In general, the cost estimates provided by work consultant cover the unit quantity and unit price of each work item, with references and assumptions made therein indicated.
References and assumptions for cost estimates provided by work consultant are dependent on the work specifications and condition of each building, while aspirant work contractors may consider factors such as risks, difficulties in execution and tendering strategies. Therefore, owners/OCs should understand the cost estimates provided by work consultant in detail beforehand to facilitate the analysis of the rationality of quotes submitted by aspirant work contractors in the future.
What is cost estimate?
Cost estimate generally includes:
(i) Basic budget of the works;
(ii) Emergency/Spare fund for the works; and
(iii) Buffer for the risk of price adjustment.
Want to learn more?
While comprehensive works cost data is currently unavailable in the market, owners/OCs may seek reference from the total works costs for the subject buildings of incentive schemes provided by the URA on this website. The Building Rehabilitation Platform is also actively discussing with stakeholders on how to provide further data for owners/OCs’ reference. Details are to be announced in due course.