openPR Logo
Press release

Asia Pacific worlds cheapest for building property

09-05-2011 07:58 AM CET | Industry, Real Estate & Construction

Press release from: Ocean Villas Group Pte. Ltd.

Asia Pacific worlds cheapest for building property

Asia Pacific worlds cheapest for building property

The Annual Construction Cost Comparison Report by EC Harris Research has revealed that countries throughout the Asia Pacific region have significantly lower building costs than their counterparts in The West, despite experiencing substantial economic growth.

Now in its seventh year, the report compares building costs per square metre in fifty six countries worldwide against construction costs in the South of England.

India and Sri Lanka have the lowest construction costs in the Asia Pacific region; 70% less than in the UK. China comes in next with building costs 55% lower than those in Britain.

And despite property prices booming in Hong Kong and Singapore over the last year, the two islands maintained their costs at 2010 levels; around 10% below those in the UK.

Currently Japan has the highest costs in the Asia Pacific region; 24% higher than in England. However, the report was completed before the March Tsunami which would obviously have had a profound effect on the results as the country rebuilds.

Construction costs for Thailand were low when compared to Hong Kong, Macau and Singapore; ranking 35% lower than the UK.

And the Philippines, Malaysia and Vietnam were amongst the cheapest in the region; averaging 54% below English costs.

Looking forward, Simon Rawlinson, Head of Strategic Research and Insight at EC Harris in London opined: “Growth in Asia will be broadly based; markets in Europe and the USA will underperform in comparison.”

During the last eighteen months, prices for construction materials such as steel, copper and oil have been close to their all-time highs. This has pushed up building costs globally.

However, recent signs indicate that the prices of basic materials have largely stabilised. Oil has already fallen 10% from its peak price and experts believe that this will lead to price drops in many different materials throughout 2012 and 2013.

“It is evident that as the economies in the Asia Pacific region continue to grow and their European peers struggle to recover, the region is becoming more and more attractive to property investors. Lower costs and a propensity for growth equals much higher potential returns than alternatives in Europe and the USA.

“Whilst prime locations such as London and New York remain in high demand, we have already seen a significant number of mid-level investors moving their money out of Europe and the USA into emerging South East Asian economies.” commented Adam Smith, Market Analyst for Ocean Villas Group in Singapore.

EC Harris is an international consultancy based in London, UK. Founded in 1911 the company provides services in strategic planning including asset and investment risk management to a wide range of industries such as energy, manufacturing, oil, gas, chemicals, property, public transportation and utilities.

The company has offices in the United Kingdom, China, India, Hong Kong, Macau, Singapore, South Korea, Taiwan, Malaysia, Ireland, France, Germany, Spain, Portugal, Hungary, Ireland, Italy, the Netherlands, Poland, Romania, Russia, Serbia, Slovak Republic, Croatia, Czech Republic, Qatar, Saudi Arabia, UAE, South Africa and Georgia in the USA.

Rebecca Smith is a real estate journalist and author with over 15 years’ experience. She has published 3 books to date:

'The Definitive Guide to buying property in Thailand' - http://blog.oceanvillasgroup.com/the-definitive-guide-to-buying-property-in-thailand/

'10 simple ways to slash your marketing costs and sell more property' - http://www.ovgmarketing.com/10-simple-ways-to-slash-your-marketing-costs-and-sell-more-property/

'The Definitive Guide to buying property in Phuket' - http://blog.phuketoceanvillas.com/the-definitive-guide-to-buying-property-in-phuket/

Rebecca is currently the sales director for Ocean Villas Group and Phuket Ocean Villas.

Ocean Villas Group Pte. Ltd.
Level 31,
6 Battery Road,
Raffles Place,
049909,
Singapore

Tel: +65 63 208 359

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Asia Pacific worlds cheapest for building property here

News-ID: 190338 • Views: 3469

More Releases from Ocean Villas Group Pte. Ltd.

