Construction Costs

in The Kingdom
of Saudi Arabia
Cost models are an essential tool
topredict the cost of construction
at the inception stage of projects
and to benchmark proposed project
construction costs against similar
developments.
Whilst one can use the adjacent table as a guide, accurate cost
modelling and benchmarking requires a detailed analysis
of historical and current projects with elemental similarities
extracted, adjusted and updated for design, specifcation,
location and market pressures. Tis customized data when
applied to any proposed project results in very reliable
construction costs.
Te table is a summary extract from Colliers Internationals
in-house database. With market intelligence covering
the full geographical spread of Saudi Arabia, coupled
with our direct involvement as Construction Management
Service Providers on numerous developments, Colliers
International is in the unique position to build and
update a construction cost database that is unparalleled
in the market.
Construction Costs
KINGDOM OF SAUDI ARABIA
KINDDOM OF SAUDI ARABIA
CONSTRUCTION COSTS (1st Quarter 2014)
COST RANGE (SAR/SQM) FROM TO
RESIDENTIAL
Standard Villa 1,800 2,400
Medium to High Spec Villa 3,050 4,550
Low Rise Apartments 3,100 4,527
High Rise Apartments 4,090 5,515
COMMERCIAL
Low Rise 2,900 3,850
Medium Rise 3,400 4,200
High Rise 3,600 4,400
Ofce Fit Out to Occupiers Specifcation 1,500 4,500
INDUSTRIAL
Light Industrial 0pen Plan non Air Conditioned 600 800
Light Industrial, Air Conditioned
and compartmentalized
1,720 2,080
Heavy industrial 2,280 3,700
HOTELS
3 Star Excluding FF & E 4,000 5,800
3 Star FF & E 800 1,150
5 Star Excluding FF & E 6,700 9,700
5 Star FF & E 1,500 1,800
RETAIL
District Mall 4,000 5,700
Strip Shopping 2,800 3,800
Car Parking
Podium 1,500 2,430
Basement 2,200 2,897
SOURCE: COLLIERS INTERNATIONAL
2 Construction Costs Kingdom of Saudi Arabia | 2014 | MENA
Colliers International
Construction Management Services
Project Management
A comprehensive service which includes: Program
Management, Project Management, Construction
Management, Project Monitoring, Clients Representation
and Risk Management. In the knowledge that each project
is diferent and coupled with varying client requirements,
Colliers International Project Directors will tailor
aDevelopment Consultancy solution to uniquely ft
our clients needs.
Cost Consultancy
Colliers Internationals approach to Cost Management and
Cost Control is based on the use of the latest techniques,
highly trained staf and a large database of current and
historical projects. Tis is complimented by the wide-ranging
and direct experience of management and senior personnel.
Services include: Cost planning/management/control,
risk appraisal, costs in use & life-cycle costing,
value engineering, procurement strategy advice,
complete tender documentation, complete contract
documentation and cash fow forecasting.
Bank Project Monitoring
Colliers International are empanelled as a Project Monitor
with numerous banks and fnancial institutions which are
involved in funding property and infrastructure projects
in the region. Our impartial monitoring of developments
allows banks to manage risks based on accurate and current
information. Key benefts of this service include:
Early warning Using specialist sector expertise, we can
predict early in the projects life cycle any signifcant impact
on the projects cost, programme and quality.
Controls Our project monitoring ensures that project
controls are correctly implemented during projects design,
procurement and construction management stages,
resulting in the projects program, cost, safety, quality and
workmanship been delivered to expectation.
Independence As an independent advisor, Colliers
International asks the design teams, contractors and third
parties tough the questions to ensure that no essential
element of the project has been overlooked.
485 ofces in
63 countries on
6 continents
$2.1 billion
in annual revenue
over 15,800
professionals
5,800 brokers
$75 billion
in transaction volume across more than
78,000 sale and lease transactions
over 1.46 billion
square feet under management
(excluding residential properties)
Accelerating success.
Copyright 2014 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While every reasonable efort has been made to
ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult
their professional advisors prior to acting on any of the material contained in this report.
For further information,
please contact:
Imad Damrah
Managing Director | Saudi Arabia
MAIN (RIYADH) +966 11 217 9997
MAIN (JEDDAH) +966 12 610 5900
MOBILE +966 50 417 2178
imad.damrah@colliers.com
Colliers International
P.O. Box 5678
Riyadh 11432
Kingdom of Saudi Arabia
Jameel Square
Ofce 204
Jeddah
Kingdom of Saudi Arabia
Colliers International Middle East
Colliers International has been providing leading advisory services in the Middle East and North Africa
region since 1996, and in Saudi Arabia since 2004. Regarded as the largest and most experienced frm
in the region, Colliers Internationals expertise covers Hospitality, Residential, Commercial, Retail,
Education and Healthcare sectors together with master planning solutions, serviced from fve
regional ofces.
Colliers Research Services Group is recognized as a knowledge leader in the real estate industry,
providing clients with valuable market intelligence to support business decisions. Colliers research
analysts provide multi-level support across all property types, ranging from data collection
to comprehensive market analysis & fnancial advisory.
www.colliers.com
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FOR ADVISORY AND VALUATION SERVICES
YEAR 2011, 2012, 2013