ISSUE NO. 63 • SEPTEMBER 2013MCI (P) 095/06/2013

SINGAPOREREPORT

CONSTRUCTION MARKETQUARTERLY UPDATE

SINGAPOREREPORT

SEPTEMBER 2013

1

PROJECT FEATURE

Designed by DP Architects, the Stephen Riady Centre is a mixed-use facility located at NUS University Town. The 3-storey development spanning over 160,000 sf was designed to accommodate a vibrant student life on campus with its blend of teaching and learning spaces, performing arts and athletic recreation facilities as well as retail and dining outlets. The building was awarded the Green Mark Platinum Award by the Building and Construction Authority.

The centre will complement the existing cluster of educational facilities and residential spaces found within the NUS University Town.

Rider Levett Bucknall is the Quantity Surveyor for the integrated development.

STEPHEN RIADY CENTRE, NUS UNIVERSITY TOWN SINGAPORE

SINGAPOREREPORT

SEPTEMBER 2013

MARKET TRENDS

2

SINGAPORE ECONOMY

Singapore’s economy posted a 3.8% y-o-y GDP growth in the second quarter of 2013 compared to 0.2% in the previous quarter. On a quarterly basis, the economy grew by 15.5% in 2Q 2013, which is significantly higher than the 1.7% recorded in 1Q 2013. The surge in economic growth was mainly contributed by the manufacturing, wholesale and retail trades, transportation and storage, finance and insurance sectors.

The construction sector grew by 5.1% y-o-y in 2Q 2013, supported by robust construction activities in the private sector. The Ministry of Trade and Industry (MTI) has revised its GDP forecast for 2013 to be in the range of 2.5% - 3.5% up from the previous estimate of 1% - 3%. This is based on expectations that the global macroeconomic conditions will improve in the second half of the year.

Labour productivity slowed to -0.3% y-o-y in the second quarter of the year following a -3.8% decline in the previous quarter. Construction sector productivity slipped to -3.7% y-o-y in 2Q 2013 from -3.6% in the first quarter of the year. This is the fourth consecutive fall in labour productivity for the construction sector since 3Q 2012. The government has in recent years introduced various initiatives to improve the productivity of the construction industry but more has to be achieved if the country is to reach theambitious target of 2% - 3% annual productivity gains from now till year 2020.

The Consumer Price Index (CPI All Items) rose by 1.6% y-o-y in 2Q 2013, lower than the 4.0% increase in the previous quarter. CPI – All Items excluding Accommodation fell to 0.9% y-o-y from 3.5% in the previous quarter. With the introduction of specific motor vehicle-related policy measures, transportation cost fell to -1.3% y-o-y, a significant drop from a high of 9.7% in the previous quarter. The Monetary Authority of Singapore (MAS) has revised its CPI-All Items inflation forecast for year 2013 down to 2% - 3% from a previous estimate of 3% - 4%. MAS Core Inflation is expected to rise moderately in the second half of the year and average 1.5% - 2.5% in 2013.

SINGAPORE GDP GROWTH, YEAR-ON-YEAR

Y-o-

Y %

Cha

nge

Overall GDP Construction Manufacturing Service Producing Industries

Data Source: MTI

2Q11 3Q11 4Q11 1Q12 3Q12 1Q13 2Q134Q122Q12

14%12%10%

8%6%4%2%0%

-2%-4%-6%-8%

GENERAL INFLATION - YEAR-ON-YEAR

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

CPI (All Items) CPI (All Items excluding Accommodation)Data Source: Singstat

Consumer Price Index (Y-o-Y % Change)

SINGAPOREREPORT

SEPTEMBER 2013

MARKET TRENDS

3

SINGAPORE PROPERTY MARKETSingapore private residential prices remained firm in 2Q 2013 with the URA All Residential index climbing up to 1% q-o-q from 0.6% in the previous quarter. Non-landed property prices rose 1.5% q-o-q from 0.7% in 1Q 2013. The MAS in late June introduced a Total Debt Servicing Ratio (TDSR) framework for all property loans granted by financial institutions to individuals to ensure that buyers’ monthly debt obligations do not exceed 60% of their income. In addition, the MAS also refined rules related to the application of the existing Loan-to-Value (LTV) limits on housing loans.

