Its president Datuk NK Tong said among the biggest issue found in their reports are the high cost of building materials as well as increasing labour costs which saw the average increase of construction cost to 17 per cent in the second half of 2022 . He said the economy now is also “inflationary” and will remain so for a while, thus cost will remain high.However, Tong did not reveal how much increase housing developers had asked, only that it will be a “two digit” in percentage increase.
Meanwhile, 94 per cent of respondents are said to be affected by the current economic scenario, and have taken various cost-cutting measures including freezing recruitment, reducing salary, rescheduling the launch of planned projects and reducing the scale of launches.