GEORGE TOWN, April 27 — Developers in Penang will delay some new residential projects in the state this year as labour and materials costs continue to rise. Real Estate and...
GEORGE TOWN, April 27 — Developers in Penang will delay some new residential projects in the state this year as labour and materials costs continue to rise.
“Not many developers are keen to launch new projects now especially with rising labour costs and material costs,” he said in an interview withHe added that property developments have already slowed even further since early this year. Developers will be monitoring the industry, especially the labour and materials costs, and adjust their plans accordingly, Khoo said.
However, Penang also had the second-highest number of overhang or unsold residential properties of 5,222 units valued at RM3.48 billion in the same period. He said developers would make the required contributions to the state for the state to build low cost and low medium cost housing.
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