In late August, the Housing and Development Board (HDB) introduced measures to cool the HDB resale market by reducing the maximum tenure for HDB housing loans from 30 years to 25 years. The Mortgage Servicing Ratio (MSR) limit will also be reduced from 35% to 30% of the borrower’s gross monthly income.

MAS will reduce the maximum tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats from 35 years to 30 years. In addition, Singapore Permanent Resident (SPR) now would have to wait three years from the date of obtaining their SPR status to purchase a resale HDB flat.

At the recent National Day Rally, the government announced plans to move the Paya Lebar Air Base to Changi, thereby freeing up 800 hectares of land for development of new homes, offices and factories. Height restrictions over a large area of land around the airbase will also be lifted. This relocation of the airbase opens up an opportunity in the future for new developments to be built in the east of Singapore. The ports in Tanjong Pagar will also be moved to Tuas in the future. In its place a Southern Waterfront City would be developed.

SINGAPORE CONSTRUCTION MARKETThe Singapore construction sector GDP grew by 5.1% y-o-y in the second quarter of 2013, down from 5.8% in the previous quarter. On a quarterly basis, the sector grew by 11.2% in 2Q 2013 from 10.3% in 1Q 2013. Robust construction activities in the private sector supported the expansion in construction activities in the second quarter of the year. Total construction demand in the second quarter of the year moderated to S$6.7 billion from S$8.2 billion in the first quarter of the year. Public sector construction demand

contracted by 60% q-o-q with major falls registered in the residential and institutional sectors.

Construction material prices from June to August this year experienced varied movement in prices. Crude oil prices rose by 8% due to the continuing unrest in the Middle East and prices of key metals steel and copper have increased by 1.5% and 2.6% respectively. Prices of basic materials such as concrete, cement and aggregates on the other hand fell by -0.2% to -6.4%.

SINGAPORE CONSTRUCTION PRICESConstruction costs continue its upward trend in the second quarter of the year due to the impact of increased labour costs and preliminaries arising from the recent changes in foreign worker levies, Man-Year Entitlement (MYE) reduction and manpower shortage. The further 15% cut in MYE effected in July this year

coupled with recent revisions to both the minimum Buildable Design and Constructability Scores and the balcony bonus GFA scheme for private residential will also add pressure on construction costs. The RLB Tender Price Index increased by 2.2% in 2Q 2013 on a quarterly basis.

SINGAPOREREPORT

SEPTEMBER 2013

4

MARKET TRENDS GLOBAL ECONOMYIn the first half of the year, various fiscal and monetary stimulus programmes have spurred a modest recovery in the advanced global economies. In contrast, economic growth in major emerging economies has slowed. JPMorgan Global Manufacturing and Services Purchasing Managers’ Index (PMI) reached 55.2 points in August, up from 54.0 points in July, the highest level since February 2011, registering broad-based growth in both the manufacturing and services sector globally. The US, UK and Ireland recorded the fastest growth rates. Expectations that the US would start tapering the third round of quantitative easing (QE3) later this year has affected economies around the world and the International Monetary Fund warns that emerging markets are particularly vulnerable to the tightening of US monetary policy.

In the second quarter of the year, the United States GDP grew by 2.5% up from 1.1% in the previous quarter, showing resilience despite big cuts in government spending. Growth in consumption and investment were the main contributors to the growth in the economy, offsetting the fall in government spending. Exports grew 8.6% in the second quarter of the year, the fastest since end of 2010, while imports grew by 7.0%. Average unemployment rate in the second quarter fell to 7.6% from 7.7% in the previous quarter. In September, the US Federal Reserve announced that they will maintain the US$85 billion a month asset purchases until there is more evidence of progress before adjusting the pace of purchases. The central bank has also revised its forecast for US GDP growth to 2% - 2.3% from a previous estimate of 2.3% - 2.6%.

