The construction sector’s outlook remains promising this year thanks to the anticipated implementation of many large-scale developments, especially the railway projects, according to Master Builders Association Malaysia President Foo Chek.
“Infrastructure projects such as the MRT Line 2 and 3, LRT2, KL-Singapore High Speed Rail, Pan Borneo Highway, East Coast Rail Line are among the high-impact projects that will be driving the industry to another high-performance year,” he told The Sun Daily.
The authorities are also expected to launch various subsidies and incentives under Budget 2017 to spur the growth of the housing sector, particularly the construction of low-cost homes, and this will further stimulate the industry.
Due to the aforementioned factors, the construction sector is forecasted to grow by 8.3 percent this year, said Foo, who estimated that the industry recorded a healthy gain of 8.5 percent in 2016, surpassing the 8.2 percent growth seen in 2015.
Last year, the industry performed remarkably well in spite of uncertainties in the global economy, as it was uplifted by ongoing projects and high-impact developments announced under the 11th Malaysia Plan.
In fact, the value of constructions works awarded by the government soared by 36 percent to RM121 billion during the first 11 months of 2016, compared to the RM89 billion posted during the corresponding period in 2015.
“Almost 50 percent of the projects were propelled by infrastructure works followed by residential, non-residential and social amenities,” he added.
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