Fewer project launches this year

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.

GEORGE TOWN: Most property developers in Penang are expected to either hold back or launch fewer projects this year following soaring raw material prices and rising energy cost amid the acute labour shortage, say industry players.

The Real Estate and Housing Developers Association (Rehda Penang) expects the number of new property launches among developers to decline by 5% to 10% in 2022.