 481

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

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

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

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

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

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

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

100

80

60

40

20

1200

1000

800

600

400

160

150

140

130

120

110

100

90

80

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Data Source: BCA and RLB

BUILDING TENDER PRICE INDICES METAL PRICES

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

CRUDE OIL PRICES

BCA TENDER PRICE INDICES

160

145

130

115

100

85

70

COPPER

ALUMINIUM

STEEL

SINGAPOREREPORT

JUNE 2010

7

MATERIALPRICE TRENDS

CURRENCY EXCHANGE RATES

CURRENCYUNITS PER USD

UNIT DEC 09 JAN 10 FEB 10 MAR 10 APR 10 MAY 10

Singapore Dollar $ SGD 1 1.40 1.40 1.41 1.40 1.38 1.39

Euro € EUR 1 0.68 0.70 0.73 0.74 0.75 0.79

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

Australian Dollar $ AUD 1 1.11 1.09 1.13 1.10 1.08 1.14

Chinese Yuan ¥ YUAN 1 6.83 6.83 6.83 6.83 6.83 6.83

Japanese Yen ¥ YEN 100 0.89 0.91 0.90 0.91 0.93 0.92

Malaysian Ringgit RM MYR 1 3.41 3.38 3.42 3.33 3.21 3.25

Indonesian Rupiah Rp IDR 1000 9.46 9.28 9.35 9.18 9.03 9.17

Vietnamese Dong ₫ VND 1000 18.70 18.71 18.86 19.22 19.24 19.25

Data Source: IMF

Note: Exchange rates above are expressed in terms of currency units per US Dollar; averaged monthly from daily unit rates.

Data Source: BCA

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

LHS: Left Hand Side y-axis RHS: Right Hand Side y-axisp: preliminary

NOV 08

DEC 08

JAN09

FEB 09

MAR 09

APR 09

MAY 09

JUN 09

JUL09

AUG 09

SEP 09

OCT09

NOV 09

DEC 09

JAN10

FEB 10

MAR 10

APR 10

MAY 10p

CONCRETING SAND 36.1 34.3 34.3 33.6 31.6 30.9 29.1 28.8 29.3 29.9 29.1 28.3 27.8 26.7 27.8 28.7 27.6 28.1 28.3

GRANITE (20MM) 26.1 23.9 23.4 23.0 22.2 21.4 21.0 18.9 18.7 18.0 17.6 17.4 17.4 17.1 18.0 17.9 18.4 18.2 18.2

CEMENT 123.4 120.4 117.5 111.9 109.4 106.4 105.2 103.3 101.2 99.4 99.3 96.6 95.1 93.4 90.4 90.0 89.8 89.1 89.0

READY MIXED CONCRETE 122.7 121.9 121.1 114.5 110.6 108.6 107.6 104.4 102.9 102.4 98.7 97.4 95.3 93.3 89.9 96.0 94.0 95.4 95.0

S$/Tonne S$/m3

140.0

120.0

100.0

80.0

60.0

40.0

20.0

0.0

150.0

100.0

50.0

BASIC CONSTRUCTION MATERIALS

CONCRETING SAND (LHS)

GRANITE (LHS)

CEMENT (LHS)

READY MIXED CONCRETE (RHS)

SINGAPOREREPORT

JUNE 2010

8

CONSTRUCTION PRICES

Notes

Exclusions

DEVELOPMENT TYPECOST PER CFA COST PER GFA

S$/m2 S$/m2

OFFICE WITHIN CBD

< 10 Storeys 1,800 – 2,250 2,600 – 2,950

11 – 25 Storeys 2,150 – 2,600 2,700 – 3,350

26 – 40 Storeys 2,300 – 2,950 3,050 – 3,850

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

> 55 Storeys 3,200 – 3,700 4,200 – 4,800

OFFICE OUTSIDE CBD

< 10 Storeys 1,700 – 2,150 2,150 – 2,750

11 – 25 Storeys 1,850 – 2,400 2,500 – 3,200

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

HOTEL (INCLUDING FF&E)

