Hong Kong building industry experts applaud arrival of universal International Construction Measurement Standards
ICMS aims to provide greater global consistency in classifying, defining, measuring, analysing and presenting construction costs at a project, regional, state, national and international level
The newly launched global standards of measurement for construction costs will enhance transparency, lure more capital investment, and improve confidence of both institutional and individual investors, according to the president of the Hong Kong Institute of Surveyors (HKIS).
Until now the global construction industry has lacked a common language and framework for classifying and reporting construction costs, which has often caused huge problems for consultants, quantity surveyors, construction economists and cost engineers around the world.
But HKIS’ Thomas Ho Kwok-kwan said that with the International Construction Measurement Standards (ICMS), launched in Vancouver on July 25 and now in place, it is expected to allow better comparisons of costs, improve universal investor confidence and attract more private sector funding.
More than 40 organisations globally worked on collating the new standards, which essentially promise a more consistent method for presenting construction costs, he says, adding that Hong Kong has been at the forefront of their creation.
“In the past, construction companies focused on investing in their own regions. But now companies will also be able to do more cross-border projects. It is vital to make sure costs can be assessed in a transparent way. ”