Malaysia on track to achieve RM131b new construction works target

PETALING JAYA: Malaysia is on track to achieve the target of RM131 billion worth of new construction works this year, said Construction Industry Development Board Malaysia (CIDB) senior general manager of operation sector Megat Kamil Azmi Megat Rus Kamarani.
The construction industry reported new works worth RM83 billion as of August, but Megat said the actual figure is likely to be higher as some companies have yet to report their latest figures.
"Of the RM83 billion, 84% is from the private sector and 16% is from the public sector," he said during his presentation at the 12th Conference on Status & Outlook of the Malaysian Iron & Steel Industry today.
Megat Kamil said the number of projects awarded to local contractors have also been on the rise from 72% in 2014 to 81% in 2015. Of the RM83 billion worth of projects as of August this year, 93% were awarded to local contractors.