Three Star 2,950 – 3,300 3,650 – 4,200

Four Star 3,150 – 3,850 4,050 – 5,050

Five Star 3,750 – 5,000 4,800 – 6,450

RETAIL

Medium Quality 1,900 – 2,450 2,600 – 3,100

Good Quality 2,500 – 2,950 3,150 – 3,800

CONDOMINIUM

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

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

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

DEVELOPMENT TYPECOST PER CFA

S$/m2

LANDED RESIDENTIAL

Terrace House 1,950 – 2,350

Semi-detached House 2,150 – 2,900

Detached House 3,000 – 4,900

INSTITUTIONAL

Primary School 1,000 – 1,350

Secondary School 1,100 – 1,650

Junior College 1,350 – 2,100

Institutions of Higher Learning 1,850 – 2,700

INDUSTRIAL

Single Storey Warehouse 900 – 1,250

Light Industrial Building 1,000 – 1,400

Heavy Industrial Building 1,200 – 1,700

Hi Tech Factory 1,300 – 1,950

CAR PARK

Above Grade Car Park 600 – 1,150

Basement Car Park 1,250 – 1,900

CFA – Construction Floor Area is the area of all building enclosed covered spaces measured to the outside face of the external walls including covered basement and above ground car park areas.

GFA – Gross Floor Area is the area of building enclosed covered spaces excluding car park and driveway areas calculated for purposes of planning submission.

All Singapore construction prices stated herein are as at 1st Quarter 2010, and include a general allowance for foundation and external works.

The price ranges herein are indicative and due consideration should be given to the different specification, size, location and nature of each project when utilising this information. The prices here may not fully reflect the extent of current market forces and tendering conditions.

• Land cost • Legal and professional fees • Development charges • Authority fees • Finance costs • Loose furniture, fittings and works of art • Tenancy work • Site infrastructure work • Diversion of existing services • Green Mark Cost Premiums • Resident site staff cost • Models and prototypes • Future cost escalation • Goods and Services Tax

COST CONSULTANCY

ADVISORY SERVICES

PROJECT MANAGEMENT

The extensive range of professional consultancy provided by Rider Levett Bucknall covers the following core services:

• CostPlanning• CostManagement• ValueManagement• ContractProcurement• Tender&Contract Documentation• ProgressValuations• FinancialReporting• AuditingServices• Post-ContractServices• FinalAccounts

• AssetAdvisory• TransactionReview• TechnicalDueDiligence• ReplacementCostAssessment• CapitalCostAllowances• FacilitiesManagement Consulting• LifeCycleCosting• RElifing• LitigationSupport

• ProjectManagementServices• ContractAdministration• ClientRepresentation• DevelopmentManagement• ConstructionManagement

PROFESSIONAL SERVICES

Disclaimer: While Rider Levett Bucknall LLP (“RLB”) has endeavoured to ensure the accuracy of the information and materials herein (the “Materials”), it does not warrant its accuracy, adequacy, completeness or reasonableness and expressly disclaims liability for any errors in, or omissions therefrom. RLB shall not be liable for any damage, loss or expense whatsoever arising out of or in connection with the use or reliance on the Materials. The Materials are provided for general information only. Professional advice should be obtained for your particular factual situation before making any decision. The Materials may not, in any medium, be reproduced, published, adapted, altered or otherwise used in whole or in part in any manner without the prior written consent of RLB.

A Quarterly Publication from:

Rider Levett Bucknall LLP150 Beach Road #09-01 Gateway West Singapore 189720 Tel: +65 6339 1500 Fax: +65 6339 1521Web: www.rlb.com E-mail: rlb@sg.rlb.com

Printer: Interprint Communications Pte Ltd

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

RIDER LEVETT BUCKNALL OFFICES

AMERICASCANADACALGARYTelephone: +1 403 571 0505E-mail: YYC@ca.rlb.com Contact: Roy Baxter

CARIBBEANGRAND CAYMAN Telephone: +1 345 946 6063 E-mail: martyn.bould@ky.rlb.com Contact: Martyn Bould

USABOSTON Telephone: +1 617 737 9339E-mail: BOS@us.rlb.com Contact: Grant Owen

DENVER Telephone: +1 720 904 1480 E-mail: DEN@us.rlb.com Contact: Peter Knowles

HONOLULU Telephone: +1 808 521 2641 E-mail: HNL@us.rlb.comContact: Tony Smith / Paul Brussow / Maelyn Uyehara

KONA Telephone: +1 808 883 3379 E-mail: KOA@us.rlb.com Contact: Kevin Mitchell

LAS VEGAS Telephone: +1 702 227 8818 E-mail: LAS@us.rlb.com Contact: Martin Grace

LOS ANGELES Telephone: +1 213 689 1103 E-mail: LAX@us.rlb.com Contact: Graham Roy

NEW YORK Telephone: +1 212 952 1300 E-mail: EWR@us.rlb.com Contact: Grant Owen

ORLANDO Telephone: +1 407 905 0002 E-mail: info@cwisdom.com Contact: David O’Neal / Rick Schmidt

