Global trends drive construction expenses up in Malaysia
The substantial hike in average price of sand could be attributed to high demand for the material globally and domestically.
The substantial hike in average price of sand could be attributed to high demand for the material globally and domestically.
Rehda Selangor chairman Datuk Zaini Yusoff said that Mapex Selangor 2024 will bring the latest offerings of real estate opportunities in Selangor and Kuala Lumpur.
President Datuk NK Tong: As responsible developers, Rehda members have plenty of other options to acquire development lands elsewhere which can be developed easily as compared to the redevelopment of existing buildings.
President, Datuk NK Tong, said building material prices continued to rise as developers reported more than 10% annual increase in average price for sand and concrete as at the end of December 2023.
He acknowledged that KPKT and the state authorities are still facing challenges in addressing this issue, including detecting individuals who may build housing units in rural and suburban areas, and in pocket developments where the scale of the project is small and may go undetected.
"The information from the Sistem Pangkalan Data Utama (Padu) database could be utilised to ensure a sustainable real estate market via the residual approach.
"Recent initiatives including forging Green Lease Partnerships with tenants, has solidified our commitment toward realising a net-zero mall by 2050.
Nevertheless, he noted that increased demand and market shifts have led to an overall reduction in overhang units in 3Q2023, with a 22% decrease year-on-year from 3Q2022.
Consequently, this has led to “a number of unintended consequences”, the first of which is the increased number of completed but unsold units, which Tong said is incorrectly labelled as “overhang”.
Next month, the ministry will meet the Real Estate and Housing Developers’ Association (Rehda) Institute to discuss what incentives the government should provide to developers to encourage them to practise the build-then-sell concept, Local Government Development Minister Nga Kor Ming said in his welcome speech at the opening ceremony of the Malaysia Property Expo (MAPEX) 2023 at the Mid Valley Exhibition Centre on Friday.