197 views
Photo by Matthieu Gouiffes from Unsplash

Dip in construction activity to cut 2024 tender prices

Tender prices for construction projects to slip by 2%.

Tender prices for Hong Kong’s construction projects in 2024 are projected to slip by 2% from 4% in 2023, Turner & Townsend reported.

This decline is attributed to the decreased construction activity in the private sector and reduced public project expenditure this year.

The construction sector's growth is also impeded by the shortage of skilled workers, rising labour costs, and high construction costs 

On the flip side, material costs are expected to lower this year due to a stronger Hong Kong dollar and reduced demand for materials from Mainland China.

Notably, the price of galvanised mild steel plates fell by 18.3% from December 2022 to December 2023, whilst prices for sand and aggregates decreased by 4.1% and 8.3%, respectively.

Meanwhile, Portland cement prices remained unchanged whilst sawn hardwood costs remained stable.

The Hong Kong government plans to develop 440,000 housing units by 2033-34, with a 70:30 split between public and private housing.

Capital works expenditure is projected to reach up to $90b, aiming to boost GBA connectivity via projects like 'GBA on the Rail'.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

HK leads in business confidence index in GBA
However, the current performance index for business activity dropped to 50.6 from 54.1.
Economy
EMSD rolls out Green Welfare NGOs scheme applications
First batch applications will open on 14 October, whilst second batch opens on 30 November.
Hang Seng indexes to include Alibaba-W
This move further enhances mainland Chinese investors' access to its shares.