PHOENIX Telephone: +1 602 443 4848 E-mail: PHX@us.rlb.com Contact: Julian Anderson / Scott Macpherson / John Jozwick

PORTLAND Telephone: +1 503 226 2730E-mail: PDX@us.rlb.com Contact: Graham Roy

SAN FRANCISCO Telephone: +1 415 362 2613 E-mail: SFO@us.rlb.com Contact: Graham Roy

SEATTLE Telephone: +1 206 223 2055 E-mail: SEA@us.rlb.com Contact: Chris Burris

WASHINGTON DC Telephone: +1 202 457 1450 E-mail: DCA@us.rlb.com Contact: Grant Owen

ASIACHINABEIJING Telephone: +86 10 6515 5818E-mail: beijing@cn.rlb.com Contact: S. W. Lo

CHENGDU Telephone: +86 28 8670 3382E-mail: chengdu@cn.rlb.com Contact: Stephen Liu

CHONGQING Telephone: +86 23 6380 6628E-mail: chongqing@cn.rlb.comContact: Danny Chow

DALIANTelephone: +86 411 3973 7778E-mail: dalian@cn.rlb.comContact: Simon Tuen

OCEANIAAUSTRALIAADELAIDETelephone: +61 8 8100 1200E-mail: adelaide@au.rlb.com Contact: Stephen Knight

BRISBANE Telephone: +61 7 3009 6933E-mail: brisbane@au.rlb.comContact: Mark Burow

CAIRNSTelephone: +61 7 4032 1533E-mail: cairns@au.rlb.com Contact: Bill Wilkes

CANBERRATelephone: +61 2 6281 5446 E-mail: canberra@au.rlb.com Contact: Mark Chappè

DARWIN Telephone: +61 8 8941 2262E-mail: darwin@au.rlb.com Contact: Paul Lassemillante

GOLD COASTTelephone: +61 7 5595 6900E-mail: goldcoast@au.rlb.comContact: Peter Spencer

MELBOURNE Telephone: +61 3 9690 6111E-mail: melbourne@au.rlb.com Contact: Michael Kerr

NEWCASTLE Telephone: +61 2 4940 0000 E-mail: newcastle@au.rlb.comContact: Matthew Harris

NORTHERN NSW Telephone +61 2 6659 2060 E-mail: northernnsw@au.rlb.com Contact: Matthew Harris

PERTHTelephone: +61 8 9421 1230 E-mail: perth@au.rlb.com Contact: Alastair McMichael

SUNSHINE COAST Telephone: +61 7 5443 3622 E-mail: suncoast@au.rlb.com Contact: Mark Brittain

SYDNEY Telephone: +61 2 9922 2277 E-mail: sydney@au.rlb.com Contact: Bob Richardson

TOWNSVILLE Telephone: +61 7 4771 5718 E-mail: townsville@au.rlb.com Contact: Chris Marais

WESTERN SYDNEY Telephone +61 2 9806 0044E-mail: westsyd@au.rlb.com Contact: Gary Train

NEW ZEALANDAUCKLAND Telephone: +64 9 309 1074E-mail: auckland@nz.rlb.com Contact: Brian Dackers

CHRISTCHURCH Telephone: +64 3 365 0590E-mail: christchurch@nz.rlb.com Contact: Malcolm Timms

OTAGO Telephone: +64 3 409 0325E-mail: otago@nz.rlb.comContact: Chris Haines

PALMERSTON NORTH Telephone: +64 6 357 0326E-mail: palmerstonnorth@nz.rlb.com Contact: Wayne Kitching

TAURANGA Telephone: +64 7 579 5873E-mail: tauranga@nz.rlb.com Contact: Richard Gerrish

WELLINGTON Telephone: +64 4 384 9198E-mail: wellington@nz.rlb.comContact: Hugh Mackenzie

THAILANDBANGKOKTelephone: +66 2 234 4933E-mail: rhlbthai@riderhunt.co.th Contact: William Lo

VIETNAMHO CHI MINH CITY Telephone: +84 83 823 8070 E-mail: rlb@vn.rlb.com Contact: Ong Choon Beng

EMEAMIDDLE EASTABU DHABI Telephone: +971 5 0292 5723 E-mail: tony.bratt@ae.rlb.com Contact: Tony Bratt

DOHA Telephone: +971 4 361 4960Email: r.edgecombe@ae.rlb.com Contact: Robin Edgecombe

DUBAI Telephone: +971 4 339 7444 E-mail: ken.barlow@ae.rlb.com Contact: Ken Barlow

