Handbook 2005

www.davislangdon.com
Property & Construction Industry Handbook

The following handbook of information relating to the construction industry has been compiled by: Davis Langdon & Seah Hong Kong Limited 2101 Leighton Centre 77 Leighton Road Hong Kong Telephone : (852) 2830 3500 Fax : (852) 2576 0416 Email : dlshk@dlshk.com Website : www.dlsqs.com Davis Langdon & Seah Hong Kong Limited 2009

For private circulation to staff and business associates only

All rights reserved. No part of this publication may be re-produced or copied in any form without prior written permission from Davis Langdon & Seah Hong Kong Limited. The information contained herein should be regarded as indicative and for general guidance only. Whilst every effort has been made to ensure accuracy, no responsibility can be accepted for errors and omissions, however caused. If advice concerning individual projects is required, we would be happy to assist. Unless otherwise stated, costs reflected in this handbook are Hong Kong costs at 4th Quarter 2008. Davis Langdon & Seah Hong Kong Limited would like to acknowledge the assistance of Knight Frank and Baker & McKenzie in providing additional data and information for this publication.

Published by Davis Langdon & Seah Hong Kong Limited Printed : March 2009 by R&R Publishing Limited

ISO 9001 : 2000 Certificate No. : CC271

TABLE OF CONTENTS

Table of Contents About Us Calendars

1 3 5

1. CONSTRUCTION COST DATA

Construction Costs for Hong Kong M&E Services Costs for Hong Kong ACMV Costs for Various Designs and Developments in Hong Kong Construction Cost Specification Fit-out Costs for Hong Kong Unit Costs for Ancillary Facilities for Hong Kong Construction Costs for Selected Asian Cities M&E Costs for Selected Asian Cities Major Rates for Selected Asian Cities Construction Costs for Selected International Cities 9 11 13 15 17 19 21 25 29 33

3. PROPERTY
Property Commentary Property Indicators Gross Floor Area (GFA) Calculations in Hong Kong Gross Floor Area (GFA) Calculations in PRC Construction Floor Area (CFA) Definition 63 65 67 69 71

4. FINANCIAL
Financial Definitions Financial Formulae Mortgage Repayment Table Composite CPI Exchange Rates Currency Charts Prime Rates Hang Seng Index 73 74 75 76 77 79 81 83

2. GENERAL CONSTRUCTION DATA

2009 Outlook Building Cost Trends in Hong Kong Labour Index in Hong Kong Material Prices in Hong Kong Estimating Rules of Thumb Construction Activity in Hong Kong Construction Value in Hong Kong China's Buildings Going Green Hong Kong General Construction Insurance Specified Forms for Buildings Ordinance or Regulations for Hong Kong Summary of Building Regulations for Hong Kong Percentage Site Coverage and Plot Ratios for Hong Kong Progress Payments 37 40 43 44 47 49 50 51 53 55 57 58 61

5. OTHER INFORMATION
Fung Shui Quality Management System Utility Costs for Selected Asian Cities Conversion Factors IDD Codes and Time Differences Public Holidays Davis Langdon & Seah Professional Services China Map International Directory of Offices Telephone Directory 85 88 89 91 93 95 105 115 117 136

DAVIS LANGDON & SEAH 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. One of our early partners, Mr. Seah Mong Hee, was the first Asian Chartered Surveyor (RICS) in the world. Our Hong Kong office opened in 1949 and we quickly established ourselves as the leading firm in the profession. This year, we celebrate our 60th anniversary in Hong Kong. Following a series of global mergers, Davis Langdon & Seah International was founded in 1990. Today we operate in Asia, Europe and the Middle East, USA, Australasia and Africa with over 5,000 staff in 100 offices across 23 countries. We entered the China market in 1984, introducing modern cost management techniques to its newly evolving construction market. Our initial commissions were from Hong Kong and foreign developers investing in China, although we have since then further developed our client base to include state owned enterprises and local private developers. We now have 12 offices across China located in Hong Kong, Shanghai, Beijing, Guangzhou, Shenzhen, Macau, Chongqing, Wuhan, Tianjin, Shenyang, Chengdu and Foshan with a total staff count approaching 1,000. For 60 years, DLS Hong Kong/China has been proactively providing world-class construction consulting services for all types of building and infrastructure projects. We are committed to further extending our professional expertise to related fields and further expanding our activities in China to support the needs of our clients as they explore one of the world's largest and fastest growing markets.
3 4

CALENDARS

6 7 13 14 20 21 27 28 S

6 7 13 14 20 21 27 28 S

6 7 13 14 20 21 27 28 S

2008 2010
M T 1 8 15 22 29 APRIL W T F S 2 3 4 5 9 10 11 12 16 17 18 19 23 24 25 26 30 S M 4 5 11 12 18 19 25 26 S M MAY T W T F S 1 2 3 6 7 8 9 10 13 14 15 16 17 20 21 22 23 24 27 28 29 30 31 F S 1 2 8 9 15 16 22 23 29 30 S 1 8 15 22 29 JUNE S M T W 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 S M 4 5 11 12 18 19 25 26 S APRIL T W T F S 1 2 3 6 7 8 9 10 13 14 15 16 17 20 21 22 23 24 27 28 29 30 JULY T W T F S 1 2 3 6 7 8 9 10 13 14 15 16 17 20 21 22 23 24 27 28 29 30 31 S M MAY T W 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 S 1 8 15 22 29 S M 6 7 13 14 20 21 27 28 S JUNE T W T F S 1 2 3 4 5 8 9 10 11 12 15 16 17 18 19 22 23 24 25 26 29 30 M T 1 8 15 22 29 JULY W T F S 2 3 4 5 9 10 11 12 16 17 18 19 23 24 25 26 30 31 AUGUST T W T 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24/31 25 26 27 28 S 7 14 21 28 SEPTEMBER M T W 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 30 DECEMBER M T W 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 30 31 M 4 5 11 12 18 19 25 26 S AUGUST S M T W 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 31 S 7 14 21 28 NOVEMBER M T W 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 30 5 12 19 26 SEPTEMBER M T W T F S 1 2 3 4 6 7 8 9 10 11 13 14 15 16 17 18 20 21 22 23 24 25 27 28 29 30 DECEMBER T W T F S 1 2 3 4 6 7 8 9 10 11 13 14 15 16 17 18 20 21 22 23 24 25 27 28 29 30 31 M M OCTOBER T W T F S 1 2 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 29 30 31 NOVEMBER M T W T F S 7 14 21 28 M 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 3 4 10 11 17 18 24/31 25 OCTOBER T W T F S 1 2 5 6 7 8 9 12 13 14 15 16 19 20 21 22 23 26 27 28 29 30 S 5 12 19 26 S M JANUARY T W T 1 6 7 8 13 14 15 20 21 22 27 28 29 F 2 9 16 23 30 S 3 10 17 24 31 FEBRUARY S M T W T 1 2 3 4 5 8 9 10 11 12 15 16 17 18 19 22 23 24 25 26 MAY T W T

JANUARY T W T 1 2 3 8 9 10 15 16 17 22 23 24 29 30 31

F S 4 5 11 12 18 19 25 26

S 3 10 17 24

FEBRUARY T W T F S 1 2 4 5 6 7 8 9 11 12 13 14 15 16 18 19 20 21 22 23 25 26 27 28 29 M

2008

MARCH T W T

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

3 4 10 11 17 18 24/31 25

JANUARY T W T F S 1 2 5 6 7 8 9 12 13 14 15 16 19 20 21 22 23 26 27 28 29 30

FEBRUARY M T W T 1 2 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 S

2010

F S 5 6 12 13 19 20 26 27

S 7 14 21 28

MARCH M T W 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 30 31

5 6 12 13 19 20 26 27

2009

2009 2011
S M 5 6 12 13 19 20 26 27 S APRIL T W T F S 1 2 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 29 30 JULY T W T 1 2 7 8 9 14 15 16 21 22 23 28 29 30 F S 3 4 10 11 17 18 24 25 31 S 3 10 17 24 31 S M 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24/31 25 26 27 28 S M F S 1 2 8 9 15 16 22 23 29 30 F S 1 8 15 22 29 S 7 14 21 28 JUNE M T W 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 30 SEPTEMBER M T W T F S 1 2 3 4 5 7 8 9 10 11 12 14 15 16 17 18 19 21 22 23 24 25 26 28 29 30 DECEMBER T W T F S 1 2 3 4 5 7 8 9 10 11 12 14 15 16 17 18 19 21 22 23 24 25 26 28 29 30 31 M S M APRIL T W T 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 S M F S 1 2 8 9 15 16 22 23 29 30 F S 1 2 8 9 15 16 22 23 29 30 S 1 8 15 22 29 S M T 1 2 3 8 9 10 15 16 17 22 23 24 29 30 31 S MAY W 4 11 18 25 T F S 5 6 7 12 13 14 19 20 21 26 27 28 S M 5 6 12 13 19 20 26 27 S JUNE T W T F S 1 2 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 29 30 M AUGUST T W T S JULY T W T 5 6 12 13 19 20 26 27 S 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 6 13 20 27 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24/31 25 26 27 28 S M 7 14 21 28 AUGUST M T W 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 30 31 NOVEMBER M T W T F S 1 2 3 4 5 7 8 9 10 11 12 14 15 16 17 18 19 21 22 23 24 25 26 28 29 30 4 11 18 25 SEPTEMBER M T W T F S 1 2 3 5 6 7 8 9 10 12 13 14 15 16 17 19 20 21 22 23 24 26 27 28 29 30 DECEMBER T W T F 1 2 5 6 7 8 9 12 13 14 15 16 19 20 21 22 23 26 27 28 29 30 M S 3 10 17 24 31 M 4 5 11 12 18 19 25 26 OCTOBER T W T F 1 2 6 7 8 9 13 14 15 16 20 21 22 23 27 28 29 30 NOVEMBER S M T W 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 6 13 20 27 OCTOBER T W T F S 6 13 20 27 S 4 11 18 25 2 3 4 5 6 7 9 10 11 12 13 14 16 17 18 19 20 21 23/3024/31 25 26 27 28

4 5 11 12 18 19 25 26

F S 6 7 13 14 20 21 27 28

MARCH S M T W 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 31

JANUARY T W T F

2 3 4 5 6 7 9 10 11 12 13 14 16 17 18 19 20 21 23/3024/31 25 26 27 28

S 1 8 15 22 29

S 6 13 20 27

FEBRUARY T W T 1 2 3 7 8 9 10 14 15 16 17 21 22 23 24 28 M

2011

F S 4 5 11 12 18 19 25 26

6 7 13 14 20 21 27 28

MARCH T W T 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

CONSTRUCTION COST DATA

Construction Costs for Hong Kong M&E Services Costs for Hong Kong ACMV Costs for Various Designs and Developments in Hong Kong Construction Cost Specification Fit-out Costs for Hong Kong Unit Costs for Ancillary Facilities for Hong Kong Construction Costs for Selected Asian Cities M&E Costs for Selected Asian Cities Major Rates for Selected Asian Cities Construction Costs for Selected International Cities

9 CONSTRUCTION COSTS FOR HONG KONG

BUILDING TYPE (HK$/m )
2

BUILDING

SERVICES

TOTAL

DOMESTIC Low cost housing, high rise Average standard apartments, high rise Luxury apartments, high rise Terraced houses Individual prestige houses 6,485 9,245 11,100 14,445 21,070 10,410 14,380 10,680 14,740 - 11,940 up - 13,280 up 2,960 3,830 3,250 3,620 3,680 4,900 3,840 4,400 - 6,720 - 9,710 - 12,930 - 15,980 up 665 1,805 2,030 1,935 2,220 860 2,160 2,610 2,400 3,230 7,150 11,050 13,130 16,380 23,290 OFFICE/COMMERCIAL Average standard offices, high rise Prestige offices, high rise Average standard shopping centres Prestige shopping centres

- 7,580 - 11,870 - 15,540 - 18,380 up 13,370 - 15,620 18,210 up 13,930 - 17,120 18,360 up

1. CONSTRUCTION COST DATA

CONSTRUCTION COSTS FOR HONG KONG

HOTELS 3-star budget hotels, inclusive of F.F. & E. 5-star luxury hotels, inclusive of F.F. & E. INDUSTRIAL Light duty flatted factories, 7.5 kpa (150 lb.) loading Heavy duty flatted factories and warehouses, 15 kpa (300 lb.) loading OTHERS Carparks, above ground Primary and secondary schools International schools Student hostels Sports clubs inclusive of F.F. & E.
The above costs are at 4th Quarter 2008 levels.

13,410 19,110 6,020 6,400 4,790 8,240 10,070 9,100 15,420

- 14,790 up 6,640 7,250 - 5,360 - 8,490 - 10,600 - 10,330 - 17,630

3,940 4,220 1,600 1,746 1,170 1,370 1,970 2,040 3,770 -

4,500 5,460 1,810 2,080 1,720 1,910 2,960 2,710 4,570

17,350 - 19,290 23,330 up 7,620 8,146 5,960 9,610 12,040 11,140 19,190 8,450 9,330 7,080 10,400 13,560 13,040 22,200

10

11 M&E SERVICES COSTS FOR HONG KONG

BUILDING TYPE (HK$/m2) MECHANICAL SERVICES ELECTRICAL SERVICES FIRE SERVICES LIFTS/ ESCALATORS HYDRAULIC SERVICES TOTAL SERVICES

1. CONSTRUCTION COST DATA

DOMESTIC Low cost housing, high rise Average standard apartments, high rise Luxury apartments, high rise Terraced houses Individual prestige houses 405 550 750 800 -- 500 - 720 - 910 - 1,300 305 710 800 770 950 - 360 - 770 - 900 - 940 - 1,300 30 60 60 15 40 50 100 100 30 80 120 - 190 300 - 340 300 - 380 --210 330 320 400 430 260 450 510 520 550 665 1,805 2,030 1,935 2,220

- 860 - 2,160 - 2,610 - 2,400 - 3,230

M&E SERVICES COSTS FOR HONG KONG

OFFICE/COMMERCIAL Average standard offices, high rise Prestige offices, high rise Average standard shopping centres Prestige shopping centres 1,200 1,650 1,430 1,650 - 1,500 - 2,000 - 1,600 - 1,750 840 1,100 900 980 - 1,000 - 1,400 - 1,000 - 1,250 260 300 300 340 390 430 460 480 390 510 400 430 500 700 480 600

270 270 220 220

290 370 300 320

2,960 3,830 3,250 3,620

- 3,680 - 4,900 - 3,840 - 4,400

HOTELS 3-star budget hotels, inclusive of F.F. & E. 5-star luxury hotels, inclusive of F.F. & E. 1,500 - 1,650 1,600 - 1,800

1,200 - 1,300 1,300 - 1,800

370 - 460 430 - 560

450 - 550 470 - 700

420 - 540 420 - 600

3,940 - 4,500 4,220 - 5,460

370 - 400 370 - 400

380 - 430 470 - 530

240 - 300 240 - 320

390 - 410 450 - 550

220 - 270 216 - 280

1,600 - 1,810 1,746 - 2,080

INDUSTRIAL Light duty flatted factories, 7.5 kpa (150 lb.) loading Heavy duty flatted factories and warehouses, 15 kpa (300 lb.) loading

OTHERS Carparks, above ground Primary and secondary schools International schools Student hostels Sports clubs inclusive of F.F. & E.

120 300 720 510 1,500

- 300 - 520 - 1,320 - 600 - 1,800

450 620 750 750 1,100

- 560 - 710 - 940 - 1,000 - 1,300

240 110 140 140 390

330 280 280 280 510

250 110 110 320 430

350 130 140 360 510

110 230 250 320 350

180 270 280 470 450

1,170 1,370 1,970 2,040 3,770

- 1,720 - 1,910 - 2,960 - 2,710 - 4,570

The above costs are at 4th Quarter 2008 levels.

12

1. CONSTRUCTION COST DATA

ACMV COSTS FOR VARIOUS DESIGNS AND DEVELOPMENTS IN HONG KONG

13

14

1. CONSTRUCTION COST DATA CONSTRUCTION COST SPECIFICATION

The costs for the respective categories given on the previous pages are averages based on fixed price competitive tenders. It must be understood that the actual cost of a building will depend upon the design and many other factors and may vary from the figures shown. 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. All buildings are assumed to have no basement (unless otherwise stated) and to be built on flat ground, with normal soil conditions. The costs exclude external works, land costs, professional fees, finance and legal expenses. The standards for each category of building vary from country to country and do not necessarily follow those of Hong Kong. DOMESTIC Low cost housing is based on Hong Kong Housing Authority's Harmony 1 Rental Block design. Average standard apartments are based on blocks containing 30-50 storeys, with 6-8 flats per storey and 600 s.f. - 1,000 s.f. per flat. Air conditioning, kitchen cabinets and home appliances are included for average standard apartments, luxury apartments, terraced houses and prestige houses. All types of domestic construction include provision of functional light fittings only and no feature light fittings have been allowed. Fitting out works and loose furniture are also not included. OFFICE/COMMERCIAL Office based on buildings 20-30 storeys high with floor plans minimum 1,000 m2 per level. Average standard offices and shopping centres exclude finishes, A/C ducting and light fittings to tenants areas. Prestige offices have curtain wall elevations and granite finished lobbies, with raised floor, suspended ceiling, A/C ducting and light fittings to tenants areas. INDUSTRIAL Flatted factories exclude manufacturing equipment, air-conditioning, electrical distribution systems and special services provisions to tenants areas. HOTELS F.F. & E. includes interior decoration and loose furniture etc. but excludes pre-opening expenses and hotel operation system and equipment costs (e.g. cutlery, crockery, linen, uniform, etc.). Includes 1 level of basement. OTHERS Carparks to be multi-storey. Primary and secondary schools with standard government provisions. International Schools with upgraded facilities. Student hostels to university standard. Sports club to the standard of the Government's indoor recreational centre.

