Soam expects the construction sector to remain stable with jobs from the private sector
WHILE many analysts are not so excited about the outlook on the construction sector, IJM Corp Bhd chief executive officer and managing director Datuk Soam Heng Choon seems to think otherwise.
Although several mega-infrastructure projects have been cut or downsized, Soam says the construction sector will remain stable with a slew of jobs coming from the private sector.
“We don’t just depend on government-related work, and many of our contracts are from the private sector,” he tells StarBizWeek.
“Although there would be fewer government-led infrastructure jobs, we expect contracts to come from the public private partnership (PPP) projects,” Soam adds.
On Monday, Finance Minister Lim Guan Eng said that the ministry was currently reviewing 68 PPP projects.
To date, 48 of the PPP projects under review have been given the green light to proceed on the condition that they go through an open tender process.
Malaysia is no stranger to PPP projects, having built highways through the build-operate-transfer (BOT) model such as the North-South Expressway, Kesas Highway, KL-Karak Highway and the Smart Tunnel.
Soam expects that under the new government and review of PPP projects, IJM Corp can participate in more tenders.