Bangkok construction costs, as they relate to residential property in Bangkok, are some of the highest in Asia, on average, according to a new survey.
Looking at the report by design and consultancy firm Arcadis, high-end, high-rise developments in Bangkok have average construction costs of between US$ 988 and US$ 1,188 per sqm.
That’s equal to between THB 31,700 and THB 38,150 per sqm.
Bangkok construction costs are lower that those in Hong Kong, Shanghai, Beijing, Macau, Singapore and, surprisingly, Manila, on a par with Brunei, but higher than in Shenzhen, Chengdu, Kuala Lumpur, India and Ho Chi Minh City.
Bangkok construction costs were collected for the report during the last three months of 2017 however, this information does provide a snapshot of how construction costs, which are rarely reported, combined with land costs and desired developer profit, to establish a selling price.
Many of Bangkok’s property developments are being built by foreign labour, especially from neighbouring Myanmar, Laos and Cambodia.
Wages for these workers are higher here than at home, but it seems to be a fact that’s often forgotten by buyers of the high-end, THB 300,000 per sqm units.