The eurozone GDP expanded in the second quarter of the year with by 0.3% q-o-q, up from -0.2% in the first quarter. Business activities also recovered with the Markit Eurozone Composite PMI posting 51.5

points in August, up from 50.5 points in July, the fastest rate of growth in just over two years. The above 50 readings for both July and August signal a return to expansion for the eurozone economy from declining business levels in the prior months. While the return to growth in the second quarter of the year provides cause for optimism, such signs of growth appear to be still fragile.

In China, the government has moved the country into a period of economic restructuring with the aim of moving away from the over-reliance on exports and investments to a consumption-driven economy. GDP growth in the second quarter of the year slipped to 7.5% y-o-y from 7.7% in the previous quarter. Trade figures in August show a pick-up in external trade with exports rising 7.2% y-o-y while imports rose 7%, giving the country a trade surplus of US$28.6 billion. The HSBC China Manufacturing PMI in August also increased to 50.1 points, up from a low of 47.7 points in July, indicating a gradual stabilisation of the Chinese economy and a return to expansion. The government expects GDP for year 2013 to grow by 7.5%.

Japan’s economy appears to be improving in response to the economic stimulus programme introduced by Prime Minister Shinzo Abe. Inflation rate reached 0.7% in July y-o-y, the highest in nearly five years on the back of a weaker yen. Exports in July reached a near 3-year high with brisk sales of cars and electronics to the United States, Asia and Europe, brought about by a weaker yen and a recovery in overseas demand. Japan’s GDP continue to grow in the second quarter of the year, registering an annualised 3.8% expansion. GDP in the first quarter of the year grew by 4.1%. The government is currently considering whether to proceed with a planned sales tax hike next year. A decision is expected to be announced in October this year.

SINGAPOREREPORT

SEPTEMBER 2013

5

MARKET TRENDS ASIAN ECONOMIESGrowth in Asian economies in the first half of the year have been modest, caused by the slowdown in the Chinese economy, weak external demand and falling commodity prices. The prospective tapering of the US quantitative easing policy later this year have triggered financial turmoil in the Asian markets. The Organisation for Economic Co-operation and Development noted that emerging Asian economies with large current account deficits are more vulnerable to rapid capital outflows and will bear the brunt of the financial turmoil.

In Indonesia, economic growth slowed to 5.8% y-o-y in 2Q 2013 from 6% in 1Q 2013. The rise in fuel prices in June this year has pushed inflation rate to increase by 3.3% in July from the previous month. Capital outflows have caused the rupiah to fall by nearly 18% against the US dollar since May this year. To defend its currency and curb the rise in inflation, the central bank of Indonesia in September raised interest rates to 7.25% from 7% in August. The central bank revised its forecast for 2013 GDP growth to 5.5% - 5.9% from a previous estimate of 5.8% - 6.2%.

Vietnam’s economy grew by a modest 5% in the second quarter of the year, up from 4.8% in the previous quarter. For the first half of the year total GDP grew by 4.9% y-o-y. The government is projecting GDP to grow by 5.5% this year, after the economy grew 5% in 2012. Inflation eased to 6.6% y-o-y in 2Q 2013 from 6.9% in 1Q 2013. In the first six months of the year, exports rose by 16.1% y-o-y to reach US$62 billion, while imports grew 17.4% y-o-y amounting to US$63.4 billion, resulting in an overall trade deficit of

US$1.4 billion. Total attracted foreign direct investment (FDI) reached around US$10.5 billion, up 64% from US$6.4 billion in the same period last year.

The Malaysian economy grew by 4.3% y-o-y in the second quarter of the year, up from 4.1% in the previous quarter. Malaysia, which relies heavily on commodity exports, has seen a fall in exports for months contributed by the slowdown in demand from China and India. The central bank has lowered its GDP forecast for year 2013 to 4.5% - 5%, down from a previous estimate of 5% - 6%. The Consumer Price Index (CPI) increased by 2.0% y-o-y in July this year from 1.8% in June. Interest rates are maintained at 3%.

