When contacted by StarBiz, Penang Master Builders and Building Materials Dealers Association president Datuk Goh Teng Whoo said that compared to January this year, concrete price has jumped 32% to RM258 per cubic metre while steel bar price soared by 46% to RM4,100 per tonne.
“For these reasons, we can see why most developers will likely be holding back on their new launches. There are also fewer jobs from the housing developers now. “We are reviewing our new projects’ construction cost and selling price because of the labour shortage as well as the significant increase in raw materials and energy cost.”
Aspen Holdings Ltd president and CEO Datuk M. Murly concurred that the company will be holding back its new property launches in Penang. IJM Land senior general manager Datuk Toh Chin Leong noted that the group has slowed down its Penang-based project launches in 2018 when the property market was not doing well.
“Hence, we are continuously exploring new concepts and creative ways to offer efficient and sustainable homes in line with the current needs of today’s home buyers,” added Teh.Its CEO Datuk Ho Hon Sang said this could be the best time for buyers to lock in their dream home.
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