MUSCAT Telephone: + 968 2 449 9676 E-mail: andres.buce@om.rlb.com Contact: Andres Buce

RIYADHTelephone: +966 1248 4444 ext 318 Email: andy.ritchie@sa.rlb.com Contact: Andy Richie

UKBIRCHWOOD Telephone: +44 777 198 6099E-mail: deryck.barton@uk.rlb.com Contact: Deryck Barton

BIRMINGHAM Telephone: +44 121 503 1500E-mail: birmingham@uk.rlb.com Contact: Mark Weaver

BRISTOL Telephone: +44 117 974 1122E-mail: bristol@uk.rlb.comContact: Mark Williamson

EDINBURGH Telephone: +44 131 554 3300E-mail: edinburgh@uk.rlb.com Contact: Peter Docherty

LIVERPOOLTelephone: +44 151 225 0264 E-mail: liverpool@uk.rlb.com Contact: Phil Higham

LONDON Telephone: +44 207 398 8300 E-mail: london@uk.rlb.com Contact: Tony Catchpole

MANCHESTER Telephone: + 44 161 868 7700 E-mail: manchester@uk.rlb.com Contact: Phil Higham

NEWCASTLE UPON TYNE Telephone: +44 870 770 9830E-mail: newcastle@uk.rlb.com Contact: Dean Sheehy

SHEFFIELD Telephone: +44 114 289 5000 E-mail: sheffield@uk.rlb.comContact: Dean Sheehy

WARTON Telephone: +44 177 285 6801 E-mail: warton@uk.rlb.com Contact: Steve Aikman

WELWYN GARDEN CITYTelephone: +44 170 787 1506 E-mail: welwyn@uk.rlb.com Contact: Andrew Reynolds

WOKINGHAM Telephone: +44 118 974 3600 E-mail: wokingham@uk.rlb.com Contact: Simon Kerton

GUANGZHOU Telephone: +86 20 8732 1801 E-mail: guangzhou@cn.rlb.comContact: Danny Chow

GUIYANGTelephone: +86 851 553 3818E-mail: guiyang@cn.rlb.comContact: Danny Chow

HANGZHOUTelephone: +86 571 8539 3028E-mail: hangzhou@cn.rlb.comContact: Iris Lee

HONG KONG Telephone: +852 2823 1823 E-mail: hongkong@hk.rlb.comContact: Philip Lo

MACAUTelephone: +853 2875 3088E-mail: macau@mo.rlb.comContact: Kenneth Kwan

SANYA Telephone: +86 898 8898 7866 E-mail: sanya@cn.rlb.com Contact: Stephen Lai

SHANGHAITelephone: +86 21 6330 1999E-mail: shanghai@cn.rlb.comContact: Stephen Lai

SHENYANG Telephone: +86 24 2396 5516 E-mail: shenyang@cn.rlb.comContact: C.H.Chan

SHENZHEN Telephone: +86 755 8246 0959 E-mail: shenzhen@cn.rlb.comContact: Kenneth Kwan

TIANJINTelephone: +86 22 2339 6632E-mail: tianjin@cn.rlb.comContact: S.W.Lo

WUHAN Telephone: +86 27 6885 0986 E-mail: wuhan@cn.rlb.com Contact: Stephen Lai

WUXITelephone: +86 510 8274 0266E-mail: wuxi@cn.rlb.comContact: Stephen Lai

XIANTelephone: +86 29 8833 7433 E-mail: xian@cn.rlb.comContact: Stephen Liu

ZHUHAITelephone: +86 756 388 9010 E-mail: zhuhai@cn.rlb.comContact: Kenneth Kwan

INDONESIAJAKARTA Telephone: +62 21 575 0828E-mail: rlb@sg.rlb.com Contact: Christopher Leong

MALAYSIAKUALA LUMPUR Telephone: +60 3 5632 9999E-mail: ymfkl@streamyx.comContact: Kang Kian Kiat

KOTA KINABALU Telephone: +60 8 821 1626 Contact: Chin Hon Kong

PHILIPPINESMANILA Telephone: +63 2 634 0535 +63 2 634 3124 +63 2 667 3579E-mail: rhl@rhl.com.phContact: Cora Ballard

SINGAPORESINGAPORETelephone: +65 6339 1500E-mail: rlb@sg.rlb.comContact: Winston Hauw

SOUTH KOREASEOULTelephone: +82 2 582 2834E-mail: seoul@kr.rlb.comContact: Stephen Lai

www.rlb.com