In Thailand, GDP contracted by 0.3% q-o-q in 2Q 2013 from -1.7% in 1Q 2013. The National Economic and Social Development Board cut 2013 expansion forecast to 3.8% - 4.3% from a previous estimate of 4.2% - 5.2% after the country slipped into a technical recession in the second quarter of the year due to weak exports and a sluggish domestic demand. Benchmark interest rates are kept unchanged as the depreciation of the Thai baht and the increased build-up of household debts limit the scope of any monetary easing.

The Philippine economy expanded the fastest among the Southeast Asian countries to grow by 7.5% y-o-y in 2Q 2013 after expanding 7.7% in 1Q 2013, due to an increase in government spending and growth in consumer spending. Construction grew 15.6% in 2Q 2013 from 30.1% in 1Q 2013 supported by government infrastructure projects and a boom in high-rise private residential and commercial developments.

GROSS DOMESTIC PRODUCT, CONSTANT PRICES

Data Source: IMF

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0%

-2.0%

-4.0%

Singapore Indonesia Vietnam Malaysia Philippines Thailand

2008 2009 2010 2011 2012 2013f 2014f

f: forecast

Y-o-

Y %

Cha

nge

SINGAPOREREPORT

SEPTEMBER 2013

2013 Annual Change

HDB Flats 3.3%

Non-Landed Resi 2.9%

Commercial Office 1.8%

6

TENDER PRICE TRENDS

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.

Commencing from the publication of 2009 indices, the BCA and RLB Tender Price Indices have been adjusted on a new base year of 2005 (i.e. 2005 index = 100).

* Average indices as at 2st Quarter 2013.

BUILDING TENDER PRICE INDICES

BCA TENDER PRICE INDICES

Data Source: BCA and RLB

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

91 91 95 97 100 103 130 151 123 123 127 130 133

88 90 96 99 100 103 123 137 116 114 114 114 117

160

150

140

130

120

110

100

90

80

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

78.0 83.4 95.7 98.9 100.0 103.9 123.3 148.1 127.8 119.2 110.8 109.7 113.3

94.1 93.6 95.9 98.7 100.0 103.0 121.3 131.2 111.4 109.4 111.3 113.2 116.5

94.1 93.9 96.2 98.9 100.0 102.7 119.9 128.4 110.7 108.5 111.2 112.3 114.3

160

145

130

115

100

85

70

2013 Annual Change

RLB 2.3%

BCA 2.6%

SINGAPOREREPORT

SEPTEMBER 2013

% August / June 2013 change

Crude Oil 8.0%

7

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.