15

16

1. CONSTRUCTION COST DATA FIT-OUT COSTS FOR HONG KONG

BUILDING TYPE HOTELS Public Areas (Front of House) : 3-star Hotel 4-star Hotel 5-star Hotel Guest Rooms : 3-star Hotel 4-star Hotel 5-star Hotel
Notes : 1. Includes furniture, floor, wall and ceiling finishes, drapery, sanitary fittings and light fittings. 2. Excludes partitioning, M&E works, building shell, chandeliers, operational items and equipment (e.g. cutlery, crockery, linen, television, refrigerator etc.), opening expenses, stage equipment and computer systems.

HK$/m2

BUILDING TYPE DEPARTMENT STORES General department store Prestige department store
Notes : 1. Includes electrical work, additional FCU and minor alteration of fire services to suit layout. 2. Excludes facade modification, data cabling, operational items and equipment (e.g. computers, P.O.S., office equipment) and opening expenses.

HK$/m2

6,700 -10,000 11,000 -14,000 15,000 up 4,800 - 6,000 6,100 - 8,400 8,500 up

5,200 - 8,200 8,800 up

RESTAURANTS General dining restaurant Fine dining restaurant

Note : Includes furniture, floor, wall and ceiling finishes, electrical work, minor alteration to air-conditioning and fire services installation to suit layout, exhaust for kitchen but excludes exhaust flue, operational items (e.g. cutlery, crockery, linen, utensils, etc.).

6,700 -13,000 14,000 up

OFFICES General office Executive office Prestige office

Notes : 1. Local/Taiwanese/PRC furniture allowed for general offices. 2. Includes furniture, partitioning, electrical work, minor alteration to air-conditioning, fire services and suspended ceiling to suit ayout. 3. Excludes telephones, data cabling, office equipment (e.g. computers, photo copiers, fax machines, UPS, etc).

4,200 - 6,500 6,600 - 8,900 9,000 up

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18

1. CONSTRUCTION COST DATA UNIT COSTS FOR ANCILLARY FACILITIES FOR HONG KONG
DESCRIPTION SQUASH COURTS Single court with glass backwall including associated mechanical and electrical services but excluding any public facilities (enclosing structure not included). per court UNIT HK$ SAUNAS Sauna room for 4-6 people complete with all accessories (enclosing structure not included). 350,000 STEAM BATHS Steam bath for 4-6 people complete with all accessories (enclosing structure not included). DESCRIPTION UNIT HK$

per room

120,000

TENNIS COURTS Single court on grade with acrylic surfacing and complete with chain link fence. Single court on grade with artificial turf surfacing and complete with chain link fence. Extra for lighting.

per court 700,000

per room

120,000

per court 800,000 per court 300,000

GOLF COURSES (Based on average cost of an 18-hole golf course) Excluding associated buildings and equipment. per hole
6,300,000 11,000,000

SWIMMING POOLS Half Olympic (25m x 10.50m) outdoor swimming pool built into ground, fully tiled; complete with 5m wide deck and associated pool equipment and ozone system.

to

GOLF SIMULATOR per pool 4,500,000 Golf simulation system complete with projector, high impact projection screen, artificial turf, recording system and control computer with software (enclosing structure not included). per set

PLAYGROUND EQUIPMENT Outdoor playground equipment comprising various activities. per set 200,000 to 550,000

500,000

19

20

21 CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES

BUILDING TYPE HONG KONG + SHANGHAI + INDIA @ BEIJING + GUANGZHOU/ MACAU > SINGAPORE* SHENZHEN + (US$/m2) KUALA LUMPUR

DOMESTIC Detached houses and bungalows Terraced houses Average standard apartments, high rise Luxury apartments, high rise 2,990 2,230 1,470 1,840 1,860 2,335 2,170 N/A 2,350 2,990 1,130 925 1,440 N/A 980 1,615 N/A 850 1,300 N/A 2,530 3,200 2,160 2,265 3,075 805 1,030 980 730 1,040 915 630 880 835 N/A N/A 1,940 1,755 2,060 1,555 740 1,080 950 1,310 1,510 2,200 415 510 480 620 665 1,558 685 520 480 625 640 432 472 640 525 365 435 505 N/A N/A 1,070 1,330 2,430 1,995 1,655 2,705 940 310 450 1,050 395 290 350 435 OFFICE/COMMERCIAL Average standard offices, high rise Prestige offices, high rise Shopping centres HOTELS Resort Hotel 3-star budget hotels inclusive of F.F. & E. 5-star luxury hotels inclusive of F.F. & E.

1. CONSTRUCTION COST DATA

CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES

1,030 1,120 N/A 1,515 1,180 835 1,285 1,550 2,655

HK$7.8

N/A N/A 455 615 650 330 490 285 680

RMB6.84

N/A N/A 468 610 630 375 510 270 790

RMB6.84
+

N/A N/A 410 520 625 270 335 210 670

RMB6.84

N/A N/A N/A N/A 950 620 850 N/A N/A

MOP7.98

1,015 1,250 910 N/A 1,220 745 1,050 1,150 1,760

S$1.48

430 510 420 540 400 280 280 340 700

RM3.55

280 325 270 335 255 218 190 218 595

INR48

INDUSTRIAL Light duty flatted factories, 7.5 kpa (150 lb.) loading Heavy duty flatted factories and warehouses, 15 kpa (300 lb.) loading Single storey conventional factory of structural steelwork Owner operated factories, low rise OTHERS Basement carparks (< 3 levels) Elevated carparks (< 4 levels) Primary and secondary schools Student hostels Sports clubs inclusive of F.F. & E.
Exchange Rate Used : US$1 =

The above costs are at 4th Quarter 2008 levels, inclusive of preliminaries and contingencies unless otherwise stated. For latest cost information, please refer to our Quarterly Construction Cost Review.

>
@

Rates are exclusive of contingencies. Rates are nett of GST and exclusive of contingencies. Rates are exclusive of contingencies and any management contracting fee. Rates based on projects in Bangalore and Hyderabad and are nett of VAT and Service Tax. Mumbai costs are generally 7% higher.

22

23 CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES (CONTINUED)

BUILDING TYPE (US$/m2) BRUNEI BANGKOK # SEOUL$ TOKYO KARACHI MANILA + + JAKARTA ^ HO CHI MINH #

DOMESTIC Detached houses and bungalows Terraced houses Average standard apartments, high rise Luxury apartments, high rise 715 510 815 1,005 850 1,120 830 1,400 1,630 2,140 2,040 1,195 1,749 1,125 1,080 1,395 1,020 820 1,185 1,065 - 1,345 1,345 - 1,570 1,625 - 1,850 1,180 1,500 2,000 648 874 729 710 940 530 485 740 400 670 - 785 785 - 1,010 615 - 730 1,000 1,140 1,430 2,550 3,040 1,600 3,190 3,400 4,800 851 519 729 1,020 940 510 680 920 390 N/A 475 645 450 - 540 380 - 425 560 - 670 730 - 840 1,500 1,250 1,000 1,250 2,660 N/A 2,130 2,980 850 - 900 200 - 270 500 - 650 750 - 850 500 - 600 800 - 900 600 - 750 1,700 - 2,000 970 - 1,200 1,500 - 1,800 OFFICE/COMMERCIAL Average standard offices, high rise Prestige offices, high rise Shopping centres HOTELS Resort Hotel 3-star budget hotels inclusive of F.F. & E. 5-star luxury hotels inclusive of F.F. & E.

1. CONSTRUCTION COST DATA

CONSTRUCTION COSTS FOR SELECTED ASIAN CITIES

455 N\A 420 N/A N/A 520 645 525 N/A

B$1.4718

583 952 583 N/A 583 291 N/A N/A N/A

BAHT34.31

370 410 350 370 440 365 480 595 1,030

PHP48
#

N/A N/A 215 N/A 255 205 N/A N/A N/A

IDR11,000 ^

215 - 345 320 - 425 320 - 425 320 - 400 540 - 630 300 - 410 425 - 450 450 - 560 670 - 785

N/A N/A 540 N/A 800 430 1,450 860 1,150

VND16,915 KRW1,400
Rates are nett of VAT and contingencies. Rates are nett of VAT.

1,490 1,910 1,700 N/A N/A 1,600 2,130 1,920 2,340

JPY94

250 - 300 300 - 350 375 270 - 350 220 - 250 170 - 200 450 - 550 350 - 450 685 - 750
PKR78.90

INDUSTRIAL Light duty flatted factories, 7.5 kpa (150 lb.) loading Heavy duty flatted factories and warehouses, 15 kpa (300 lb.) loading Single storey conventional factory of structural steelwork Owner operated factories, low rise OTHERS Basement carparks (< 3 levels) Elevated carparks (< 4 levels) Primary and secondary schools Student hostels Sports clubs inclusive of F.F. & E.
Exchange Rate Used : US$1 =

The above costs are at 4th Quarter 2008 levels, inclusive of preliminaries and contingencies unless otherwise stated. For latest cost information, please refer to our Quarterly Construction Cost Review.

++
$

Rates are exclusive of contingencies and include 12% VAT. Rates are nett of VAT and exclusive of contingencies.

24

25 M&E COSTS FOR SELECTED ASIAN CITIES

BUILDING TYPE (HK$/m )
2 2 2 2 2 2 2

HONG KONG (RMB/m ) (RMB/m ) (RMB/m ) (MOP/m ) (S$/m ) (RM/m ) (INR/m2)

SHANGHAI

BEIJING

GUANGZHOU/ SHENZHEN MACAU SINGAPORE + INDIA @

KUALA LUMPUR

MECHANICAL SERVICES Offices Industrial * Hotels Shopping Centres Apartment 1,200 370 1,500 1,430 405 840 380 1,200 900 710 270 - 370 220 - 280 100 - 145 80 - 120 89 - 131 89 - 131 90 - 125 65 - 90 N/A N/A 30 - 75 20 - 45 - 1,400 - 530 - 1,800 - 1,250 - 900 510 265 565 450 215 565 375 715 565 320 414 288 635 462 231 603 404 808 635 347 425 245 530 425 225 610 370 715 565 345 N/A N/A 1,700 - 1,900 1,700 - 1,900 400 - 700 260 65 260 210 145 410 195 460 360 340 215 140 235 193 81 450 157 580 250 210 20 - 48 36 - 45 2,750 - 4,000 1,800 - 2,600 3,200 - 4,600 3,000 - 4,000 1,200 - 1,500 550 - 800 370 - 600 - 2,000 - 400 - 1,800 - 1,750 - 720 690 - 875 155 - 260 880 - 1,150 900 - 1,000 100 - 370 735 - 997 157 - 262 900 -1,100 787 - 945 126 - 368 620 - 830 127 - 220 835 - 1,045 620 - 835 95 - 305 N/A N/A 1,500 - 2,000 1,450 - 1,800 360 - 450 190 35 185 190 115 290 170 370 280 250 350 60 280 278 200 450 90 450 400 280 3,600 - 4,500 1,500 - 2,600 4,500 - 5,500 3,500 - 4,500 2,000 - 2,500 ELECTRICAL SERVICES Offices Industrial ** Hotels Shopping Centres Apartment HYDRAULIC SERVICES Offices Industrial

1. CONSTRUCTION COST DATA

M&E COSTS FOR SELECTED ASIAN CITIES

Hotels Shopping Centres Apartment 420 - 600 220 - 320 330 - 510 260 240 370 300 60 390 390 450 400 300 700 550 700 600 380 260 125 205 305 155 515 360 460 460 305 430 320 560 480 100 205 155 260 245 42 290 255 360 350 102 178 136 210 210 42 263 126 210 294 158 263 210 368 347 105 525 368 473 473 263 335 - 440 125 - 165 155 - 205 362 - 473 131 - 189 162 - 221 FIRE SERVICES Offices Industrial Hotels Shopping Centres Apartment LIFTS / ESCALATORS Offices Industrial Hotels Shopping Centres Apartment

305 - 380 90 - 125 110 - 195 170 115 215 215 40 230 120 185 280 95 265 215 320 320 90 380 355 355 400 205

700 - 1,100 300 - 400 550 - 650 N/A N/A 400 - 550 360 - 500 130 - 155 N/A N/A 550 - 750 400 - 600 400 - 450

100 - 155 50 - 85 85 - 175 35 25 50 40 20 70 50 85 95 30 70 60 90 70 60 210 130 165 240 145

170 - 220 20 - 35 18 - 45 55 45 61 60 20 86 54 83 83 63 75 60 86 80 25 400 190 360 110 105

3,000 - 4,000 800 - 1,400 1,300 - 1,800 900 - 1,100 400 - 500 1,000 - 1,200 800 - 900 400 - 500 600 - 850 400 - 500 700 - 900 750 - 1,000 500 - 650

The above costs are at 4th Quarter 2008 levels, exclusive of contingencies unless otherwise stated.

* **

Generally without A/C. Excludes special power supply.

+
@

Rates are nett of GST. Rates are based on projects in Bangalore and Hyderabad and are nett of VAT and Service Tax. Mumbai costs are generally 7% higher.

26

27 M&E COSTS FOR SELECTED ASIAN CITIES (CONTINUED)

BUILDING TYPE (B$/m )
2 2 2 2 2 2 2

BRUNEI (BAHT/m ) (PHP/m ) (IDR'000/m ) (VND'000/m ) (KRW'000/m ) (JPY/m ) (PKR/m2)

BANGKOK @@

MANILA ^ HO CHI MINH KARACHI

JAKARTA # SEOUL$ TOKYO ^^

MECHANICAL SERVICES Offices Industrial * Hotels Shopping Centres Apartment 155 20 267 190 177 190 155 270 208 212 14 - 32 9 - 15 700 - 850 650 - 750 900 - 1,800 700 - 1,200 110 - 165 55 - 110 255 - 442 N/A 30 - 50 20 - 28 238 185 340 340 260 2,100 - 2,400 1,550 - 1,650 2,700 - 3,000 2,100 - 2,300 2,200 - 2,900 3,000 - 5,800 2,000 - 3,500 4,400 - 8,400 3,000 - 4,000 3,200 - 4,800 450 250 450 400 450 600 400 650 500 600 1,564 - 1,734 N/A N/A N/A 1,428 - 1,598 250 100 350 150 120 300 120 400 170 130 20,500 10,600 19,700 8,000 12,800 12,900 5,900 3,300 -4,035 2,000 -2,700 4,550 -7,400 3,950 -6,700 1,650 -2,700 650 -1,060 530 - 690 185 32 300 217 207 3,800 - 4,800 1,100 - 1,350 4,500 - 5,250 4,300 - 4,900 4,300 - 4,900 3,000 - 4,300 650 - 1,050 3,000 - 4,900 2,500 - 3,500 1,900 - 3,000 550 175 550 500 500 650 400 750 600 650 1,360 - 1,632 N/A N/A N/A 1,105 - 1,292 200 84 200 125 80 280 135 295 200 145 20,800 11,200 14,700 7,000 2,900 3,180 -6,700 940 -1,440 6,330 -7,000 6,330 -7,400 2,230 -2,700 ELECTRICAL SERVICES Offices Industrial ** Hotels Shopping Centres Apartment HYDRAULIC SERVICES Offices Industrial

1. CONSTRUCTION COST DATA

M&E COSTS FOR SELECTED ASIAN CITIES

Hotels Shopping Centres Apartment

55 - 73 15 - 35 30 - 47

1,300 - 1,500 1,800 - 3,600 750 - 900 650 - 1,100 1,100 - 1,300 1,300 - 2,600

450 - 650 110 - 165 450 - 650

N/A N/A 464 - 816

55 - 80 25 - 50 49 - 55

17,000 5,500 18,700

2,710 -4,000 650 -1,060 1,180 -1,690

FIRE SERVICES Offices Industrial Hotels Shopping Centres Apartment 25 923 28 21 9417 16 925 15 32 32 20 30 15 39 52 37 750 720 750 760 760 800 730 800 780 800 LIFTS / ESCALATORS Offices Industrial Hotels Shopping Centres Apartment

600 - 950 600 - 750 600 - 1,000 600 - 900 500 - 900 1,000 - 1,100 1,600 - 2,900 N/A N/A 1,000 - 1,150 1,500 - 2,800 115 - 525 700 - 1,700 410 - 505 700 - 1,500

145 55 130 140 140 -

220 110 220 180 180 240 - 650 N/A 240 - 600 180 - 480 240 - 480

428 - 652.8 N/A N/A N/A 346.8 - 448.8 612 - 1,020 N/A N/A N/A 612 - 1,020

40 27 56 42 30 40 13 100 45 22 -

63 30 87 69 50 50 20 120 50 35

Included in above

945 -1,250 945 -1,680 940 -2,000 940 -1,250 635 -1,000 5,500 2,500 4,900 3,600 2,600 1,410 -2,500 1,410 -2,500 3,000 -6,250 1,410 -2,500 1,410 -2,500

The above costs are at 4th Quarter 2008 levels, exclusive of contingencies unless otherwise stated.

* **

All rates are nett of VAT. Rates for Electrical Services are excluding genset. Rates for Hydraulic Services are excluding STP. Rates for Mechanical Services refer to ACMV Rates only.

$
@@

Generally without A/C. Excludes special power supply. Rates are nett of VAT. Based upon nett enclosed area and nett of VAT. Transformer, included in Electrical Services.

^^

All cost are average. Sprinkler system, fire hose reel are included in Hydraulic Services. Smoke spill exhaust system is included in Mechanical Services. Fire alarm system, emergency PA system are included in Electrical Services.

