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Monday, November 19, 2007

Construction costs expected to rise 15%

PENANG: The increased price of building materials is expected to increase the cost of construction as much as 15% next year, says Datuk Jerry Chan Fook Sing, chairman of Real Estate and Housing Developers Association Malaysia (REHDA) Penang.

He said the expected price increase was based on the continued rise in fuel prices as well as other direct increase in material prices.

“Contractors and housing developers are beginning to feel the rise in the costs of basic items like steel, cement, tar, steel and transport following the higher fuel prices,” he told reporters after a seminar on Penang's potential under the Northern Corridor Economic Region.

By Bernama

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