Weaker ringgit bites into building sector

KUCHING: Although the construction industry has benefited from cheaper steel bar, most of the other key building materials are costing more due to the weakened ringgit against the US dollar.

The price of steel bar has dropped by about 10%, according to Tan Guek Kee, managing dirtector of Lee Onn Construction Co, a leading property developer here. He said steel bar and cement made up some 30% of the building structures in projects undertaken by his group.