Data Source: BCA

Data Source: London Metal Exchange

US$

/Bar

rel

AUG12

SEP12

OCT12

NOV12

DEC12

JAN13

FEB13

MAR13

APR13

MAY13

JUN13

JUL13

AUG13

105 106 103 101 101 105 108 103 99 99 100 105 108

140

120

100

80

60

METAL PRICES

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

CRUDE OIL PRICES

US$

/Ton

ne

AUG12

SEP12

OCT12

NOV12

DEC12

JAN13

FEB13

MAR13

APR13

MAY13

JUN13

JUL13

AUG13

7491 8068 8069 7694 7963 8048 8070 7662 7203 7228 7003 6892 7182

1837 2053 1975 1942 2087 2037 2053 1912 1856 1830 1816 1767 1814

353 329 331 304 288 278 259 207 152 130 131 120 133

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

In S

$/To

nne

AUG12

SEP12

OCT12

NOV12

DEC12

JAN13

FEB13

MAR13

APR13

MAY13

JUN13

JUL13

AUG 13P

892 866 851 837 828 826 820 811 802 778 751 742 744

p: preliminary

% August / June 2013 change

Copper 2.6%

Aluminum -0.1%

Steel 1.5%

% August / June 2013 change

Steel Reinf -0.9%

1000

950

900

850

800

COPPER

ALUMINIUM

STEEL

SINGAPOREREPORT

SEPTEMBER 2013

8

MATERIALPRICE TRENDS

CURRENCY EXCHANGE RATES

CURRENCYUNITS PER USD

UNIT MAR 13 APR 13 MAY 13 JUN 13 JUL 13 AUG 13

Singapore Dollar $ SGD 1 1.25 1.24 1.25 1.26 1.27 1.27

Euro € EUR 1 0.77 0.77 0.77 0.77 0.76 0.75

U.K. Pound Sterling £ GBP 1 0.66 0.65 0.65 0.65 0.66 0.65

Australian Dollar $ AUD 1 0.97 0.96 1.01 1.06 1.09 1.11

Chinese Yuan ¥ CNY 1 6.27 6.25 6.20 6.17 6.17 6.17

Japanese Yen ¥ JPY 100 0.95 0.98 1.01 0.97 1.00 0.98

Malaysian Ringgit RM MYR 1 3.11 3.05 3.02 3.15 3.19 3.28

Indonesian Rupiah Rp IDR 1000 9.71 9.72 9.76 9.88 10.09 10.59

Vietnamese Dong ₫ VND 1000 21.13 21.10 21.14 21.23 21.33 21.14

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: Prices of rebar other than 16-32mm dimensions may subject to surcharge. Prices of granite and concreting sand excluded local delivery charges to concrete batching plants. The market prices of rebar (without cut & bend) are based on fixed price supply contracts with contract period 6 months or less. The market prices of ready mixed concrete are based on 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

AUG12

SEP12

OCT12

NOV12

DEC12

JAN13

FEB13

MAR13

APR13

MAY13

JUN13

JUL13

AUG 13P

23.9 23.7 24.0 24.0 24.3 24.0 23.3 23.6 23.7 23.6 23.5 22.7 22.0

21.4 22.4 23.0 22.4 22.1 21.9 21.6 21.3 21.1 20.7 20.2 19.9 19.9

101.5 101.4 101.7 101.9 102.1 101.2 101.7 100.8 101.0 100.5 100.0 99.8 99.8

111.0 111.6 111.5 111.1 110.4 109.2 109.2 108.5 108.8 108.6 108.0 106.9 106.9

BASIC CONSTRUCTION MATERIALS

S$/Tonne120.0

100.0

80.0

60.0

40.0

20.0

0.0

S$/m3

150.0

100.0

50.0% August / June 2013

change

Conc. Sand -6.4%

Granite -1.5%

Cement -0.2%

RMC -1.0%

CONCRETING SAND (LHS)

READY-MIXED CONCRETE (RHS)

CEMENT (LHS)

GRANITE (20mm) (LHS)

SINGAPOREREPORT

SEPTEMBER 2013

9

SINGAPORE CONSTRUCTION

PRICES

Notes

Exclusions

DEVELOPMENT TYPECOST PER CFA COST PER GFA

S$/m2 S$/m2

OFFICE WITHIN CBD

< 10 Storeys 2,000 – 2,500 2,850 – 3,250

11 – 25 Storeys 2,400 – 2,900 3,000 – 3,700

26 – 40 Storeys 2,550 – 3,300 3,400 – 4,300

41 – 55 Storeys 3,100 – 3,850 4,150 – 5,200

> 55 Storeys 3,600 – 4,200 4,750 – 5,400

OFFICE OUTSIDE CBD

< 10 Storeys 1,900 – 2,400 2,400 – 3,050

11 – 25 Storeys 2,100 – 2,700 2,800 – 3,550

26 – 40 Storeys 2,550 – 3,050 3,150 – 3,950

HOTEL (INCLUDING FF&E)