28

29 MAjOR RATES FOR SELECTED ASIAN CITIES

DESCRIPTION
(HK$) (RMB) (RMB) (RMB) (MOP) (S$) (RM) B$ Unit HONG KONG SHANGHAI BEIJING GUANGZHOU/ SHENZHEN MACAU BRUNEI SINGAPORE + KUALA LUMPUR

Excavating basements; not exceeding 2.00m deep m3 m3 m3 m3 m3 m3 kg kg m2 m2 m2 145 150 42 50 @ 35 40 40 50 190 135 145 42 35 40 185 39 - 44 39 - 44 36 - 42 750 900 9.0 9.0 340 400 4.8 4.8 330 430 5.2 5.2 370 450 4.8 4.8 600 720 9.5 10 245 + + 195 1.8 - 2 1.8 - 2 540 140 120 145 230 50 45 - 65 250 - 270 270 - 300 4.3 - 5 4.3 - 5 28 - 35 28 - 35 30 - 35 90 160* 20 42 11 25 22 60 65 45 17 15 11 - 13 10 - 18 3 3.5 38 110 140 1.5 1.5 14 14 18 90 23 11 17 55 17 12 - 15 4 Excavating for footings; not exceeding 1.50m deep Remove excavated materials off site Hardcore bed blinded with fine materials Mass concrete grade 15 Reinforced concrete grade 30 Mild steel rod reinforcement High tensile rod reinforcement Sawn formwork to soffits of suspended slabs Sawn formwork to columns and walls 112.5mm Thick brick walls

1. CONSTRUCTION COST DATA

MAjOR RATES FOR SELECTED ASIAN CITIES

"Kliplok Colorbond" 0.64mm profiled steel sheeting Aluminium casement windows, single glazed m2 kg kg m2 m2 m2 m2 m2
%

m2 1,300 23 28 70 85 230 380 40

10 - 15

550 530 11 9 28 22 125 145 27

3-8

N/A

N/A 700** 11 11 15 13 100 120 28

5 - 10

N/A 420 11 8.5 17 15 100 140 22

5 - 10

N/A 1,030 28 32 70 80 250 300 68

8 - 12

42 315 4.5 - 5.5 4.5 - 5.5 15.5 22 58 35 3.5 - 4

14 - 18.5

55 - 60 350 - 500 6.5 - 7.5 6.5 - 7.5 12 - 15 15 - 20 50 - 70 30 - 45 3.5 - 4

6 - 12

28.75 160 - 240 2.7 2.55 6.5 8 30 14 3.5

6 - 10

Structural steelwork - beams, stanchions and the like Steelwork - angles, channels, flats and the like 25mm Cement and sand (1:3) paving 20mm Cement and sand (1:4) plaster to walls Ceramic tiles bedded to floor screed (m/s) 12mm Fibrous plasterboard ceiling lining Two coats of emulsion paint to plastered surfaces
Average expected preliminaries

The above costs are at 4th Quarter 2008 levels and are based on lump sum fixed price contract rates exclusive of preliminaries and contingencies unless otherwise stated.

* **

Rate including waste charges implemented on 1 Dec. 2005. Rates for double glazed window.

+ Rates are nett of GST. ++ Rates for lean concrete blinding.

@

Rates for 120mm thick concrete block walls.

30

31 MAjOR RATES FOR SELECTED ASIAN CITIES (CONTINUED)

DESCRIPTION
(BAHT) (PHP) (IDR'000) (VND'000) (INR) (PKR) (KRW) (JPY) Unit BANGKOK # MANILA KARACHI TOKYO JAKARTA # HO CHI MINH # INDIA @@ SEOUL$

Excavating basements; not exceeding 2.00m deep m3 m3 m3 100 120 250 200 20 20 56 29.7 140 100 300 - 350 125 - 150 2,400 8,000 900 3,050 120 350 20 60 120 350 - 425 2,400 870 Excavating for footings; not exceeding 1.50m deep Remove excavated materials off site Hardcore bed blinded with fine materials Mass concrete grade 15 Reinforced concrete grade 30 Mild steel rod reinforcement High tensile rod reinforcement Sawn formwork to soffits of suspended slabs m2 m2 m2 350 500 700 N/A 85 85 96.4 140.3 350 500 350 750 85 108.2 375 Sawn formwork to columns and walls 112.5mm Thick brick walls m3 m3 m3 kg kg 430 - 485 430 - 485 645 27,000 27,000 50,000 800 1,800 2,250 28 28 2,500 3,500 4,800 52 53 25 63 70 10 10 230 1,135 1,493 16 15.8 2,800 3,400 4,250 43 45 1,000 - 1,050 4,250 - 4,600 7,072 - 8,345 80 - 85 80 - 85 25,000 67,400 69,000 1,200 1,200

7,850 10,400 12,250 115 125 3,300 3,300 12,800

1. CONSTRUCTION COST DATA

MAjOR RATES FOR SELECTED ASIAN CITIES

"Kliplok Colorbond" 0.64mm profiled steel sheeting Aluminium casement windows, single glazed Structural steelwork - beams, stanchions and the like Steelwork - angles, channels, flats and the like 25mm Cement and sand (1:3) paving 20mm Cement and sand (1:4) plaster to walls Ceramic tiles bedded to floor screed (m/s) 12mm Fibrous plasterboard ceiling lining Two coats of emulsion paint to plastered surfaces
Average expected preliminaries

m2 m2 kg kg m2 m2 m2 m2 m2
%

900 5,500 55 55 180 200 1,200 800 100

10 - 15

850 8,500^ 95 90 350 350 1,200 1,300 350

8 - 15

140 700 17 17 30 35 80 80## 16

5 - 10

349 1,610 19.8 18.7 35.3 40.3 173.3 245.5 48.2

8 - 12

900 3,000 70 70 275 190 850 800 130

5 - 10

3,000

95,000 4,305 - 5,380 206,500 160 160 376 325 - 370 925 - 1,280 750 - 850 215&
8 - 10

2,150 23,000 1,950 2,000 2,000 8,000 45,000 5,300 5,000

5 - 10

250 395 2,500 2,900 6,000 N/A 905

15 - 22

The above costs are at 4th Quarter 2008 levels and are based on lump sum fixed price contract rates exclusive of preliminaries and contingencies unless otherwise stated. @@ $ Rates include labour costs and are nett of VAT. # Rates are nett of VAT. Rates based on projects in Bangalore and Hyderabad and are nett of VAT and Service Tax. ## 9mm gypsum board. ^ Aluminium with anodized finish; 6mm thick. Mumbai costs are generally 7% higher. & Including filling materials.

32

33 CONSTRUCTION COSTS FOR SELECTED INTERNATIONAL CITIES

BUILDING TYPE SYDNEY AUCKLAND JO'BURG LOS ANGELES (US$/m2) LONDON SAN FRANCISCO NEW YORK

RESIDENTIAL Average multi unit, high rise Luxury unit, high rise Individual prestige houses Detached houses and bungalows 1,890 2,388 2,500 -2,400 2,925 1,690 640 788 750 850 370 430 1,200 1,600 1,400 1,800 2,500 2,750 1,575 1,060 1,300 1,080 3,700 4,200 2,800 3,900 4,400 3,100 4,000 4,500 3,200 1,200 1,900 2,250 2,750 3,000 1,200 750 960 1,170 -3,100 3,400 2,900 -3,100 3,800 3,100 -3,300 3,800 3,200 -4,300 - 5,100 5,300 - 7,250 5,850 - 9,050 -4,300 - 5,100 5,300 - 6,850 2,650 - 3,550 1,350 - 1,750 2,250 - 2,600 COMMERCIAL/RETAIL Average standard offices, high rise Prestige offices, high rise Major shopping centre (CBD) INDUSTRIAL Light duty factory Heavy duty factory .

1. CONSTRUCTION COST DATA

CONSTRUCTION COSTS FOR SELECTED INTERNATIONAL CITIES

HOTEL 3 Star Budget 5 Star Luxury Resort Style 2,538 3,450 2,700 3,020 3,900 3,910

920 1,990 1,450

2,500 4,200 4,200

2,800 4,200 4,200

2,600 4,400 4,400

2,750 - 3,150 4,900 - 6,850 N/A

OTHERS Multi Storey Carpark District Hospital Primary and Secondary Schools

500 2,825 1,900

905 4,000 1,930

370 990 670

830 9,500 2,800

860 9,500 3,200

880 6,460 3,400

700 - 1,100 4,100 - 5,300 3,150 - 3,750

Exchange Rate Used (Avg. 2nd Qtr 2008) US$1 =

A$ 1.25

NZ$ 1.42

ZAR 7.59

US$ 1.00

US$ 1.00

US$ 1.00

GBP 0.51

The above costs are at 2nd Quarter 2008 levels, inclusive of preliminaries but exclusive of site works services, land and interest costs, professional fees, tenant fitout and equipment. Large fluctuations in exchange rates can create short-term anomalies.

34

GENERAL CONSTRUCTION DATA

c2009 Outlook Building Cost Trends in Hong Kong Labour Index in Hong Kong Material Prices in Hong Kong Estimating Rules of Thumb Construction Activity in Hong Kong Construction Value in Hong Kong China's Buildings Going Green Hong Kong General Construction Insurance Specified Forms for Buildings Ordinance or Regulations for Hong Kong Summary of Building Regulations for Hong Kong Percentage Site Coverage and Plot Ratios for Hong Kong Progress Payments

2. GENERAL CONSTRUCTION DATA 2009 OUTLOOK

Amidst headlines of stimulus measures, bailout schemes and record-low interest rates, 2008 ended with the worst global downturn in decades. 2009 will undoubtedly be a challenging year for the construction industry around the region. CHINA: The Financial Crisis in Wall Street has taken the world by storm. Investments, share prices, property values, sales turnover and economic growth are plunging. People are losing their jobs. No place on earth is immune from this truly global economic downturn. Not even China apparently. However, construction in China has not been affected to the same degree as the financial sectors in other countries..at least for now. The price of reinforcement dropped significantly from around RMB5,500/tonne (US$800/tonne) to RMB3,500/ tonne (US$500/tonne) following the slump in the world steel market. On the other hand, we are not witnessing prices for materials, works or labour falling to the anything near the same degree. The contractors and suppliers are holding their fort of tenders and quotations. In our view, this is partly due to the large number of projects on-hand which have been secured during the last two years boom - even taking account of those recently suspended. These appear to be keeping everyone busy enough at the moment; partly due to the fact that China is still predicted to have around 8% growth in 2009 - although some may worry this forecast is somewhat optimistic. Furthermore, the government has announced a RMB4 trillion economic stimulus package of which a large portion will be directed into infrastructure, i. e. construction. Confidence in the market appears stable, or at least is not showing signs of a dramatic deterioration. The overall effect is that construction costs in general are deflated when compared to the peak in the 2nd and early 3rd quarters of 2008, but have also been sustained at approximately the same level as in 1st quarter 2008. They have not slumped over the full-year. Foreign investments, however, remain volatile. Whilst many funds have reduced their investments, and indeed some have pulled out completely, we are seeing others who are increasing their exposure to this last oasis of possible economic growth - presumably hoping to make as much gains as possible in an effort to balance out the inevitable deficit back home. For some it might well be a golden opportunity to grab bargains - many projects or properties are, and will be, up for sale at much more reasonable prices than in recent years. This will likely mean that the market for renovation and fit-out works will pick up. It would be difficult to predict the price trend in 2009 which will be largely dependent on how the overall Chinese economy performs. For construction, it might well be a race between how fast the on-going projects are completed and how soon or how effective the up-coming government infrastructure investments will fill the growing vacuum. And of course the economy in the rest of the world will still be a critical factor for China. After all, in this age of globalization, no single country however large, can be isolated from the events unfolding within their trading partners borders. HONG KONG: The Hong Kong construction industry also suffered from the same volatility in material prices and general inflation in 2008, resulting in an overall rise of 12% in building tender prices for the full year. However, the overall level of construction activity in Hong Kong lagged behind the overall rate of GDP growth. During the first three quarters of 2008, the value of gross construction output rose by 8%. However, after factoring in rises in construction costs driven by general inflation, actual output remained fairly flat. In anticipation of a general drop in construction workload, the industry has been lobbying for early launches of the major infrastructure projects that were announced in the Chief Executives 2007 Policy Address. In light of worldwide drops in commodity prices and a decreased supply of new building projects, it is anticipated that building construction costs will fall quite sharply during 2009. However, given the anticipated roll-out of the various infrastructure projects, tender prices for works of a civil engineering nature are likely to have more upside. (Cont'd)

37

38

2. GENERAL CONSTRUCTION DATA 2009 OUTLOOK

MACAU: The Macau construction industry suffered its first set back in early 2008 as a result of Beijings introduction of travel restrictions on visitors from the Mainland, and its subsequent impact on the gaming industry. The suspension of a series of large-scale developments during the summer months by their US-based investors, amidst financial difficulties at home, further worsened Macaus construction business. This triggered a sudden lay-off of about 10,000 workers - many from Hong Kong. The total floor area under construction in the 4 th Quarter of 2008 shrank by 20% from a year earlier. More ominously for future work load, the gross floor area which started construction in the first 10 months of 2008 was just a quarter of that in the same period in 2007. Whilst Macaus construction costs rose by about 5% in 2008, this was mainly attributable to rise in material prices during the first half of the year rather than being driven by demand. The industry will have to face a further contraction in 2009 but, with the potential Hengqin development in next-door Zhuhai, a bottoming out would still be possible in 2010.

BUILDING COST TRENDS IN HONG KONG

YEAR
Q1

(Base = 100, at Year 1970) Q2 Q3 Q4

INDEX

Construction Cost Trend Prediction

Region China (1) Hong Kong (1) Hong Kong (2) Macau (1)
(1) Building Works (2) Civil Engineering Work

1998 2010 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

1,295 1,185 1,079 990 915 855 940 945 970 1,020 1,239

1,259 1,164 1,057 960 890 878 952 955 980 1,074 1,360

1,227 1,148 1,040 945 875 895 933 963 985 1,175 1,355

1,207 1,130 1,020 935 840 895 930 970 990 1,150 1,281

2008 (+)5% (+)11% (+)10% (+)5%

2009 0% (-)7% (+)4% (-)10%

(+)3% 0% (+)10% 0%

Historical TPI values from 1970 onwards available at www.dlsqs.com.

39

40

2. GENERAL CONSTRUCTION DATA BUILDING COST TRENDS IN HONG KONG

YEAR
Q1

(Base = 100, at Year 1970) Q2 Q3 Q4

INDEX

YEAR

(Nov. 1975 Value = 100)

HyD Const. Cost Index

CEDD Civil Engineering Works Index

(1980 Value = 100)

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

1,103 1,024 959 862 687 720 685 711 714 821 1,118

1,054 1,031 873 842 742 723 712 716 730 859 1,305

1,065 1,025 858 807 692 722 704 718 751 906 1,401

1,034 989 844 721 733 681 701 697 789 998

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008*

813 823 844 838 839 848 871 869 886 917 1,042

403 408 419 416 416 419 428 429 436 450 506

Source : Architectural Services Department, Hong Kong, SAR

Refer to www.archsd.gov.hk for further information.

* 1/08 to 9/08 only Source : Civil Engineering and Development Department, Hong Kong, SAR Refer to www.cedd.gov.hk/eng/index.htm for further information.

41

42

2. GENERAL CONSTRUCTION DATA LABOUR INDEX IN HONG KONG MATERIAL PRICES IN HONG KONG
GALVANIZED MILD STEEL ANGLE

YEAR Q1 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 149 152 152 150 147 143 137 131 137 129

(Base = 100, at June 1995)

INDEX

Source : Census and Statistics Department, Hong Kong, SAR

Refer to www.censtatd.gov.hk for further information.

Q2 150 153 152 150 146 140 136 133 135 128

Q3 152 154 152 149 146 140 133 134 131 128

Q4 153 154 151 148 143 138 132 136 130

REBAR

Figures above are the quarterly average of the monthly indices

Source : Census and Statistics Department, Hong Kong, SAR

Refer to www.censtatd.gov.hk for further information.

Source : Census and Statistics Department, Hong Kong, SAR

Refer to www.censtatd.gov.hk for further information.

(Cont'd)

43

44

2. GENERAL CONSTRUCTION DATA MATERIAL PRICES IN HONG KONG

SAND COPPER GRADE A

Source : Census and Statistics Department, Hong Kong, SAR Refer to www.censtatd.gov.hk for further information.

Source : London Metal Exchange Refer to www.lme.co.uk for further information.

ORDINARY PORTLAND CEMENT

CRUDE OIL

Source : Census and Statistics Department, Hong Kong, SAR Refer to www.censtatd.gov.hk for further information.

Source : Organization of the Petroleum Exporting Countries (OPEC) Refer to www.opec.org for further information.

45

46

2. GENERAL CONSTRUCTION DATA ESTIMATING RULES OF THUMB

Composition of Concrete (per m3) 1:3:6 1:2:4 1:1:2
Mix

Structural Design - Concrete Ratios

Aggregate

216 kg 308 kg 540 kg

Cement

0.45 m3 0.43 m3 0.38 m3

Sand

0.90 m3 0.86 m3 0.75 m3

The following is a range of concrete ratios for building superstructure design in Hong Kong : Concrete/floor area Formwork/floor area Reinforcement 0.4 m3/m2 2.2 m2/m2 160 kg/m3 to to to 0.5 m3/m2 3.0 m2/m2 250 kg/m3

Weight of Concrete Items Concrete Cement Sand Aggregate Steel Average Loads Lorry (24 ton) Concrete truck (24 ton) Barge
Item

2,400 1,450 1,600 1,600 7,843

Weight

kg/m3 kg/m3 kg/m3 kg/m3 kg/m3

Average External Wall/Floor Ratio Residential Apartments Office, Hotel Industrial Average Internal Wall/Floor Ratio Residential Apartments Office Hotel 1.0 m2/m2 0.5 m2/m2 1.5 m2/m2 1.0 m2/m2 0.4 m2/m2 0.4 m2/m2

Volume 10.0 m3 5.5 m3 200 - 1,450 m3

Dimensions for Standard Parking Space, Loading/Unloading Bays and Lay-bys

Length Width Minimum Headroom

The above ratios are indicative and for reference purposes only. They do not account for buildings with special shapes, configurations or particularly small foot prints. Indicative Dimensions for Sports Grounds
Length Width

Private Cars, Taxes and Light Vans Coaches and Buses Lorries Container Vehicles

5m 12 m 11 m 16 m

2.5 m 3.0 m 3.5 m 3.5 m

2.4 m 3.8 m 4.1 m 4.5 m

Minimum headroom means the clearance between the floor and the lower most projection from the ceiling including any lighting units, ventilation ducts, conduits or similar.

Tennis Court Squash Court Basketball Court Volleyball Court Badminton Court Ice Rink Soccer Pitch

40 m 13 m 34 m 36 m 20 m 61 m 120 m

20 m 6m 20 m 20 m 10 m 26 m 90 m

The above dimensions are for a single court with appropriate clearance. No spectator seating or support area has been allowed.