Vera Wang bags Steve Hermann property in Beverley Hills, Los Angeles
Celebrity New York fashion designer Vera Wang has splashed out US$9.2 million on a Steve Hermann designed property in Coldwater Canyon, Beverley Hills, Los Angeles. Hermann bought the 408m2 house in June 2008 for US$5 million. He spent the next two years completely redesigning and renovating the 1967 built property at a cost of US$3 million. Two new bedrooms were added. The ceilings were raised to a height of 3.6 metres. The
Jade Jagger puts Spanish property up for sale
Spain: The daughter of Rolling Stones frontman Mick Jagger, Jade Jagger, has put her Spanish property up for sale. The seventeenth century farmhouse is located on the North West Coast of the Balearic Island of Ibiza near the village of Sant Joan de Labritja. Dubbed by Jagger as her own “private paradise”, the Spanish property sits on top of a mountain overlooking the Mediterranean Sea. And from its secluded location it’s hard to
Spain cuts new property tax in half to lift Spanish real estate industry
Madrid, Spain: The Spanish Government has cut value added tax on new property in Spain by 50 per cent with immediate effect. The reduction in VAT (Spanish - IVA) from eight per cent four per cent on new build Spanish properties came into force on August 19th and will continue until the end of the year. Announcing the decision Jose Blanco, Minister of Development for Spain, said he hoped the new measures
Jerry Seinfeld selling Colorado property for US$18.25 million
Jerry Seinfeld, the star and co-creator of hit US television show ‘Seinfeld’, has put his Colorado estate on the property market for US$18.25 million. Nestled in the Rocky Mountains and described as “an evolving series of Western ranch structures”, the twenty six acre property boasts eleven bedrooms and fourteen bathrooms. After he bought the estate, Seinfeld ordered a multi-million dollar renovation and expansion of the property. It now has a separate

All 5 Releases


More Releases for Asia

RAMPF Korea – Producing in Asia for Asia
Joint Venture for the Asian markets – The international RAMPF Group has realigned the cooperation with its long-standing partner Orient Dosiertechnik from Korea with the founding of RAMPF Korea Co., Ltd. The new company based in Hwaseong City is developing and producing mixing and dispensing systems specifically for the Asian markets. Within the framework of the new joint venture based in Hwaseong City, mixing and dispensing systems are being developed and
LIXIL Asia Presents Asia Pacific Property Awards
Through its power brands GROHE and American Standard, LIXIL Asia signs a three-year deal to become the Headline Sponsor of the Asia Pacific Property Awards from 2019 until 2022. 23rd January 2019: The International Property Awards, first established in 1993, are open to residential and commercial property professionals from around the globe. They celebrate the highest levels of achievement by companies operating within the architecture, interior design, real estate and property
MES: Expansion in Asia
Berlin, November 24, 2014: Model Engineering Solutions (MES), the Berlin-based specialist for model-based software development, has significantly expanded its business in Asia. In recent years, MES has built up a network of local partners in Japan, Korea, China, and India in order to benefit from the growing market and increasing interest in model-based development and ISO 26262 in Asia. Asia: Driving force in the automotive industry The automotive industry continues
Undersea Defence Technology Asia, UDT Asia 2011
Latest Military Diving Technologies featured in UDT Asia Equipping Asia’s navies with the latest diving technology for asymmetric warfare and operations SINGAPORE, 17 October 2011 - Naval diving and underwater special operations is a field that is seeing increased attention and investment amongst navies in Asia. Units such as the Indonesian Navy‟s KOPASKA, the Republic of Singapore Navy‟s Naval Diving Unit (NDU), the Royal Malaysian Navy‟s PASKAL are increasingly utilising specialised equipment for conducting
UDT Asia 2011
Clarion Events hosts the Undersea Defence Technology (UDT) Asia 2011 conference and exhibition to bring senior naval and industry personnel together to cover underwater developments in the region Singapore, May 30 – Clarion Events is hosting UDT Asia on 30 November – 1 December 2011. The event brings together the undersea defence community in Asia, featuring top regional naval speakers, who will be addressing the latest underwater requirements for Asian navies. According
eltherm goes Asia
Finally all preparations are finished and the new subsidiary of eltherm GmbH, eltherm Asia Pacific Pte Ltd has commenced operations in Singapore on 1st April 2010. To celebrate the starting shot, an opening celebration was held in the afternoon of 28th July in the office premises followed by a get together dinner and drinks in the evening at a pub. A total of 62 guests attended the event with the