Respondents in the survey expect construction costs to surge an average of 19% in 2022 due to rise in prices of building materials, wages and financing costs.

The minister told the media that the jobs will be awarded in the fourth quarter of this year.

“In 1H22, we’re still faced with high numbers of daily infections, so people are looking forward to better times later in the year. I think everyone is hoping that the pandemic is going to be behind us by the second half of the year,” Rehda acting president Datuk N K Tong (pictured) said during a virtual presentation of the “Rehda Property Industry Survey for 2H2021 and Market Outlook 2022” on Tuesday (March 15).

The number of units sold compared to those launched translated into a sales performance improvement of 11 percentage points to 50% in 2H21 versus 39% in 1H21.

The research house said in a note that it sees heightened prospect of a stagflation in the sector due to the Russia-Ukraine conflict which has driven up global commodity prices amid prolonged supply chain disruptions.

“Sunway REIT is our top pick for the REIT sector underpinned by: (i) its diversified investment portfolio which encompasses retail malls, hotels, offices, a university, and hospitals that spread across Malaysia; (ii) strong occupancy rates which have exceeded 90% in retail assets; and (iii) stable rental income generated from the services and industrial segments,” the research house said while maintaining its fair value for the stock at RM1.66. 

In a statement on Sunday (March 13), the group said its property development subsidiary NCT Platinum Sdn Bhd’s project was previously known as the Genting Valley project comprising 665 bungalow plots over five phases, which was abandoned for almost 17 years by the initial developer.

A major milestone this year in terms of connectivity was the reopening of the land Vaccinated Travel Lane (VTL-Land) between Johor and Singapore through the Causeway, which is one of the busiest border crossings in the world. The 97-year old Causeway, also known as Tambak Johor, had been closed to 400,000-odd travellers daily since mid-March 2020 to curb the spread of the Covid-19 virus.

“TAFI Group had decided to dispose of the said factory as it will be more economical and cost-efficient to purchase the finished laminated boards or to sub-contract out the lamination process."

The resignation is with effect from Monday (March 7), MRT Corp said in a statement on Thursday. “MRT Corp takes this opportunity to express our gratitude for the commitment and invaluable contribution made by Datuk Wira Azhar during his tenure and wishes him the very best in his future endeavours,” the company added.