47

48

2. GENERAL CONSTRUCTION DATA CONSTRUCTION ACTIVITY IN HONG KONG CONSTRUCTION VALUE IN HONG KONG

Year
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003# 2004# 2005# 2006# 2007# 2008#*
*
#

Completed m2
3,099,000 3,080,000 2,888,000 2,162,000 1,834,000 1,849,000 2,526,000 2,630,000 1,515,000 1,354,000 1,909,000 1,587,000 1,720,000 1,227,000 1,389,000 1,030,000 714,000

Consent to Commence m2
2,967,000 2,261,000 2,025,000 2,040,000 2,970,000 2,951,000 2,139,000 2,191,000 1,850,000 1,388,000 1,372,000 1,683,000 1,115,000 1,476,000 1,398,000 1,539,000 881,000
*

Year
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008*
1/08 to 9/08 only

Value (Actual) HK$ millions

67,741 75,338 89,172 99,807 116,290 131,500 133,316 126,437 122,071 113,986 106,000 99,032 93,171 90,851 90,230 92,866 73,205

Value (Discounted to 1992) HK$ millions

67,741 67,598 72,988 71,143 73,547 69,263 76,212 77,205 82,577 84,118 87,071 76,349 69,127 64,626 62,888 55,720 39,431

1/08 to 9/08 only As from January 2003 onwards, statistics by Buildings Department on "Consent to Commence" are published with 2 sub-divisions, viz. "First Submission" and "Major Revision". Details can be found in the Buildings Department's "Monthly Digest".

Source : Census and Statistics Department, Hong Kong, SAR Refer to www.censtatd.gov.hk for further information.

Source : Census and Statistics Department, Hong Kong, SAR Buildings Department, Hong Kong , SAR Refer to www.censtatd.gov.hk and www.bd.gov.hk for further information.

49

50

2. GENERAL CONSTRUCTION DATA CHINA'S BUILDINGS GOING GREEN

Energy Saving Requirements for Buildings With over 2 billion square meters of floor space being built in China annually, the Chinese government has been intensifying efforts to adopt policies and proactive measures to promote energy efficient buildings in China. A seminal legal development in this regulatory process is the promulgation of the Regulations on Energy Conservation for Civilian Buildings (Conservation Regulations), which came into force on October 1, 2008. The Conservation Regulations apply to a broad range of residential and commercial buildings. Construction Compliance and Liabilities Construction permits are only issued to buildings in compliance with statutory energy conservation standards. If the planning layout of a building fails to comply with the building energy efficiency standards, the planning authority will not issue the Construction Project Planning Permit, and the construction authority will not issue the Construction Commencement Permit. No construction work may be commenced without obtaining these two permits. All parties involved in a construction, that is, the project owner, the designer, the contractor and the construction supervisor are required to comply with the mandatory energy conservation standards, otherwise, they could be subject to sanctions such as fines, suspension of business, or degradation or revocation of their professional qualification(s). They could also be sued for losses caused to home buyers, and others. The law prohibits project owners from instructing a contractor or designer to deviate from the mandatory energy saving standards, or using construction materials that do not meet the mandatory standards. A project owner may be liable for a fine of 2% - 4% of the total construction contract price if the project owner accepts a building that fails to comply with the mandatory energy saving standards. To strictly implement the energy saving standards imposed by the Conservation Regulations, the Ministry of Housing and Urban and Rural Development (Ministry of Housing), together with three other governmental authorities, circulated a notice on December 4, 2008 requiring local governments to pass appropriate regulations to implement the Conservation Regulations locally. This notice also stipulates that the local housing authorities must not grant construction or planning permits to any project which does not comply with such energy saving standards. Developers Obligations and Liabilities The energy saving requirements also extend to the sale and maintenance of the buildings. For example, a developer must provide Provided by : home buyers with information relating to the energy consumption levels of the properties which they have sold. If the developer fails to provide such information to the home buyer or if the information provided is incorrect, the developer may be subject to an administrative penalty of up to 2% of the sale price of the property. The home buyer may also make claims for compensation for any loss suffered as a result of the developers non-compliance. In regards to the maintenance, the contractor shall be responsible for the maintenance of thermal insulation work, and shall be responsible for rectifying any defects during the warranty period of normally five years. Green Building Rating System The Chinese government introduced a green building rating system in October 2007. The green building rating system is a voluntary national rating system implemented to recognize developers who go beyond the statutory minimum energy saving standards to develop sustainable buildings. The green building rating system issues two types of certificates. Construction projects in the design or construction phase may be issued a Green Building Design Rating Certificate, which is valid for 2 years. Subject to meeting relevant requirements, a completed building may be issued a Green Building Rating Certificate after its first year of use. Such a certificate is valid for 3 years. Both types of certificates have three grades with the highest grade being the Grade Three level. Grade Three Certificates are issued by the Ministry of Housing, and Grade One Certificates and Grade Two Certificates are issued by local construction bureaus. In July 2008, the Ministry of Housing announced six green buildings that have been honored under this rating system. Before the green building rating system was established, some developers marketed and labeled their properties as a green building with reference to certain international standards. Now that the Ministry of Housings rating system has come into effect, no building may be marketed or labeled as a green building unless it has been issued an official green building certificate. As a developing country fully aware of the importance and urgency of addressing climate change issues, China is taking a proactive approach in adopting policies and proactive measures to promote its green building legal regime. This is a rapidly evolving regime that investors and users of Chinese buildings should keep a close eye on.

Partner BAKER & MCKENZIE, Beijing/Hong Kong Tel : (852) 2846 1971 (Hong Kong) Email : rico.chan@bakernet.com

Mr Rico Chan

Provided by :

Partner BAKER & MCKENZIE, Beijing/Hong Kong Tel : (852) 2846 1971 (Hong Kong) Email : rico.chan@bakernet.com

Mr Rico Chan

51

52

2. GENERAL CONSTRUCTION DATA HONG KONG GENERAL CONSTRUCTION INSURANCE

This section provides general information regarding construction insurance arrangements in Hong Kong. It is common place for Hong Kong construction contracts to contain provisions as to insurances such as Employees Compensation Insurance, Third Party Liability Insurance, Works Insurance and, on occasion, Professional Liability Indemnity Insurance. For employers, the insurance placement ensures that the contractual indemnities are backed by a financial institution that can afford to pay. For contractors, it provides a certain degree of protection to ensure that he has the means to pay in the event of mishaps. The insurances may be effected by the contractor (Contractor Controlled Insurance Programme or CCIP) or be taken out by the employer (Employer Controlled Insurance Programme or ECIP). CCIP tends to be the most common form of insurance arrangement in Hong Kong, since the contractor is in control of all site operations and in a better position to manage its own site safety / risk. As a poor safety record will count against the contractor in premiums negotiation in the procurement of insurance, CCIP provides an incentive for better safety / risk management. On the other hand, ECIP placement leaves the control of the insurance programme in the hands of the employer, thereby offering advantage of providing comprehensive insurance coverage on a project basis and hence minimizing overlaps and gaps in insurance coverage. Employees Compensation Section 40 (1) of the Employees Compensation Ordinance states that no employer shall employ any employee unless there is a policy of Employees Compensation Insurance in place. The maximum penalty for failing to comply with this provision is two years in jail. By the Ordinance, the principal contractor shall take out insurance for his employees and all of the employees of subcontractors with a limit of indemnity of HK$200 million per event. Since an injured worker could attempt to sue the employer, the employer will want to ensure the contractor has taken out insurance in joint names with the employer. Contractors' All Risks Insurance A Contractors' All Risks policy generally comprises (i) Third Party Insurance which covers injury to persons (except the Contractors own workmen) or damage to property (other than the Works), due to the carrying out of the Works which may or may not be caused by a default of the contractor. The policy is normally subject to a maximum reimbursement per incident but unlimited in the number of incidents, (ii) Contract Works Insurance which covers damage caused to the Works itself by risks not excluded from the policy and (iii) Plant & Equipment Insurance which covers the contractors plant and equipment used in the Works. Plant & Equipment Insurance is not normally required under the contract conditions and is voluntarily purchased by the contractor. Professional Indemnity Insurance For construction contracts involving contractor s design, it is not uncommon for the employer to require the contractor and his design consultants and independent checking engineers to obtain insurance to cover their liability for design. For Government Contracts, the Professional Indemnity Insurance shall cover the contractor's liability for design generally for the construction period and a further 6 years.

53

54

55 SPECIFIED FORMS FOR BUILDINGS ORDINANCE OR REGULATIONS

FORM NO.
BA1 BA1A BA1B BA2 BA2A BA2B BA2C BA4 BA5 BA6 BA7 BA8 BA9 BA10 Application for renewal of consent to the carrying out of building works or street works. Notice of appointment of registered contractor, notice of commencement of building works or street works and undertaking by registered contractor. Application for consent to the commencement and carrying out of building works or street works. Notice of urgent works required as a result of accident or emergency. Stability certificate of authorized person and/or registered structural engineer. Application for approval of plans of building works and/or street works, and certificate of preparation of plans. Notice of appointment of authorized person and/or registered structural engineer and/or registered geotechnical engineer. Application for approval of technical director / other officer / person appointed to act for the purposes of the Building Ordinance for a registered general building contractor / registered specialist contractor. BOs 8B B(A)R 23(1A) B(A)R 29(1) & 18A B(A)R 18 BOs 19(3), B(A)R 28 B(A)R 31 BOs 20(2) B(A)R 20 Application for restoration of name to the register of general building contractors / specialist contractors. BOs 8D(2) Application for renewal of registration as a registered general building contractor / registered specialist contractor. BOs 8C(2) Application for registration as a general building contractor / specialist contractor. BOs 8B Application for restoration of name to the authorized persons' register / structural engineers' register / geotechnical engineers' register. BOs 3(12) Application for retention of name in the authorized persons' register / structural engineers' register / geotechnical engineers' register. BOs 3(9B) Application for inclusion in the authorized persons' register / structural engineers' register / geotechnical engineers' register. BOs 3(6)

SPECIFIED FORMS FOR BUILDINGS ORDINANCE OR REGULATIONS FOR HONG KONG

PURPOSE

RELEVANT SECTION OF REGULATION

2. GENERAL CONSTRUCTION DATA

BA11 BA12 BA13 BA14 BA14A BA15 BA16 BA17 BA18 BA19 BA20 BA21 BA22 BA23 BA24 Certificate on completion of demolition works. Notice of intended material change in the use of a building.

Notice from a registered contractor on ceasing to be appointed in respect of building works or street works and certificate in respect of that part of the building works or street works carried out by the registered contractor. Certificate on completion of building works resulting in a new temporary building, a new building or part of a new building and application for temporary occupation permit in respect of such building or part. Certificate on completion of building works resulting in a new building and appplication for permit to occupy such building. Certificate on completion of building works not resulting in a new building or of street works.

B(A)R 24 B(A)R 25, BOs 21(2) B(A)R 25, BOs 21(2) B(A)R 25 & 26 B(A)R 25 BOs 25(1) BOs 42(2) B(P)R 51 B(P)R 53(1) B(P)R 64 B(DW)R 8(3) B(P)R 23(2) BOs 28B(1) B(OSI)R 6(1) & 7(3)

Application for modification of and/or exemption from the provisions of the Buildings Ordinance and/or Regulations made thereunder. Application for permit to erect a temporary building. Application for p ermit to erect a contractor's shed. Application for permit to erect hoardings, covered walkways or gantries. Notice of technically competent person or persons appointed to supervise demolition works. Notice of nomination by authorized person or registered structural engineer or registered geotechnical engineer of another authorized person or registered structural engineer or registered geotechnical engineer to act in his stead during temporary inability to act.. Application for authorization to carry out and/or maintain groundwater drainage works. Application for grant/renewal of licence for an oil storage installation.

Notification to the Building Authority of change of business address of authorized person / registered structural engineer / registered B(A)R 45 general building contractor / registered specialist contractor.

Source : Buildings Department, Hong Kong, SAR. Refer to www.bd.gov.hk for further information.

56

2. GENERAL CONSTRUCTION DATA SUMMARY OF BUILDING REGULATIONS FOR HONG KONG

Number of Regulations

PERCENTAGE SITE COVERAGE AND PLOT RATIOS FOR HONG KONG

DEFINITION Class A Site : Not being a class B or class C site, that abuts on one street not less than 4.5 m wide or on more than one such street.
A corner site that abuts on 2 street neither of which is less than 4.5 m wide.

Description

Administration Appeal Construction Demolition Works Energy Efficiency Oil Storage Installations Planning Private Streets and Access Roads Refuse Storage Chambers and Chutes Standards of Sanitary Fitments, Plumbing, Drainage Works and Latrines Ventilating Systems

47 14 93 13 6 12 72

Class B Site : Class C Site :

A corner site that abuts on 3 streets none of which is less than 4.5 m wide.

OPEN SPACE ABOUT DOMESTIC BUILDINGS Item Class of site Open space required

28

1.

Class A site

Not less than one-half of the roofed-over area of the building Not less than one-third of the roofed-over area of the building Not less than one-quarter of the roofed-over area of the building

25

2.

Class B site

91 7

3.

Class C site

Source

: Buildings Ordinance, Hong Kong, SAR Refer to www.legislation.gov.hk for further information.

Source

Buildings Ordinance, Hong Kong, SAR Refer to www.legislation.gov.hk for further information.

(Cont'd)

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58

2. GENERAL CONSTRUCTION DATA PERCENTAGE SITE COVERAGE AND PLOT RATIOS FOR HONG KONG
DOMESTIC BUILDINGS NON-DOMESTIC BUILDINGS

Height of building in metres

Percentage site coverage

Plot Ratio

Percentage site coverage

Plot Ratio

Class A site

Class Class B C site site

Class A site

Class Class B C site site

Class A site

Class B site

Class C site

Class A site

Class B site

Class C site

Not over 15 m 15 m to 18 m 18 m to 21 m 21 m to 24 m 24 m to 27 m 27 m to 30 m 30 m to 36 m 36 m to 43 m 43 m to 49 m 49 m to 55 m 55 m to 61 m Over 61 m

Source

66.6 60 56 52 49 46 42 39 37 35 34

75 67 62 58 55 52 47.5 44 41 39 38

80 72 67 63 59 55 50 47 44 42 41 40

3.3 3.6 3.9 4.2 4.4 4.6 5.0 5.4 5.9 6.3 6.8 8.0

3.75 4.0 4.3 4.6 4.9 5.2 5.7 6.1 6.5 7.0 7.6 9.0

4.0 4.3 4.7 5.0 5.3 5.5 6.0 6.5 7.0 7.5 8.0 10.0

100 97.5 95 92 89 85 80 75 69 64 60 60

100 97.5 95 92 90 87 82.5 77.5 72.5 67.5 62.5 62.5

100 97.5 95 92 90 88 85 80 75 70 65 65

5 5.8 6.7 7.4 8.0 8.5 9.5 10.5 11.0 11.5 12.2 15

5 5.8 6.7 7.4 8.1 8.7 9.9 10.8 11.6 12.1 12.5 15

5 5.8 6.7 7.4 8.1 8.8 10.2 11.2 12.0 12.6 13.0 15

33.33 37.5

: Buildings Ordinance, Hong Kong, SAR Refer to www.legislation.gov.hk for further information.

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2. GENERAL CONSTRUCTION DATA PROGRESS PAYMENTS

The following graph and table are an indication of the rate of expenditure for construction projects. The rate of expenditure is an average rate and will vary from project to project when specific project circumstances are taken into account. No account has been made for retention.

Project Period
CONTRACT PERIOD CUMULATIVE PROGRESS CLAIMES CONTRACT PERIOD CUMULATIVE PROGRESS CLAIMES

PROPERTY
Property Commentary Property Indicators Gross Floor Area (GFA) Calculations in Hong Kong Gross Floor Area (GFA) Calculations in PRC Construction Floor Area (CFA) Definition

5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

1% 3% 5% 7% 10% 14% 21% 29% 38% 48%

55% 60% 65% 70% 75% 80% 85% 90% 95% 100%

59% 68% 77% 83% 88% 92% 94% 96% 98% 100%

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3. PROPERTY PROPERTY COMMENTARY

2008 PROPERTY MARKET REVIEW FOR HONG KONG
Overall In 2008, the sub-prime mortgage crisis in the US took a toll on Hong Kongs economy. GDP growth in real terms decelerated rapidly, from 7.3% in the first quarter to 4.2% in the second and only 1.7% in the third. Both external and domestic demand weakened markedly during the year. Externally, the growth of merchandise exports slowed from 10.5% in the first quarter to 5.1% in the third quarter, while the growth of visitor arrivals also diminished from 10.0% to -1.4% over the same period. On the domestic front, consumer confidence faltered amid a wave of corporate redundancy. The growth of retail sales value slowed from 17.5% in the first quarter to 0.3% in October. Meanwhile, the unemployment rate increased to 3.8% in the three months to November, compared with 3.3% in the first quarter. Hong Kongs economy is likely to stay in recession during the first half of 2009, with unemployment continuing to rise. Residential With the global financial crisis deepening, the mass residential property sector started to lose momentum in March, while the luxury sector commenced its downturn in July. By the end of November, the average price of mass residential units had dropped 23.1% from its peak level in March and luxury flat prices had fallen 32.5% from its peak in June. With commercial banks tightening lending and credit-starved sellers being forced to sell their properties to cover losses in other investments, the market saw significant price corrections in the third quarter. There were roughly 91,000 residential sales transactions in the first 11 months of 2008, a drop of 17.1% year on year. By the end of November, luxury residential rentals had fallen 24.3% from the peak level in July, as demand for luxury apartments shrank significantly amid an atmosphere of rising job insecurity and a slowing inflow of foreign corporations. Looking ahead, residential prices are expected to slide further before bottoming, but prices are expected to become increasingly resilient in the second half of 2009. Office With growing turbulence in the local stock market and deepening concerns over a global recession, Hong Kongs Grade-A office sales market started to lose momentum in the first quarter of 2008, while the leasing market began to weaken in the second half of the year. Given the shrinking liquidity for investment funds and the contracting revenue base of the entire corporate sector, many companies halted their expansion plans. The average vacancy rate edged up from a low level of 2.2% in July to 2.6% by the end of November. Meanwhile, office rentals had dropped 18.1% in Central and 18.4% in Hong Kong overall, by the end of November, from the peak levels recorded in July. The capital values of Grade-A offices fell 40.1% after peaking in February, returning to levels last seen in the fourth quarter of 2006. The total number of sales transactions amounted to 2,681 in the first ten months of 2008, down 12.1% from the same period in 2008. The market is likely to remain weak in the near term, with corporate downsizing continuing and commercial banks keeping a tight grip on lending. Retail The fallout of the global financial crisis spilled over to Hong Kongs retail property market in the second half of 2008, forcing a number of retailers to close their businesses. Notable victims included U-right, Krispy Kreme Doughnuts, Tai Lin Radio Service, Meguro Sushi and Sushi Tei. Rentals of shops started to head south in the third quarter, as landlords began to soften their stance to secure tenants. Meanwhile, prices of prime street shops showed a more marked decline in the fourth quarter, after plunging 12.3% in the third quarter. The total number of retail property transactions amounted to about 3,800 in the first ten months of the year, down about 30% from the same period last year. Prime retail properties will be under greater pressure in 2009 as tourist numbers shrink and per-capita spending diminishes. However, vendors selling daily necessities will fare better than luxury goods retailers during this economic downturn. Industrial The industrial property market began to quieten in the third quarter of 2008, due to the deepening global financial crisis. During the first ten months of the year, there were about 5,300 sales transactions of flatted factories, down 27.0% from the same period in 2007. The total value of these sales also fell 11.7% to about HK$14 billion. Deteriorating investment sentiment dragged down en-bloc industrial sales, from about 30 last year to below 20 this year. Two notable enbloc transactions in 2008 involved two buildings in Kwun Tong, namely the 110,000-sq-ft Cosmo-Sing Shing Building and the 408,000-sq-ft Piazza Industrial Building, which were sold for HK$220 million and HK$622 million, respectively. Both the rentals and prices of flatted factories started to edge down in August, falling 2.3% and 10.5% respectively from their peak levels in July, according to Rating and Valuation Department. As prices fell faster than rents, there was a slight increment in yields, which averaged 6.2% in October, higher than those of all other property sectors. Looking ahead, the industrial market is expected to remain sluggish as Hong Kongs exports may further slow in 2009.