Three Star 3,300 – 3,650 4,050 – 4,700

Four Star 3,500 – 4,350 4,550 – 5,650

Five Star 4,250 – 5,600 5,350 – 7,250

RETAIL

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

Good Quality 2,850 – 3,350 3,600 – 4,350

CONDOMINIUM

Medium Quality Condominium 2,000 – 2,600 2,600 – 3,250

Good Quality Condominium 2,500 – 3,150 3,250 – 4,200

Luxury Quality Condominium 3,150 – 4,250 4,200 – 5,750

DEVELOPMENT TYPECOST PER CFA

S$/m2

LANDED RESIDENTIAL

Terrace House 2,200 – 2,650

Semi-detached House 2,400 – 3,200

Detached House 3,350 – 5,500

INSTITUTIONAL

Primary School 1,150 – 1,500

Secondary School 1,250 – 1,850

Junior College 1,550 – 2,350

Institution of Higher Learning 2,250 – 3,100

INDUSTRIAL

Single Storey Warehouse 1,000 – 1,400

Light Industrial Building 1,100 – 1,550

Heavy Industrial Building 1,350 – 1,850

Hi Tech Factory 1,500 – 2,150

CAR PARK

Above Grade Car Park 700 – 1,300

Basement Car Park 1,400 – 2,150

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 2nd Quarter 2013, and include a general allowance for foundation, carpark and external works. The price ranges herein are indicative and due consideration should be given to the impact of varying design, specifications, size, location and nature of each project when utilising this information. Prices described here may not fully reflect the extent of current market forces and tendering conditions on any specific project.

• Land cost • Legal and professional fees • Development charges • Authority fees • Finance costs • Loose furniture, fittings and works of art (unless otherwise stated) • 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

Disclaimer: While Rider Levett Bucknall LLP (“RLB”) has endeavoured to ensure the accuracy of the information and materials in this report (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.

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NEW YORKTelephone: +1 212 952 1300E-Mail: ewr@us.rlb.comContact: Grant OwenORLANDOTelephone: +1 407 905 0002E-Mail: ideas@cwisdom.comContact: David O’Neal / Rick SchmidtPHOENIXTelephone: +1 602 443 4848E-Mail: phx@us.rlb.comContact: Julian Anderson / Scott Macpherson / John Jozwick / Ward SimpsonPORTLANDTelephone: +1 503 226 2730E-Mail: pdx@us.rlb.comContact: Graham Roy SAN FRANCISCOTelephone: +1 415 362 2613E-Mail: sfo@us.rlb.comContact: Graham Roy SEATTLETelephone: +1 206 223 2055E-Mail: sea@us.rlb.comContact: Chris BurrisTUSCONTelephone: +1 520 202 7378E-mail: tus@us.rlb.comContact: Joel BrownWAIKOLOATelephone: +1 808 883 3379E-mail: koa@us.rlb.comContact: Kevin MitchellWASHINGTON DCTelephone: +1 202 434 8350E-Mail: dca@us.rlb.comContact: Grant Owen

EMEA UNITED KINGDOMBIRCHWOOD / WARRINGTONTelephone: +44 0 192 585 1787 E-mail: deryck.barton@uk.rlb.comContact: Deryck BartonBIRMINGHAMTelephone: +44 0 121 503 1500E-Mail: nigel.mason@uk.rlb.com Contact: Nigel MasonBRISTOLTelephone: +44 0 117 974 1122E-Mail: mark.williamson@uk.rlb.com Contact: Mark WilliamsonLONDONTelephone: +44 0 207 398 8300E-mail: tony.catchpole@uk.rlb.comContact: Tony CatchpoleMANCHESTERTelephone: +44 0 161 868 7700E-Mail: christopher.hartley@uk.rlb.comContact: Christopher HartleyNEWCASTLETelephone: +44 0 121 503 1500 E-Mail: mark.weaver@uk.rlb.comContact: Mark WeaverSHEFFIELDTelephone: +44 0 114 273 3300E-Mail: dean.sheehy@uk.rlb.comContact: Dean SheehyWELWYN GARDEN CITYTelephone: +44 0 170 780 0440E-Mail: andrew.reynolds@uk.rlb.com Contact: Andrew ReynoldsWOKINGHAMTelephone: +44 0 118 974 3600E-Mail: simon.kerton@uk.rlb.com Contact: Simon KertonTLB | EUROALLIANCETelephone: +44 790 005 3132E-mail: lance.taylor@uk.rlb.comContact: Lance Taylor