Provided by :

Provided by :

63

64

3. PROPERTY PROPERTY INDICATORS

HONG KONG GRADE-A OFFICE PRICE HONG KONG GRADE-A OFFICE RENTAL VALUES

* Oct-Nov average Source : Knight Frank

* Oct-Nov average Source : Knight Frank

HONG KONG GRADE-A OFFICE VACANCY RATES

HONG KONG GRADE-A OFFICE SUPPLY

* Oct-Nov average Source : Knight Frank Source : Rating and Valuation Department / Knight Frank

65

66

67 GROSS FLOOR AREA (GFA) CALCULATIONS IN HONG KONG

Item General floor area Accountable Accountable Accountable Non-accountable Non-accountable Non-accountable Subject to justification with reasonable plant layouts. Except staircases and lift shafts solely serving non-accountable areas. Accountable Accountable Non-accountable Accountable Applicable only for private spaces serving users of the building and as permitted under land leases. Concession may be granted for lift lobbies subject to conditions. Non- accountable if: 1. The curtain wall system itself does not form part of the structural system of the parent building; 2. The system does not result in any additional floor area at a floor level; 3. The projection of the system from the outer face of the structural elements does not exceed 300 mm. Precast facades may subject to conditions be excluded from GFA calculation. Green features may upon application and subject to conditions be nonaccountable. Basement Balcony / utility platform Curtain wall / Cladding External wall finishes (Including Bay Window) Plant rooms Staircases and lift shafts Covered public carpark space Covered carparking space Lobby Building (Planning) Regulation Remarks

3. PROPERTY

GROSS FLOOR AREA (GFA) CALCULATIONS IN HONG KONG

Canopy Accountable Non-accountable Non-accountable Accountable Accountable Non-accountable Non-accountable Accountable Non-accountable Non-accountable and Non-accountable Accountable Refuge floor Elevated deck on ground level Machinery platforms Covered walkways Loading and unloading bay Refuse storage chambers, refuse storage, refuse chutes, refuse hopper rooms Sloping structure roof Construction on roof-tops Recreational facilities Spaces for watchmen management staff External staircases

Non-accountable when the canopy soley serves as weather protection. Non-accountable if the covered areas is clearly intended for and designed as playground. Non-accountable if: 1. Part of Green features applied and subject to conditions; 2. The platform is for maintenance or other similar functions . Open-sided covered walkways for residential development may be exempted, subject to the proposed walkways being for public amenity function. Non-accountable if permitted under land lease.

Non-accountable for E&M and staircases only. Subject to a maximum percentage of the residential gross floor area. Non-accountable subject to conditions. Non-accountable if situated in non-accountable areas.

Disclaimer : GFA calculations are subject to various legislation and practice notes. All cases of accountable or non-accountable GFA are subject to individual conditions. The above presents a brief summary only and users are advised to seek professional advice from authorized persons (in Hong Kong). Davis Langdon & Seah herewith disclaims any liability that may arise from unsolicited use of the information given above.

68

69 GROSS FLOOR AREA (GFA) CALCULATIONS IN PRC

Item General floor area Accountable 1. Beijing and Shanghai : Non-accountable if storey height is less than 1.2m. 2. Guangzhou: Accounatble for 50% of GFA if floor height is less than 2.2m.
National Regulation Regulation of Gross Floor Area Calculation for Construction Project (GB/T 50353-2005)

Remarks

3. PROPERTY

Basement Accountable National Regulation: Accountable for 50% of the area of the balcony. Except decorative type of curtain wall. Guangzhou: Provided width of bay window does not exceed 0.5m.

1. Beijing: Non-accountable provided the vertical height between the top slab of the basement and ground level does not exceed 1.5m. 2. Shanghai : Non-accountable. 3. Guangzhou : Accountable for GFA except where the floor space is solely for machinery or equipment or carpark.

Balcony / utility platform Accountable Accountable Non-accountable Accountable Accountable Accountable Accountable Accountable Curtain wall / Cladding External wall finishes (Including Bay Window) Plant rooms Staircases and lift shafts Covered public carpark space Covered carparking space Lobby

GROSS FLOOR AREA (GFA) CALCULATIONS IN PRC

Canopy Refuge floor Accountable Non-accountable Accountable Accountable Accountable Accountable Accountable Accountable Accountable and Accountable Accountable Elevated deck on ground level Machinery platforms Covered walkways Loading and unloading bay Refuse storage chambers, refuse storage, refuse chutes, refuse hopper rooms Sloping structure roof Construction on roof-tops Recreational facilities Spaces for watchmen management staff External staircases

Accountable

Non-accountable subject to width of the canopy not exceeding 2.1m. Guangzhou: Non-accountable. Non-accountable for GFA subject to the elevated deck functions being walkway, green, public amenities or similar public function. Non-accountable for GFA subject to the platforms being solely for maintenance or other similar functions.

Non-accountable if not roofed over. Non-accountable if not roofed over. Except where vertical height does not exceed 1.2m. 1. Shanghai : Non-accountable if the area of the construction on roof-top does not exceed 1/8 of area of the standard floor. 2. Guangzhou: E&M construction on roof-tops are exempt from GFA.

Non-accountable if not roofed over.

Disclaimer : GFA calculations are subject to various legislation and practice notes. All cases of accountable or non-accountable GFA are subject to individual conditions. The above presents a brief summary only and users are advised to seek professional advice from qualified design institutes (in PRC). Davis Langdon & Seah herewith disclaims any liability that may arise from unsolicited use of the information given above.

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3. PROPERTY CONSTRUCTION FLOOR AREA (CFA) DEFINITION

The construction floor area measured from drawings is defined as covered floor areas fulfilling the functional requirements of the building measured to the outside face of the external walls or external perimeter. It includes floor areas occupied by: partitions columns stairwells lift shafts plant rooms water tanks balconies utilities platforms vertical ducts service floors higher than 2.2m and the like But excludes floor areas occupied by: bay windows planters projected from the building, and the areas covered by canopies, roof eaves and awnings Sloping surfaces such as staircases, escalators and carpark ramps are to be measured flat on plan.

FINANCIAL
Financial Definitions Financial Formulae Mortgage Repayment Table Composite CPI Exchange Rates Currency Charts Prime Rates Hang Seng Index

The measurement of construction floor area is as defined by Davis Langdon & Seah.

71

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) The IRR may be defined as the interest rate that equates the present value of expected future cash flows to the cost of the investment. The IRR can be compared to the Discount Rate. NET PRESENT VALUE (NPV) The NPV is the present value of all future cash flows, discounted back to today's values at the Discount Rate. The NPV indicates in today's dollars the profit or loss a developer makes above or below his required profit (based 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.

FINANCIAL FORMULAE

Future value of $1 Future value of $1 per period

FV = PV (1 + i)n FV = PMT [ ((1+i)n - 1) i ]

Sinking fund (the amount required to be put away periodically to PMT = FV [ i ((1 + i)n - 1) ] realise some future sum) 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) PV FV PMT n i = = = = = PMT = PV[(i (1+i)n) ((1+i)n -1)]

present value future value payment amount period (e.g. 10 years with monthly payments, n = 10 x 12 = 120) interest rate per period (e.g. 12% p.a. compounded monthly; i = 12% 12 months = 1% per period)

73

74

4. FINANCIAL MORTGAGE REPAYMENT TABLE

Based on :

COMPOSITE CPI

1,000 units of currency Interest compounded monthly Equal monthly repayments Interest p.a. REPAYMENT (years) 10 8.76 9.20 9.66 10.12 10.61 11.10 11.61 12.13 12.67 13.22 13.78 14.35 14.93 15.53 16.13 15 5.98 6.44 6.91 7.40 7.91 8.44 8.99 9.56 10.14 10.75 11.37 12.00 12.65 13.32 14.00 20 4.60 5.06 5.55 6.06 6.60 7.16 7.75 8.36 9.00 9.65 10.32 11.01 11.72 12.44 13.17 25 3.77 4.24 4.74 5.28 5.85 6.44 7.07 7.72 8.40 9.09 9.80 10.53 11.28 12.04 12.81 Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008*
Note:

1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15%

Index 77.8 84.6 92.1 100.4 106.7 113.0 116.2 111.6 107.4 105.7 102.4 99.8 99.4 100.3 102.4 104.4 108.7

% Change 9.6% 8.8% 8.8% 9.1% 6.3% 5.8% 2.8% -4.0% -3.8% -1.6% -3.0% -2.6% -0.4% 1.0% 2.0% 2.0% 4.7%
* 01/08 to 10/08 only

Example: Borrow $1,000,000 to be repaid monthly at 5% p.a. over 20 years.

Repayments

= =

1,000,000 1,000 x $6.60 $6,600 per month

The base index (100) applies to the period from October 2004 to September 2005. Source : Census and Statistics Department, Hong Kong, SAR Refer to www.censtatd.gov.hk for further information.

Refer to www.hkmc.com.hk for an online mortgage calculator.

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76

4. FINANCIAL EXCHANGE RATES

Approximate rates prevailing in December 2008. COUNTRY CURRENCY HK$1 US$1 COUNTRY CURRENCY HK$1 US$1

Australia Brunei Canada China

EU (Euro Zone)

Dollar Dollar Dollar Renminbi Euro Dollar Rupee Rupiah Yen Pataca Ringgit Dollar

0.19 0.19 0.16 0.89 0.09 1.00 6.27 1,450 11.63 1.06 0.45 0.22

1.44 1.47 1.22 6.87 0.71 7.75 48.58 11,239 90.17 8.18 3.47

Norway Pakistan Philippines Singapore South Korea Switzerland Taiwan Thailand United Kingdom United States of America

Kroner Rupee Peso Dollar Won Franc NT Dollar Baht Pound

0.90 10.16 5.97 0.19 161.89 0.14 4.07 4.48 0.09

6.98 78.75 46.27 1.44 1,254.74 1.06 31.51 34.72 0.69

Hong Kong India Indonesia Japan Macau Malaysia New Zealand

Source Refer also

Dollar Dong

0.13 2,245

1.00 17,400

Vietnam 1.72

: Hong Kong Monetary Authority Refer to www.info.gov.hk/hkma for further information : www.xe.com ; www.oanda.com

77

78

4. FINANCIAL CURRENCY CHARTS

STERLING POUND AUSTRALIAN DOLLAR

jAPANESE YEN

RENMINBI

Source :

Hong Kong Monetary Authority Refer to www.info.gov.hk/hkma for further information

Source :

Hong Kong Monetary Authority Refer to www.info.gov.hk/hkma for further information

79

80

4. FINANCIAL PRIME RATES

PRIME RATES AND BASE LENDING RATES AS AT 4TH QUARTER 2008

COUNTRY Australia* Brunei China^ Egypt Hong Kong India Indonesia Japan Macau Malaysia New Zealand Pakistan" Philippines Singapore South Africa South Korea Thailand
$
@

RATE (%) 5.33 5.50 5.40 13.50 5.00 13.75 9.50 2.40 5.25 6.50 13.59 12.37 8.089 5.38 15.50
CHANGES IN HONG KONG PRIME RATES

DATE
11 Jan 1999 12 Apr 1999 03 May 1999 30 Aug 1999 14 Feb 2000 27 Mar 2000 22 May 2000 08 Jan 2001 05 Feb 2001 26 Mar 2001 23 Apr 2001 21 May 2001 03 Jul 2001 24 Aug 2001 19 Sep 2001 04 Oct 2001 08 Nov 2001 13 Dec 2001 08 Nov 2002 23 Sep 2004

%
8.75 8.50 8.25 8.50 8.75 9.00 9.50 9.00 8.50 8.00 7.50 7.00 6.75 6.50 6.00 5.50 5.25 5.125 5.00 5.125

DATE
12 Nov 2004 21 Mar 2005 23 May 2005 05 Jul 2005 22 Jul 2005 11 Aug 2005 23 Sep 2005 03 Nov 2005 15 Dec 2005 30 Mar 2006 07 Nov 2006 20 Sep 2007 02 Nov 2007 12 Nov 2007 13 Dec 2007 24 Jan 2008 01 Feb 2008 20 Mar 2008 10 Nov 2008

%
5.00 5.25 5.75 6.25 6.50 6.75 7.00 7.50 7.75 8.00 7.75 7.50 7.25 7.00 6.75 6.00 5.75 5.25 5.00

3.00 7.20 2.00 3.25 13.00

United Kingdom United States of America Vietnam

*
$ @

+ Call Rate O/N Cash Rate " Weighted Average Lending Rate Official Cash Rate # Min. and in USD/ per year 3-Year Benchmark Lending Rate Minimum Loan Rate % per annum (average based on local bank)

Source : Hong Kong Monetary Authority Refer to www.info.gov.hk/hkma for further information.

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4. FINANCIAL HANG SENG INDEX

OTHER INFORMATION
HANG SENG INDEX cFung Shui Quality Management System Utility Costs for Selected Asian Cities Conversion Factors IDD Codes and Time Differences Public Holidays
Refer to www.aastocks.com for further information.

Davis Langdon & Seah Professional Services China Map International Directory of Offices Telephone Directory

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42

5. OTHER INFORMATION FUNG SHUI

Hei ( ) is as vital to the body as it is to a building because it represents energy and growth. To have good Fung Shui is to have Sang Hei( ), a live force. When people work and live in areas where there is an abundance of Sang Hei, they are motivated, energetic and innovative. Because of their enterprising attitude and hard work they make a success of everything they do, and thus have more fortune than others. Therefore, it can be said that good Fung Shui provides the opportunity for a person to benefit from revitalizing Hei and utilize its energy to fulfill goals. In achieving the latter, the person will enjoy health and success. In the year of 2008, year of the rat, with [1] in the centre, the orbit of the planetary system for the nine stars is as follows:
SE South SW

In addition, the Tri-devil ( ) is also located at the South position in 2008. The South with [5] being located at this position in 2008 is already undesirable and this coupled with the Tri-devil have made it even more disastrous. Whether accidentally or purposely designed by architects, most Government buildings (including the White House in USA) are set out at the orientation of basing North and facing South or basing South and facing North. This means that these buildings are subject to the influence of both [5] and Tri- devil in 2008 and therefore people living/working inside these buildings would suffer misfortune and disasters in 2008. Some would say that this may explain one of the factors contributing to the financial tsunami in 2008. So, what about year 2009? [9] will move to the centre in 2009. The disposition of the 9 stars will become as follows:
SE South SW

9
East

5 1 6
North

7 3 2
NW West

8 4

8
East

4 9 5
North

6 2 1
NW West

7 3

NE

NE

Key to the above 9 stars: [1] : Travel, stocks, money market [2] : Bad health, illness [3] : Gossip, quarrel, judicial disputes [4] : Fame, conducive to study [5] : Evil, misfortune, unlucky, disastrous [6] : Activity, mobility, figure head [7] : Theft, quarrel [8] : Fortune, success in everything, prosperity [9] : Fortune, success, aggressive As can be seen from the above, [8] and [9] are good, whereas [2] and [5] are evils.

Where is the horrible [5]? It will be at the North position in 2009. As mentioned above, this evil [5] is still at the North - South or South - North axis. That means, there would not be much improvement in terms of Fung Shui for these Government buildings in 2009 albeit the Tri-devil will move to the East position. As such, we should not have high hopes for a quick turn around in the economic situation in 2009.

(Cont'd)

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5. OTHER INFORMATION FUNG SHUI

Some hints on Fung Shui in 2009 1. If the postion of your door, bed rest, or desk is at the South-East position, it may bring you good fortune. 2. Try to avoid the North position as far as you possibly can. Having said all these, a prediction of the future of 2009 (using HK stocks market as a reference) would be shown in the chart as below: End of May is the bottom. From 8th August to mid September, it would be the most bullish period in 2009.
16,000 14,000 12,000 10,000 8,000 6,000
/ 4/2 20

QUALITY MANAGEMENT SYSTEM

Nowadays an effective Quality Management System is one of the core elements in any kind of business. Davis Langdon and Seah Hong Kong Limited aims to provide not merely quantity surveying services but also the highest quality services to meet clients' requirements. We launched our Quality Management System in 1993 to embrace the following Quality Policy:

Assure the quality of the company's professional services through the systematic maintenance and improvement of specialist knowledge and skills to meet the challenges of Clients' expectations. Offer the company's Clients the best available research, database, technology, experience and expertise.

Davis Langdon & Seah Hong Kong Limited achieved certification to ISO 9001:1987 by the Hong Kong Quality Assurance Agency in October 1994 to cover quantity surveying services. We were certified to ISO 9001:1994 in October 1995. The following further displays our commitment to the continual improvement of our Quality Management System: (i) March 2002 saw us become the first quantity surveying consultancy firm in Hong Kong to be certified to the ISO 9001:2000 standard. May 2004 saw the Hong Kong office of Davis Langdon & Seah China Limited being certified to the ISO 9001:2000 standard. In September 2007, Davis Langdon & Seah (Beijing) Construction Consultants Co., Ltd. were certified to the GB/T19001-2000 idt ISO 9001:2000 standard.

09

5/3

4/4

5/5

5/6

7/7

7/8

7/9 8/10 7/11 7/12

5/1

(ii)

(iii)

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5. OTHER INFORMATION UTILITY COSTS FOR SELECTED ASIAN CITIES

Exchange Rate
US$1=

ELECTRICITY Domestic
US$/kwh

WATER Domestic
US$/m
3

FUEL Diesel
US$/litre

CITY

Commercial/ Industrial
US$/kwh

Commercial/ Industrial
US$/m
3

Leaded
US$/litre

Unleaded
US$/litre

Hong Kong Shanghai Beijing Guangzhou Shenzhen Macau Singapore Kuala Lumpur Brunei Bangkok Manila Jakarta Ho Chi Minh Bangalore New Dehli Islamabad Seoul Tokyo

HK$7.80 RMB6.84 RMB6.84 RMB6.84 RMB6.84 MOP7.98 S$1.48 RM3.55 B$1.4718 BAHT34.31 PHP48.00 IDR11,000 VND17,099 INR48.00 INR48.00 PKR78.90 KRW1,364.46 JPY94

0.07 0.09 0.099 0.12 0.21 0.016 - 0.130 0.028 - 0.158 0.052 - 0.087 0.19 - 0.21 0.056 0.102 0.123 - 0.209 0.105 - 0.178 0.017 - 0.094 0.052 0.220

0.09(peak) / 0.045(normal)

0.10

0.15 0.16 / 0.13 0.051 - 0.18 0.12 0.21 0.097 - 0.115 0.028 - 0.136 0.049 - 0.051 0.17 0.046 0.045 - 0.15 0.185 - 0.375 0.132 - 0.244 0.058 - 0.096 0.048 0.220

0.14(peak) / 0.064(normal)

0.11

0.83 0.15 0.54 0.19 0.27 - 0.55 0.55 1.22 0.161 - 0.561 0.116 0.248 - 0.412 0.36 - 0.48 0.248 0.16 - 0.47 3.280 - 5.859 3.515 - 5.625 0.058 - 0.139 0.20 2.455

0.59 0.26 0.82 0.40 / 0.27 0.329 - 0.431 0.55 1.41 0.583 - 0.642 0.458 0.277 - 0.461 0.76 0.473 0.26 - 0.47 4.406 - 7.266 5.175 - 8.438 0.080 - 0.225 0.11 3.773

1.06 0.71 0.87 0.75 0.751 1.44 0.87 0.48 0.21 0.564 0.728 0.47 0.70 0.829 0.66 0.608 1.03 0.727

N/A N/A N/A N/A N/A 1.33 N/A N/A 0.352 0.833 N/A N/A 0.64 1.183 1.031 N/A N/A 1.055

2.22 0.79 0.85 0.84 0.722 - 1.109 1.32 1.09 0.51 0.360 0.492 0.728 0.50 0.67 1.183 1.031 0.735 1.05 1.109

The above costs are at 4th Quarter 2008 levels.

Basis of Charges in Hong Kong, China
Water
Domestic 0 - 12m3 12 - 43m3 43 - 62m3 Above 62m3 : : : : Free of charge US$ 0.53/m3 US$ 0.83/m3 US$ 1.16/m3

Basis of Charges in Kuala Lumpur, Malaysia

- Unleaded fuel rate is for Unleaded petrol Ron 97

Electricity (Based on tariff scheme of CLP Holding Limited)

Domestic (bi-monthly consumption) 0 - 400kwh : US$ 0.10/kwh 400 - 1,000kwh : US$ 0.11/kwh 1,000 - 1,800kwh : US$ 0.11/kwh Above 1,800kwh : US$ 0.12/kwh

Basis of Charges in Singapore

Basis of Charges in Shenzhen, China

Water
Domestic - Within 22m3 23 - 30m3 31m3 above Commercial Industrial Unleaded Fuel : : : : : :

- Domestic water rate includes conservation tax and water-borne fee and is an average for the 1st 40m3, exclude sanitary appliance fee. - Non-domestic water rate includes conservation tax and water-borne fee, exclude sanitary appliance fee. - Electricity tariff is based on low tension power supply as at December 2008. With effect from 1st Jan. 2009, the new tariff will be revised from S$0.3045/kwh to S$0.2293/kwh exclusive of GST. - Unleaded fuel rate is for 98 Unleaded petrol as at 5th December 2008.

US$ 0.27/m3 Commercial : US$ 0.138/kwh US$ 0.42/m3 Industrial US$ 0.55/m3 Peak : US$ 0.18/kwh US$ 0.431/m3 Normal : US$ 0.112/kwh US$ 0.329/m3 Off-peak : US$ 0.051/kwh 93# = US$0.722/litre; 97# = US$0.844/litre; 98# = US$1.109/litre

Electricity

Basis of Charges in Tokyo, Japan (All rates are VAT inclusive)

Water Domestic / Commercial / Industrial : US$ 1.13 - 3.58/m3 diameter of water piping (13mm - 300mm)

Electricity 0kwh - 120kwh : US$0.142/kwh 120kwh - 300kwh : US$ 0.186/kwh Over 300kwh : US$ 0.197/kwh

Basis of Charges in Macau, China

Water
Consumption charge (flat rate) Other charges (Depending on meter size 15mm - 200mm) Minimum consumption fee : US$ 0.55/m3 : Meter rental US$0.34 - 58.00/month : US$2.20 - 352.08/month

Basis of Charges in Seoul, Korea

Electricity tarrif are composition of demand charges, consumption charges, fuel clause adjustment and government tax

Electricity

Water Domestic : Commercial : Electricity Domestic : Commercial :

US${0.086 (base rate) * contracted amount/m3} + US$0.020/m3 US${0.047 (base rate) * contracted amount/m3} + US$0.11/m3 US$4.15 (base rate) + US$0.052/kwh US$3.92 (base rate) + US$0.048/kwh (within 1,000kwh, 3,300V - 66,000V)

Basis of Charges in Guangzhou, China

- Unleaded fuel rate is for Unleaded gasoline 97 Ron.

Basis of Charges in Ho Chi Minh, Vietnam (All rates are VAT inclusive)
Water Electricity
:

Basis of Charges in Manila, Philippines

Water

Electricity (Domestic electricity rates are applied to the 301 KW above wards; Above 22kwh for Commercial)
Domestic Commercial Fuel : : : : : Under 100kwh = US$ 0.032; 100 - 200kwh = US$ 0.085 Normal hours = US$ 0.082; Rest hours = US$ 0.045; Rush hours = US$ 0.15 Diesel fuel D.O - 0.5% Leaded petrol used in Vietnam from 1/7/2001. 92 Leaded petrol at December 2008. Unleaded petrol used in Vietnam from 1/7/2001. 95 Unleaded petrol at December 2008.

Domestic (Used in norm = US$ 0.16) (Used over norm = US$ 0.47) Industrial = US$0.26 ; Commercial = US$0.47

Domestic : 35m3 - 50m3/month Domestic : 109kwh - 962kwh Commercial/Industrial : 3,863m3/month Commercial/Industrial : 204,600kwh - Water and Electricity actual billing includes miscellaneous charges such as Environmental Charge, Currency Exchange Rate Adjustment (CERA), VAT, etc.

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5. OTHER INFORMATION CONVERSION FACTORS

UNIT LENGTH 10 mm 100 cm 1,000 m = 1 cm = 1m = 1 km 12 in 3 ft 1,760 yd = = = 1 ft 1 yd 1 mile

(APPROX)

(APPROX)

1 in 1 ft 1 yd 1 mile

= = = =

25.400 mm 30.480 cm 0.914 m 1.609 km

1 cm 1m 1m 1 km

= = = =

0.394 in 3.281 ft 1.094 yd 0.621 mile

AREA 10,000 m2 = 1 ha 100 ha = 1 km2 638 acre = 1 mile2 9 ft2 4,840 yd2 = = 1 yd2 1 acre

1 ft2 1 yd2 1 acre 1 mile2

= = = =

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

VOLUME 1,000 ml (US) 8 pt 1,000 l = 1l = 1 gal = 1 m3 (UK) 8 pt = 1 gal

(UK) 1 pt (US) 1 pt (UK) 1 gal (US) 1 gal

= = = =

0.568 l 0.473 l 4.546 l 3.785 l

(UK) 1 l (US) 1 l (UK) 1 l (US) 1 l

= = = =

1.760 pt 2.113 pt 0.220 gal 0.264 gal

MASS 1,000 g 1,000 kg 16 tael = 1 kg = 1 tonne = 1 catty 16 oz 2,224 lb = = 1 lb 1 ton

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

POWER TEMPERATURE

1 hp

0.746 kw

1 kw

= 1.340 hp

(0F-32) x 5/9

(0C x 9/5) + 32

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92

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

61 61 61 973 880 975 673 673 855 1 1 86 86 852 853 86 86 33 91 91 91 91 62 62 353 353 81 81 7 82 850 856

Area Code

Time Difference (hours)*

+3 +1 +3 -5 -2 -2 0 0 -1 -13 -16 0 0 0 0 0 0 -7 -2.5 -2.5 -2.5 -2.5 0 -1 -8 -8 +1 +1 -2 +1 +1 -1
*

Location

IDD Country Code

Area Code

Time Difference (hours)*

3 8 2 2 2 2 3 23 416
604 / 250 / 778

10 20 21 755 1 80 44 11 22 361 21 21 1 3 6 727 2 2 21

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

60 60 60 60 60 976 95 977 64 64 92 63 974 65 34 34 27 27 94 7 886 66 66 971 971 44 44 1 1 84 84

7 88 3 82 4 1 1 1 9 4 21 2 93 972 11 21 1 495 2 2 76 2 4 20 131 213 212 8 4

0 0 0 0 0 0 -1.5 -2.25 +5 +5 -3 0 -5 0 -7 -7 -6 -6 -2.5 -5 0 -1 -1 -4 -4 -8 -8 -16 -13 -1 -1

Source : www.worldtimeserver.com ; www.worldtimezone.com www.timeanddate.com

As compared to Hong Kong. Allowance should be made for seasonal time variations. Time differences above as at 1 January.

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5. OTHER INFORMATION PUBLIC HOLIDAYS

2008 HONG KONG The first day of January Lunar New Year's Day The 2nd day of Lunar New Year The 3rd day of Lunar New Year Ching Ming Festival Good Friday The day following Good Friday Easter Monday Labour Day Buddha's Birthday Tuen Ng Festival HKSAR Establishment Day National Day The day following the Chinese Mid-Autumn Festival Chung Yeung Festival Christmas Day The 1st week-day after Christmas Day

2009 CHINA New Year's Day Chinese New Year's Eve Chinese New Year

2008

2009

01 Jan 07 Feb 08 Feb 09 Feb 04 Apr 21 Mar 22 Mar 24 Mar 01 May 12 May 09 Jun 01 Jul 01 Oct 15 Sep 07 Oct 25 Dec 26 Dec

01 Jan 26 Jan 27 Jan 28 Jan 04 Apr 10 Apr 11 Apr 13 Apr 01 May 02 May 28 May 01 Jul 01 Oct 03 Oct* 26 Oct 25 Dec 26 Dec

01 Jan 06 Feb 07 Feb 08 Feb 04 Apr 01 May 08 Jun 14 Sep 01 Oct 02 Oct 03 Oct -

Tomb-Sweeping Day Labour Day Dragon-Boat Festival Mid-Autumn Festival National Day

01 Jan 02 Jan# 28 Jan* 26 Jan 27 Jan 29 Jan@ 30 Jan@ 06 Apr* 01 May 28 May 29 May^ 05 Oct* 01 Oct 02 Oct 06 Oct 07 Oct$ 08 Oct$

* The original day falls on a Saturday / Sunday and a

working day are selected as a substitute holiday 24 Jan , 01 Feb are working days # 04 Jan is working day ^ 31 May is working day $ 27 Sep, 10 Oct are working days
@

A s the day following the Chinese Mid-Autumn Festival falls on a Sunday, the day of that Festival will be designated as an additional general holiday.

(Cont'd)

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96

5. OTHER INFORMATION PUBLIC HOLIDAYS

2008 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 Ching Ming Festival Good Friday The day following Good Friday Easter Monday Labour Day The Buddha's Birthday Tuen Ng Festival (Dragon Boat Festival) Bank's Holiday National Day The day following Mid-Autumn Festival The day following National Day Chung Yeung Festival All Soul's Day Feast of the Immaculate Conception Macau SAR Establishment Day Winter Solstice Christmas Eve Christmas Day Bank's Holiday New Year's Eve (Afternoon)
* The days fall on Sunday
^
@

2009 BRUNEI New Year's Day First Day of Hijrah 1429* Chinese New Year 25th National Day Prophet Muhammad's Birthday* Royal Brunei Armed Forces Anniversary His Majesty's Birthday Israk Mikraj* First Day of Ramadhan* Anniversary of the Revelation of the Holy Koran* Hari Raya Aidifitri* Hari Raya Aidifitri (2nd Day)* Hari Raya Aidil Adha* First Day of Hijrah 1431* Christmas Day

2008

2009

01 Jan 06 Feb 07 Feb 08 Feb 09 Feb 04 Apr 21 Mar 22 Mar 24 Mar 01 May 12 May 08 Jun 01 Jul 01 Oct 15 Sep 02 Oct 07 Oct 02 Nov 08 Dec 20 Dec 21 Dec 24 Dec 25 Dec 26 Dec 31 Dec

01 Jan
-

26 Jan 27 Jan 28 Jan 04 Apr@ 10 Apr 11 Apr@ 13 Apr^ 01 May 02 May@ 28 May 01 Jul^ 01 Oct 04 Oct*@ 02 Oct 26 Oct 02 Nov 08 Dec 20 Dec*@ 22 Dec@ 24 Dec 25 Dec 31 Dec#@

01 Jan 10 Jan 07 Feb 23 Feb 20 Mar 31 May 15 Jul 30 Jul 01 Sep 17 Sep 01 Oct 02 Oct 08 Dec 29 Dec 25 Dec

01 Jan 26 Jan 23 Feb 09 Mar 01 Jun 15 Jul 20 Jul 22 Aug 07 Sep 21 Sep 22 Sep 27 Nov 18 Dec 25 Dec

Notes : Fridays and Sundays are government off days * Subject to change

For Banks only Not applicable to Banks Special grant by the Chief Executive

INDIA New Year's Day Sankranthi Republic Day Ugadi Good Friday May Day Independence Day Gandhi Jayanthi Karnataka Formation Day Deepavali Christmas Day

01 Jan 14 Jan 26 Jan 06 Apr 10 Apr 01 May 15 Aug 02 Oct 01 Nov 19 Oct 25 Dec

01 Jan 14 Jan 26 Jan 07 Apr 12 Apr 01 May 15 Aug 02 Oct 01 Nov 05 Nov 25 Dec

(Cont'd)

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5. OTHER INFORMATION PUBLIC HOLIDAYS

2008 INDONESIA New Year's Day Chinese New Year (Imlek) Prophet Muhammad's Birthday Hindu Day of Quiet (Nyepi) Good Friday Waicak Day Ascension Day of Jesus Christ Ascension of Prophet Mohammad* National Independence Day Idul Fitri* Idul Adha Day Hijriyah New Year Christmas Day
* Subject to change

2009 MALAYSIA New Year's Day** Chinese New Year@ Prophet Muhammad's Birthday Labour Day Wesak Day King/Agong's Birthday National Day Hari Raya Aidilfitri* Deepavali* Hari Raya Qurban* Awal Muharam (Maal Hijrah) Christmas Day
* **
@

2008

2009

01 Jan 07 Feb 20 Mar 07 Mar 21 Mar 20 May 01 May 30 Jul 17 Aug 01 Oct 02 Oct 08 Dec 29 Dec 25 Dec

01 Jan 26 Jan 09 Mar 26 Mar 10 Apr 09 May 21 May 20 Jul 17 Aug 21 Sep 22 Sep 27 Nov 18 Dec 25 Dec

01 Jan 07 Feb 08 Feb 20 Mar 01 May 19 May 07 Jun 31 Aug 01 Oct 02 Oct 27 Oct 08 Dec 29 Dec 25 Dec

01 Jan 26 Jan 27 Jan 09 Mar 01 May 09 May 06 Jun 31 Aug 20 Sep 21 Sep 17 Oct 27 Nov 18 Dec 25 Dec

Subject to change Except Johor, Kelantan, Kedah, Perlis and Terengganu 2nd Day except Kelantan and Terengganu

jAPAN New Year's Day Coming-of-Age Day National Foundation Day Spring Equinox Day Greenery Day Constitution Memorial Day National Holiday Children's Day Marine Day Respect for Senior Citizens Day Autumnal Equinox Day Physical Fitness Day Culture Day Labour Thanksgiving Day The Emperor's Day

01 Jan 14 Jan 11 Feb 20 Mar 29 Apr 03 May 04 May 05 May 21 Jul 15 Sep 23 Sep 13 Oct 03 Nov 23 Nov 23 Dec

01 Jan* 12 Jan 11 Feb 20 Mar 29 Apr 03 May 04 May 05 May 20 Jul 21 Sep 23 Sep 12 Oct 03 Nov 23 Nov 23 Dec

PAKISTAN Ashoura* Kashmir Day Eid-e-Milad-un-Nabi* Pakistan Day Labour Day Independence Day Eid al-Fitr (End of Ramadan)* Allama Muhammad lqbal Day Eid ul-Azha (Feast of the Sacrifice)* Quaid-e-Azam's Birthday
* Subject to change

19 Jan 20 Jan 05 Feb 21 Mar 23 Mar 01 May 14 Aug 02 Oct to 05 Oct 09 Nov 10 Dec 25 Dec

07 Jan 08 Jan 05 Feb 09 Mar 23 Mar 01 May 14 Aug 20 Sep to 22 Sep 09 Nov 27 Nov 28 Nov 25 Dec

* The following Monday will be a public holiday

(Cont'd)

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5. OTHER INFORMATION PUBLIC HOLIDAYS

2008 PHILIPPINES Regular Holidays New Year's Day Araw ng Kagitingan Maundy Thursday Good Friday Labour Day Independence Day Ninoy Aquino Day National Heroes' Day End of Eid-ul-Fitre* All Saint's Day Bonifacio Day Christmas Day Rizal Day Last Day of the Year

2009 SINGAPORE New Year's Day Chinese New Year Good Friday Labour Day Vesak Day National Day Hari Raya Puasa Deepavali Hari Raya Haji Christmas Day
#

2008

2009

01 Jan 09 Apr 20 Mar 21 Mar 01 May 12 Jun 21 Aug 31 Aug 30 Sep 01 Nov 30 Nov 25 Dec 30 Dec 31 Dec

01 Jan 09 Apr 09 Apr 10 Apr 01 May 12 Jun 21 Aug 31 Aug 21 Sep 01 Nov 30 Nov 25 Dec 30 Dec 31 Dec

01 Jan 07 Feb 08 Feb 21 Mar 01 May 19 May 09 Aug 01 Oct 28 Oct 08 Dec 25 Dec

01 Jan 26 Jan 27 Jan 10 Apr 01 May 09 May 09 Aug# 20 Sep@ 17 Oct 27 Nov 25 Dec

The following Monday 10th Aug. 2009 will be a public holiday. The following Monday 21st Sep. 2009 will be a public holiday.