MIDDLE EASTABU DHABITelephone: + 971 2 643 3691E-mail: tony.bratt@ae.rlb.com Contact: Tony BrattDOHA Telephone: +974 4016 2777E-mail: sam.graham@ae.rlb.comContact: Sam GrahamDUBAITelephone: +971 4339 7444E-Mail: rob.edgecombe@ae.rlb.comContact: Rob EdgecombeMUSCATTelephone: +968 2 449 9676E-Mail: rocky.chan@cn.rlb.comContact: Rocky Chan

RIYADHTelephone: +966 506 633 288E-mail: andy.isherwood@sa.rlb.comContact: Andy Isherwood

AFRICASOUTH AFRICATelephone: +27 83 226 0303E-mail: ns@pentadqs.co.zaContacts: Nicolas Sheard

OCEANIA AUSTRALIAADELAIDETelephone: +61 8 8100 1200E-mail: adelaide@au.rlb.comContact: Stephen KnightBRISBANETelephone: +61 7 3009 6933E-mail: brisbane@au.rlb.comContact: Mark Burow CAIRNSTelephone: +61 7 4032 1533E-mail: cairns@au.rlb.comContact: Bill WilkesCANBERRATelephone: +61 2 6281 5446E-mail: canberra@au.rlb.comContact: Mark Chappe DARWINTelephone: +61 8 8941 2262E-mail: darwin@au.rlb.comContact: Paul LassemillanteGOLD COASTTelephone: +61 7 5595 6900E-mail: goldcoast@au.rlb.comContact: Michael GilliganMELBOURNETelephone: +61 3 9690 6111E-mail: melbourne@au.rlb.comContact: Michael Kerr NEWCASTLETelephone: +61 2 4940 0000E-mail: newcastle@au.rlb.comContact: Mark HockingNORTHERN NEW SOUTH WALESTelephone: +61 2 6659 2060 E-mail: northernnsw@au.rlb.comContact: Mark HockingPERTHTelephone: +61 8 9421 1230E-mail: perth@au.rlb.comContact: Alastair McMichael SUNSHINE COASTTelephone: +61 7 5443 3622E-mail: suncoast@au.rlb.comContact: Mark BrittainSYDNEYTelephone: +61 2 9922 2277E-mail: sydney@au.rlb.comContact: Bob RichardsonTOWNSVILLETelephone: +61 7 4771 5718E-mail: townsville@au.rlb.comContact: Chris MaraisWESTERN SYDNEYTelephone: +61 2 9806 0044E-mail: westsyd@au.rlb.comContact: Gary Train

NEW ZEALANDAUCKLANDTelephone: +64 9 309 1074E-mail: auckland@nz.rlb.comContact: Brian Dackers CHRISTCHURCHTelephone: +64 3 354 6873E-mail: christchurch@nz.rlb.comContact: Malcolm Timms OTAGOTelephone: +64 3 409 0325E-mail: otago@nz.rlb.comContact: Chris HainesPALMERSTON NORTHTelephone: +64 6 357 0326E-mail: palmerstonnorth@nz.rlb.comContact: Michael Craine TAURANGATelephone: +64 7 579 5873E-mail: richard.gerrish@nz.rlb.comContact: Richard GerrishWELLINGTONTelephone: +64 4 384 9198E-mail: wellington@nz.rlb.comContact: Tony Sutherland

Rider Levett Bucknall is a global property and construction practice with more than 100 offices across Asia, Oceania, Europe, Middle East, Africa and the Americas. Services provided comprise Quantity Surveying and Cost Consultancy Services, Project Management and Advisory Services.

A Quarterly Publication from RLB Research of:

Rider Levett Bucknall LLP150 Beach Road #09-01 Gateway West Singapore 189720 | Tel: +65 6339 1500 | Fax: +65 6339 1521 | Web: www.rlb.com | E-mail: rlb@sg.rlb.comCover: View of Singapore Skyline from Gardens by the Bay (Bay East) Photo credits: Loo Zheng Rong (cover photo) and Ngow Wei Juan (project feature), RLB SingaporePrinter: Image Office Systems & Supplies Pte Ltd

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