In the event the holiday falls on Wednesday, the holiday will be observed on the Monday of the week. If the hoilday falls on a Sunday, the holiday will be observed on the Monday that follows. Provided, that for movable holidays, the President shall issue a proclamation, at least six months prior to the holiday concerned, the specific date shall be declared as a non-working day (RA9492)

* Subject to change

SOUTH KOREA New Year's Day Lunar New Year (Seol) Independent Movement Day Buddha's Birthday Children's Day Memorial Day Liberation Day National Foundation Day Full Moon Day (Chuseok) Christmas Day

VIETNAM Normal Scheduled Holidays Solar New Year Lunar New Year

01 Jan 06 Feb 07 Feb 08 Feb 01 Mar 12 May 05 May 06 Jun 15 Aug 03 Oct 13 Oct 14 Oct 15 Oct 25 Dec

01 Jan 26 Jan 27 Jan 01 Mar 02 May 05 May 06 Jun 15 Aug 03 Oct 02 Oct 03 Oct 25 Dec

Hung Vuong King Celebration Liberation Day of Saigon International Labour Day National Day Christmas Day *
@

01 Jan 06 Feb to 09 Feb 11 Feb 30 Apr 01 May 02 Sep -

01 Jan 25 Jan to 28 Jan 29 Jan* 04 Apr 06 Apr@ 30 Apr 01 May 02 Sep 25 Dec

Substitute for 25th January 2009 (Sunday) Substitute for 4th April 2009 (Saturday)

(Cont'd)

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5. OTHER INFORMATION PUBLIC HOLIDAYS

2008 TAIWAN Founding Day of the Republic of China Lunar New Year's Eve Lunar New Year Peace Memory Day Revolutionary Martyrs Day Women Day and Children's Day Tomb-Sweeping Day Labour Day Dragon Boat Festival Confucius Birthday Mid-Autumn Festival National Day Taiwan's Restoration Day President Chiang Kai-shek's Birthday Dr. Sun Yat-sen's Birthday Constitution Day

2009 THAILAND New Year's Day Chinese New Year* Makha Bucha Day Chakri Memorial Day Songkran Festival National Labour Day Coronation Day Visakha Bucha Day Royal Ploughing Ceremony Day@ Mid Year Bank Holiday@ Asarnha Bucha Day Khao Phansa Day (Buddhist Lent)+ H.M. The Queen's Birthday Chulalongkorn Day H.M. The King's Birthday Constitution Day New Year's Eve

2008

2009

01 Jan 06 Feb 07 Feb 08 Feb 09 Feb 28 Feb 29 Mar 04 Apr 05 Apr 01 May 08 Jun 28 Sep 14 Sep 10 Oct 25 Oct 31 Oct 12 Nov 25 Dec

01 Jan 25 Jan* 26 Jan 27 Jan 28 Jan 28 Feb 29 Mar 04 Apr 04 Apr 01 May 28 May 28 Sep 03 Oct 10 Oct 25 Oct 31 Oct 12 Nov 25 Dec

01 Jan 07 Feb 21 Feb 07 Apr 13 Apr 14 Apr 15 Apr 01 May 05 May 19 May 09 May 01 Jul 17 Jul 18 Jul 12 Aug 23 Oct 05 Dec 10 Dec 31 Dec

01 Jan 26 Jan 09 Feb 06 Apr 13 Apr 14 Apr 15 Apr 01 May 05 May 08 May 11 May 01 Jul 07 Jul 08 Jul 12 Aug 23 Oct 07 Dec^ 10 Dec 31 Dec

T he following Thursday 29 January 2009 will be replacement public holiday.

*
@

+ ^

Unofficial Chinese Community only Banks only Government only Substitute for 05 December 2009 (Saturday)

(Cont'd)

103

104

5. OTHER INFORMATION DAVIS LANGDON & SEAH PROFESSIONAL SERVICES Project Types : New-build Maintenance and alteration Infrastructure and civil engineering M&E building services Fitting-out Normal Services : Feasibility studies Preliminary cost advice and planning Analysis of cost/design options Advice on best-fit procurement and contractual
rangements

Special Services : Value engineering Lender's agent Reinstatement assessments for fire insurance Asset registers and depreciation calculations Due diligence studies Legal support Expert witness Project management Life cycle costing
ar-

Cash flow projections Contractor pre-qualification Preparation of tender documents Negotiation with contractors Contract documents Visiting site and valuation of works in progress Assessing the cost of proposed variations Attending site and other meetings Preparation of financial statements Settlement of final cost with contractors and subcontractors Advice on contractors' claims

(Cont'd)

105

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5. OTHER INFORMATION DAVIS LANGDON & SEAH PROFESSIONAL SERVICES DLS Infrastructure Team
DLS Infrastructure Team is a distinct unit within Davis Langdon and Seah International, which specializes in providing cost and procurement management services to the transport and infrastructure sectors of the construction industry. The core service sectors served by this unit are rail, road and airports. Service requirements range from mega-projects such as new airports and rail networks, to providing specific contract dispute resolution advice. The team typically works as part of multi-disciplinary design teams in dedicated project offices. The core services provided by the Infrastructure Team include: Initial Feasibility Studies Providing initial project cost advice to major infrastructure projects, quantified estimates of civil, structural, architectural and building services. Detailed Design Pre and Post Contract Services Preparing Schematic Design Estimates and Detailed Design Estimates, estimates on alternatives, tender documentation, pre-tender estimates and post contract financial control and reporting. Specialist Construction Technique Advice The team is experienced in working closely with civil and structural engineers to advise on costs for specialist construction techniques such as: -

Rail viaduct construction. Noise mitigation. Diaphragm walling and other specialist foundation and ground treatment works. Marine land reclamation. Specialist rail M&E and systems services, including tunnel ventilation, power and control. Airport systems and ground field services. Ports.

Value Engineering Studies Project-related and product-related research studies into cost, value and time benefits of various design options. The infrastructure team has developed its own discrete historical database which is available to supplement real-time cost analysis. Contractual Solutions Independent advice and contractual solutions relating to all aspects of the infrastructure market.

Tunneling in rock and soft ground conditions. Underground stations

(Cont'd)

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5. OTHER INFORMATION DAVIS LANGDON & SEAH PROFESSIONAL SERVICES DLS Interior Fitting Out Team
The DLS Interior Fitting-Out Team is a dedicated unit within Davis Langdon and Seah International which specializes in providing both Quantity Surveying and Project Management Services for interior fitting-out projects. The team has developed a particular expertise in banking sector fit-outs, but also works extensively on office, retail, hotel and clubhouse projects. Quantity Surveying Services As a supplement to our traditional Quantity Surveying Services, the team has the expertise to provide up-to-date knowledge and information on fitting-out projects and can advise tenants, occupiers, building owners, project managers and interior designers on: Providing a cost effective and independent service, the team manages client input, integrates and co-ordinates the different disciplines and handles external expertise and resources to achieve the project objectives. The team has in place proven systems and management procedures including detailed project programming skills, construction documentation, cost planning, critical path analysis to ensure:

PROFESSIONAL SERVICES

Project objectives are achieved by completing on time, within the approved cost and to the required quality standards. Communications with end-users, client representatives, stakeholders, other consultants and contractors are maintained throughout the duration of the project.

Elemental cost of fitting-out works Cost analysis of functional areas Comparative cost advice on alternative materials, systems and methods Key fitting-out cost drivers and design issues Programme/build-out rates Procurement methods Contractor/trade contractor database

Project Management Services The team has the experience and expertise to provide all aspects of project management services to fitting-out projects including due diligence, feasibility studies, value engineering, budget development, end-user co-ordination, design co-ordination, programming, procurement management, construction and site management, move management etc.

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5. OTHER INFORMATION DAVIS LANGDON & SEAH PROFESSIONAL SERVICES DLS Project Monitoring Team
Project Monitoring is a distinct extension from our core business in cost management services. Our specialized Project Monitoring Team is a selection of proactive and versatile quantity surveying and project management professionals who are fully acquainted with the intricacies of the development, design and construction process and understand the key value drivers behind. The very purpose of this dedicated unit is to protect the Clients interest by identifying and advising on the risks associated with acquiring an interest in a development that is not under the Clients direct control. The team has the experience and expertise to act as an investigator and advisor to Clients such as:Initial Due Diligence This consists of a comprehensive audit and examination of the scheme, generally carried out prior to the commencement of the construction on site. Aspects of the scheme the Project Monitor will look at and appraise include:-

funding institutions, which will acquire the scheme as an investment upon completion; or tenants or purchasers which enter into a commitment to lease or purchase a property upon completion; or banks or other financiers where a loan matures at the end of the development period; grant funders; or private finance initiative funders and end users

With the Project Monitor as their eyes and ears during the development process, the Clients would have: enhanced risk management; enhanced financial management; enhanced programme management; and enhanced quality management. Project Monitoring services can broadly be broken down into two stages:Stage 1: Initial Due Diligence Stage 2: Monitoring

Development appraisal Development cash flow Construction cash flow Design information - drawings, specifications, performance information Construction information quality - scope and breadth of information Proposed project team - competency, track record, reputation, suitability Project team appointments - scope of service, fee levels, etc Construction cost appraisal Programme - development and construction programme Procurement route both development level and site level Technical reports and investigations Insurance provisions - construction, design, site insurances, etc Statutory approvals and requirements Statutory authority services issues Legal issues - warranties, step in provision into contracts Construction contract provision - suitability, scope, status Health and safety strategy and administrative compliance Information provided

(Cont'd)

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5. OTHER INFORMATION
DAVIS LANGDON & SEAH PROFESSIONAL SERVICES DLS Project Monitoring Team
Initial Due Diligence (Cont'd) The report to be produced at this initial due diligence stage will provide a complete picture of the development on its cost, time, quality and project team. The Project Monitor will then be able to advise the Client on the risks associated with the development and fully appreciate the consequences of variations or changes, as they arise. Monitoring As this second stage of the project monitoring remit, a more cyclical approach is taken to the now active scheme. Generally monthly or at other agreed intervals, the Project Monitor will visit the site and meet relevant project team members to gather the pertinent information for that period, which may include :-

Building regulation status Health and safety issues General labour levels and productivity to gauge progress against cash flow and programme Prevailing condition and organization of the site

Generally, the purpose of the monitoring report (or interim report) is to give the Client a view as to the progress and status of the scheme each period, along with an assessment of the construction cash flow, expenditure and cost to complete for the project. No two Clients will require exactly the same Project Monitoring services coverage. DLS will fully discuss and explore with each Client in the light of the Clients purpose and the particulars of the development to understand the key concerns and requirement and agree upon a bespoke scope of services best fit for the purpose.

Contractors report Project Manager/Architects report Progress against programme Financial positions against budgeted Any variations or additional items instructed/ anticipated Progress photographs Progression of any issues outstanding in the initial due diligence report, or the previous months monitoring report

The monitoring report should further consider items of concern about cost and programme, such as:-

Insurances in place and up to date Warranty status for any designing parties Planning condition discharge status

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5. OTHER INFORMATION CHINA MAP

- DLS Hong Kong & China Office Locations

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES ASIA PACIFIC

CHINA
HONG KONG DAVIS LANGDON & SEAH HONG KONG LIMITED DAVIS LANGDON & SEAH CHINA LIMITED DLS MANAGEMENT LIMITED 2101 Leighton Centre 77 Leighton Road Hong Kong Tel : (852) 2830 3500 / 2576 3231 Fax : (852) 2576 0416 Email : dlshk@dlshk.com Website : www.dlsqs.com Contact : Lee Ying Kee, Joseph BEIjING DAVIS LANGDON & SEAH (BEIjING) CONSTRUCTION CONSULTANTS CO. LTD. Suite 1225 - 1238 Junefield Plaza, Central Tower South No. 10 Xuan Wu Men Wai Street Beijing 100 052 China Tel : (86 10) 6310 1136 Fax : (86 10) 6310 1143 Email : dlsbj@dlsbj.com Contact : Chan C.K. Andrew CHENGDU DAVIS LANGDON & SEAH CONSULTANCY (CHENGDU) CO. LTD. Room 807, Block A Times Plaza No. 2 Zongfu Road Chengdu 610 016 China Tel : (86 28) 8671 8373 Fax : (86 28) 8671 8535 Email : dlscd@dlscd.com
Contact : Ng Hin Kan, Kenn / Lee Seung Kei, Franklin

CHONGQING DAVIS LANGDON & SEAH CHINA LIMITED CHONGQING REPRESENTATIVE OFFICE Room 3408, International Trade Centre No. 38 Qing Nian Road Central District Chongqing 400 010 China Tel : (86 23) 8655 1333 Fax : (86 23) 8655 1616 Email : dlscq@dlscq.com Contact : Ng Hin Kan, Kenn / Lin Wai Yip, Gary FOSHAN DAVIS LANGDON & SEAH CONSULTANCY (SHENZHEN) CO. LTD. FOSHAN BRANCH Unit 1803 Room 2 18/F Hua Hui Mansion 46 Zu Miao Road Foshan 528 000 China Tel : (86 757) 8203 0028 Fax : (86 757) 8203 0029 Email : dlsgz@dlsgz.com Contact : Wong W.C. Jack GUANGZHOU DAVIS LANGDON & SEAH CONSULTANCY (SHENZHEN) CO. LTD. GUANGZHOU BRANCH Unit 2711 - 2713 & 2718 Bank of America Plaza No. 555 Ren Min Zhong Road Guangzhou 510 145 China Tel : (86 20) 8130 3813 Fax : (86 20) 8130 3812 Email : dlsgz@dlsgz.com Contact : Wong W.C. Jack

(Cont'd)

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES ASIA PACIFIC (Continued)

CHINA
MACAU DAVIS LANGDON & SEAH MACAU LIMITED 14 Andar B Edifacio Commercial Rodrigues No. 599 Avenida da Praia Grande Macau Tel : (853) 2833 1710 Fax : (853) 2833 1532 Email : dlsmacau@dlsmacau.com Contact : Chan Yuk Sim, Katherine SHANGHAI DAVIS LANGDON & SEAH CONSULTANCY (SHANGHAI) CO. LTD. Room 1582, Tower B City Centre of Shanghai No. 100 Zun Yi Road Shanghai 200 051 China Tel : (86 21) 6091 2800 Fax : (86 21) 6091 2999 Email : dlssh@dlssh.com Contact : Lai Pak Hung SHENYANG DAVIS LANGDON & SEAH (BEIjING) CONSTRUCTION CONSULTANTS CO. LTD. SHENYANG BRANCH Room 8-9 11/F E Tower of Fortune Plaza No. 59 Beizhan Road Shenhe District Shenyang 110 013 China Tel : (86 24) 3128 6678 Fax : (86 24) 3128 6983 Email : dlssy@dlssy.com Contact : Chow Hau Ming, Simon SHENZHEN DAVIS LANGDON & SEAH CONSULTANCY (SHENZHEN) CO. LTD. Room E & F 42/F World Finance Centre, Block A 4003 East Shennan Road Shenzhen 518 001 China Tel : (86 755) 8269 0642 Fax : (86 755) 8269 0641 Email : dlssz@dlssz.com Contact : Lee Kwok Wing, Dickey TIANjIN DAVIS LANGDON & SEAH CONSULTANCY CO. LTD. TIANjIN BRANCH Suite 1-1-2103, Tianjin Harbour Centre No. 240 Zhang Zizhong Road Heping District Tianjin 300 041 China Tel : (86 22) 8331 1618 Fax : (86 22) 2319 3186 Email : dlstj@dlstj.com Contact : Wong Chin Ying WUHAN DAVIS LANGDON & SEAH CONSULTANCY (SHANGHAI) CO. LTD. WUHAN BRANCH Room B, 5th Floor, 2-1 Building Wuhan Tiandi No. 68 Lu Gou Qiao Road Wuhan 430 010 China Tel : (86 27) 5920 9299 Fax : (86 27) 5920 9298 Email : dlswh@dlswh.com Contact : Lam Yuk Ching, Martin

(Cont'd)

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BRUNEI
BANDAR SERI BEGAWAN DAVIS LANGDON & SEAH jURU UKUR BAHAN UTAMA - DLS 25, BT Complex Kg. Jaya Setia Mukim Berakas 'A' BB2713 Bandar Seri Begawan BS8670 Negara Brunei Darussalam Tel : (673) 233 2833 Fax : (673) 233 2933 Email : dlsbsb@dls.com.bn Contact : Shafie Yusof / Justin Teoh KUALA BELAIT PETROKON UTAMA SDN BHD 3rd Floor, Hong Kong Bank Chambers Jalan McKerron P.O. Box 811 Kuala Belait KA1131 Negara Brunei Darussalam Tel : (673 3) 335 718 Fax : (673 3) 335 717 Email : pusbkb@pusbbrunei.com Contact : Shafie Yusof CHENNAI DAVIS LANGDON & SEAH CONSULTING INDIA PVT LTD New No. 125 (Old No. 63) Jammi Building, 1st Floor Royapettah High Road Mylapore Chennai 600 004 India Tel : (91 44) 2498 8141 Fax : (91 44) 2498 8137 Email : dlsindia@dls.co.in Contact : Jim Pollock / Lorimer Doig / Sankar Ramakrishnan DELHI DAVIS LANGDON & SEAH CONSULTING INDIA PVT LTD Unit No. 465, 2nd Floor Udyog Vihar, Phase-V Haryana 122 016 India Tel : (91 12) 4430 8790 Fax : (91 12) 4430 8793 Email : dlsindia@dls.co.in Contact : Jim Pollock / Lorimer Doig / Arun Basu HYDERABAD DAVIS LANGDON & SEAH CONSULTING INDIA PVT LTD 2nd Floor, Trade Fair Office Hitex Exhibition Center Izzatnagar Hyderabad 500 034 India Tel : (91 40) 2311 4942 Fax : (91 40) 2311 2942 Email : dlsindia@dls.co.in Contact : Jim Pollock / Lorimer Doig / Ramamurthi Karthikeyan

INDIA

BANGALORE DAVIS LANGDON & SEAH CONSULTING INDIA PVT LTD 3rd Floor, Raheja Chancery Building No. 133 Brigade Road Bangalore 560 025 India Tel : (91 80) 4123 9141 Fax : (91 80) 4123 8922 Email : dlsindia@dls.co.in Contact : Jim Pollock / Lorimer Doig

(Cont'd)

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES ASIA PACIFIC (Continued)

MUMBAI DAVIS LANGDON & SEAH CONSULTING INDIA PVT LTD No. 1204, 1205 & 1206 12th Floor, Marithili's Signet Flat No. 39/4, Sector 30-A Vashi Navi Mumbai 400 703 India Tel : (91 22) 2781 5546 Fax : (91 22) 2781 5548 Email : dlsindia@dls.co.in Contact : Jim Pollock / Lorimer Doig / Neil Stubbs SURABAYA P.T. DAVIS LANGDON & SEAH INDONESIA Room 601-A Bumi Mandiri Building Jalan Basuki Rahmand 129-137 Surabaya 60271 Indonesia Tel : (62 31) 546 5857 Fax : (62 31) 531 6579 Email : dlssby@dls.co.id Contact : Jim Pollock / Ely Nursanti

INDONESIA

jAPAN

jAKARTA P.T. DAVIS LANGDON & SEAH INDONESIA Level 18 Ratu Plaza Office Tower Jalan Jenderal Sudirman 9 Jakarta 10270 Indonesia Tel : (62 21) 739 7550 Fax : (62 21) 739 7846 Email : dlsjkt@dls.co.id Contact : Peter Robinson / Jim Pollock BALI P.T. DAVIS LANGDON & SEAH INDONESIA Kuta Poleng Block B/3A Jalan Setiabudi Kuta, Badung Bali 80361 Indonesia Tel : (62 361) 766 260 Fax : (62 361) 750 312 Email : dlsbali@dls.co.id Contact : Ir. Putu Arya Canti

TOKYO DAVIS LANGDON & SEAH jAPAN LIMITED 5F, Akasaka Kowa Building 2-8-16 Akasaka Minato-ku Tokyo 107 0052 Japan Tel : (81 3) 6459 1277 Fax : (81 3) 6459 1278 Email : tokyo@dlsjapan.com Contact : Seiichi Hayashida

KAZAKHSTAN

ALMATY DAVIS LANGDON & SEAH KAZAKHSTAN LLC Trade Center "Koktem" 170 Valikhanova Almaty 050 059 Republic of Kazakhstan Tel : (7 727) 264 1952 Fax : (7 727) 264 6675 Email : dlskz@dlskz.com Contact : Jaden S. Jeon

(Cont'd)

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES ASIA PACIFIC (Continued)

KOREA
SEOUL DAVIS LANGDON & SEAH KOREA CO LTD #429 G-Five Central Plaza 1685-8 Seocho 4-dong Seocho-gu Seoul 137 882 Korea Tel : (82 2) 543 3888 Fax : (82 2) 543 3898 Email : dlsk@dlskorea.com Contact : Lee Moon-Su, Max / Goh Chok Sin PENANG DAVIS LANGDON & SEAH (MALAYSIA) SDN BHD jURU UKUR BAHAN MALAYSIA jUBM SDN BHD DLS MANAGEMENT (M) SDN BHD Suite 3A-3, Level 3A Wisma Great Eastern No. 25, Lebuh Light 10200 Penang Malaysia Tel : (60 4) 264 2071/ 264 2072 / 264 2073 Fax : (60 4) 264 2068 Email : penangoffice@dlsjubm.com.my Contact : Yap King Keong / Nur Aziz Abu Bakar SABAH DAVIS LANGDON & SEAH (MALAYSIA) SDN BHD jURU UKUR BAHAN MALAYSIA jUBM SDN BHD DLS MANAGEMENT (M) SDN BHD Suite 8A, 8th Floor, Wisma Pendidikan Jalan Padang, P.O. Box 11598 88817 Kota Kinabalu Sabah Malaysia Tel : (60 88) 223 369 Fax : (60 88) 216 537 Email : jubmkk@dlsjubm.com.my Contact : Ang Kun Eng SARAWAK jUBM SDN BHD No. 2 (3rd Floor) Jalan Song Thian Cheok 93100 Kuching Sarawak Malaysia Tel : (60 82) 232 212 Fax : (60 82) 232 198 Email : kuching@dlsjubm.com.my Contact : Nor Azman Bin Baharum
(Cont'd)

MALAYSIA
SELANGOR DAVIS LANGDON & SEAH (MALAYSIA) SDN BHD jURU UKUR BAHAN MALAYSIA jUBM SDN BHD DLS MANAGEMENT (M) SDN BHD 2, Jalan PJU 5/15, Kota Damansara 47810 Petaling Jaya Selangor Darul Ehsan, Malaysia Tel : (60 3) 6156 9000 Fax : (60 3) 6157 8660 Email : info@dlsjubm.com.my Contact : Loo Ming Chee / Ong See Lian / Mohd Ali Abd Karim / Justin Teoh / Mohd Faiz Awang / Nur Aziz Bin Abu Bakar jOHOR DAVIS LANGDON & SEAH (MALAYSIA) SDN BHD jURU UKUR BAHAN MALAYSIA jUBM SDN BHD DLS MANAGEMENT (M) SDN BHD 49-01 Jalan Tun Abdul Razak Susur 1/1 Medan Cahaya 80000 Johor Bahru Johor Darul Takzim, Malaysia Tel : (60 7) 223 6229 Fax : (60 7) 223 5975 Email : jubmjb@dlsjubm.com.my Contact : Syed Mahadzir Syed Ahmad / Mohd Faiz Awang 125

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES ASIA PACIFIC (Continued)

PAKISTAN
KARACHI DAVIS LANGDON & SEAH PAKISTAN (PRIVATE) LIMITED 29C, Sunset Commercial Street No. 1 Phase IV, P.D.O.H. Authority Karachi 75500 Pakistan Tel : (92 21) 531 3159 Fax : (92 21) 531 3187 Email : info@dls.com.pk Contact : Junaid Hamid / Justin Teoh

THAILAND
BANGKOK DAVIS LANGDON & SEAH (THAILAND) LTD LECE (THAILAND) CO LTD 10th Floor, Kian Gwan 2 Building 140/1 Wireless Road Lumpinee, Patumwan Bangkok 10330 Thailand Tel : (66 2) 253 7390 Fax : (66 2) 253 4977 Email : general@dls.co.th Contact : Leong Choong Peng

PHILIPPINES
MANILA DAVIS LANGDON & SEAH PHILIPPINES INC 4th Floor, Kings Court 1 2129 Pasong Tamo Makati City 1231 Philippines Tel : (63 2) 811 2971 Fax : (63 2) 811 2071 Email : manila@dls.com.ph Contact : Alan Hearn

VIETNAM
HO CHI MINH CITY DAVIS LANGDON & SEAH VIETNAM CO LTD 9th Level, Unit E OSIC Building 08 Nguyen Hue, District 1 Ho Chi Minh City Vietnam Tel : (848) 3823 8297 Fax : (848) 3823 8197 Email : dlsvietnam@dls.com.sg Contact : Jim Pollock / David Lockwood HANOI DAVIS LANGDON & SEAH VIETNAM CO LTD #706 7th Floor, North Star Building 4 Da Tuong Street Hoan Kiem District Hanoi Vietnam Tel : (844) 3942 7525 Fax : (844) 3942 7526 Email : dlsvietnam@dls.com.sg Contact : Mark Olive
(Cont'd)

SINGAPORE
DAVIS LANGDON & SEAH SINGAPORE PTE LTD DAVIS LANGDON & SEAH PROjECT MANAGEMENT PTE LTD DLS CONTRACT ADVISORY & DISPUTE MANAGEMENT SERVICES 1 Magazine Road #05-01 Central Mall Singapore 059567 Tel : (65) 6222 3888 Fax : (65) 6224 7089 Email : dlssp3@dls.com.sg Contact : Jim Pollock / Goh Chok Sin / Eugene Seah

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES AUSTRALASIA

AUSTRALIA
MELBOURNE DAVIS LANGDON Level 20 350 Queen Street Melbourne Victoria 3000 Australia Tel : (61 3) 9933 8800 Fax : (61 3) 9933 8801 Email : melb@davislangdon.com.au Contact : Bob Hunt Also at : Adelaide, Brisbane, Cairns, Canberra, Darwin, Hobart, Perth, Sunshine Coast, Sydney and Townsville

EUROPE
UNITED KINGDOM
LONDON DAVIS LANGDON DAVIS LANGDON CROSHER & jAMES DAVIS LANGDON LLP DAVIS LANGDON MACKENZIE DAVIS LANGDON MOTT GREEN WALL DAVIS LANGDON SCHUMANN SMITH MidCity Place 71 High Holborn London WC1V 6QS United Kingdom Tel : (44 20) 7061 7000 Fax : (44 20) 7061 7061 Email : rob.smith@davislangdon.com Website : www.davislangdon.com Contact : Rob Smith Also at : Birmingham, Bristol, Cambridge, Cardiff Edinburgh, Glasgow, Heathrow, Leeds, Liverpool, Maidstone, Manchester, Milton Keynes, Norwich, Oxford, Peterborough, Plymouth and Southampton

NEW ZEALAND
AUCKLAND DAVIS LANGDON NEW ZEALAND LTD Level 10, Citibank Centre 23 Customs Street East P.O. Box 935 Auckland New Zealand Tel : (64 9) 379 9903 Fax : (64 9) 309 9814 Email : akld@davislangdon.co.nz Contact : Chris Sutherland Also at : Christchurch and Wellington

IRELAND
DUBLIN DAVIS LANGDON PKS 24 Lower Hatch Street Dublin 2 Ireland Tel : (353 1) 676 3671 Fax : (353 1) 676 3672 Email : dlpks@dlpks.ie Website : www.dlpks.ie Contact : Norman Craig Also at : Cork, Galway and Limerick

(Cont'd)

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES EUROPE (Continued)

SPAIN
BARCELONA DAVIS LANGDON EDETCO C/Muntaner, 479, 1-2 Barcelona 08021 Spain Tel : (34 93) 418 6899 Fax : (34 93) 211 0003 Email : barcelona@edetco.com Contact : Francesc Monells

MIDDLE EAST
LEBANON
BEIRUT DAVIS LANGDON 1st Floor, Chatilla Building Australia Street Rawche, Shouran P O Box 13-5422 - Shouran Beirut Lebanon Tel : (96 11) 780 111 Fax : (96 11) 809 045 Email : dll.mi@cyberia.net.lb Contact : Muhyiddin Itani

RUSSIA
MOSCOW RUPERTI PROjECT SERVICES INTERNATIONAL 6A/1, 8th March Street Moscow 127083 Russia Tel : (7 495) 983 0850 Fax : (7 495) 983 0851 Email : info@RPSi.ru Contact : Tim Ruperti

UNITED ARAB EMIRATES (UAE)

DUBAI DAVIS LANGDON Level 7 Building C/P54 Dubai Healthcare City P.O. Box 7856 Dubai, United Arab Emirates Tel : (971 4) 324 3690 Fax : (971 4) 324 3691 Email : dubaioffice@davislangdon.com Contact : Neil Taylor ABU DHABI DAVIS LANGDON Villa 213/3 25th Street, Mushrif P.O. Box 113971 Abu Dhabi, United Arab Emirates Tel : (971 2) 444 2040 Fax : (971 2) 444 2039 Email : N/A Contact : Steven Coates

(Cont'd)

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES MIDDLE EAST (Continued)

BAHRAIN
MANAMA DAVIS LANGDON Al Saffar House Unit 22B, Bldg No. 1042 Block 436, Road 3621 Al Seef District P.O. Box 640, Manama Kingdom of Bahrain Tel : (973) 1758 8796 Fax : (973) 1758 1288 Email : bahrainoffice@davislangdon.com Contact : Stephen Gee

NORTH AMERICA
UNITED STATES OF AMERICA
LOS ANGELES DAVIS LANGDON 301 Arizona Avenue Suite 301 Santa Monica CA 90401, USA Tel : (1 310) 393 9411 Fax : (1 310) 393 7493 Email : nbutcher@davislangdon.us Contact : Nicholas Butcher Also at : Boston, Honolulu, New York, Philadelphia, San Francisco, Sacramento and Seattle

QATAR
DOHA DAVIS LANGDON Salwa Commercial Complex Bldg. 1st Floor, Behind Al Seal Bldg. Salwa Road P.O. Box 3206 Doha State of Qatar Tel : (974) 458 0150 Fax : (974) 469 7905 Email : dohaoffice@davislangdon.com Contact : Steven Humphrey

AFRICA
SOUTH AFRICA
jOHANNESBURG (PARKTOWN) DAVIS LANGDON DAVIS LANGDON CROSHER & jAMES (PTY) LTD DAVIS LANGDON SCHUMANN SMITH DAVIS LANGDON BUILDING SERVICES 3rd Floor, MPF House 32 Princess of Wales Terrace Sunnyside Office Park Parktown 2193 Johannesburg, South Africa Tel : (27 11) 544 1800 Fax : (27 11) 642 2289 Email : corp@davislangdon.co.za Contact : Indresen Pillay Also at : Bloemfontein, Cape Town, Durban, George, Klerksdorp, Pietermaritzburg, Port Elizabeth, Port Shepstone, Pretoria, Richards Bay, Stellenbosch, Vanderbijlpark, Botswana, Gaborne, Mozambique and Maputo.
(Cont'd)

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5. OTHER INFORMATION INTERNATIONAL DIRECTORY OF OFFICES ASSOCIATED OFFICES

UGANDA
KAMPALA YMR DIRECTORSHIP 12 Wempewo Avenue Kololo P.O. Box 7742 Kampala Uganda Tel : (256 41) 259 676 Fax : (256 41) 235 083 Email : ymrug@starcom.co.ug

TELEPHONE DIRECTORY
Hong Kong Government
Architectural Services Department Headquarters Administration Division Architectural Branch Advisory & Statutory Compliance Division Architectural Drawing Records Unit Division 1 Division 2 Division 4 Site Staff (New Works) Subvented Projects Division Technical Officer (Architectural) Grade Management Unit Building Services Branch Division 1 Division 2 Division 3 Division 4 Property Services Branch Quantity Surveying Branch Structural Engineering Branch Buildings Department Census and Statistics Department Civil Engineering and Development Department Customs and Excise Department Drainage Services Department Electrical and Mechanical Services Department Environmental Protection Department Fire Services Department Government Laboratory Government Property Agency Highways Department Housing Department Labour Department Lands Department Planning Department Rating and Valuation Department Water Supplies Department 2867 3628

2867 3759 2867 3691 2867 3935 2867 3814 2867 3900 2867 3992 2867 4145/2867 4130 2867 3691 2867 3538 2867 3493 2867 4075/2867 3629 2867 3710 2773 2333 2867 4156/2867 4192 2867 3791 2626 1616 2582 4807 2762 5111 2815 7711/2852 1411 2594 7012 1823 2594 6308 2311 0066 2762 3700 2594 7604 2926 4111 2712 2712 2717 1771 2231 3294 2231 5000 2152 0111 2824 5000

KENYA
NAIROBI YMR DIRECTORSHIP Dale House Rapta Road Westlands P.O. Box 69641 - 00400 Nairobi Kenya Tel : (254 2) 444 5380 / 1 Fax : (254 2) 444 2261 Email : nairobi@ymr.co.ke MOMBASA YMR DIRECTORSHIP Ralli House Nyerere Avenue P.O. Box 80057 Mombasa Kenya Tel : (254 11) 220 856 Fax : (254 11) 220 856 Email : mombasa@ymr.co.ke

Refer to http://tel.directory.gov.hk for further information.

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