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Malaysia Report MALAYSIA REPORT CONSTRUCTION MARKET UPDATE JUNE 2018 MALAYSIA JUNE 2018 REPORT | MARKET MALAYSIA ECONOMY TRENDS Malaysia’s 2017 full year growth In the 11th Malaysia Plan, the of 5.9% was its best in three years, government targets a 3.7% increase and well up from the previous year’s in labour productivity per annum by 4.2%. Growth in 1Q 2018 however, 2020 in order to achieve a 5%-6% moderated to 5.4% year-on-year growth in GDP. Labour productivity (y-o-y) from 5.9% y-o-y in 4Q 2017. growth across Malaysia achieved The slowdown came ahead of 3.6% y-o-y in 2017. In 1Q 2018, labour uncertainties over economic policy productivity grew 3.0% y-o-y as reforms that will be implemented compared with 3.8% y-o-y in the by the incoming new administration. previous quarter. The new government is now tasked with managing the country’s existing Malaysia still aims to double the debt and addressing public funds size of the economy to RM2 trillion prudency. The Ministry of Finance by 2025 from the estimated RM1.2 has since suspended some mega- trillion for 2018, and join the ranks infrastructure projects, such as the of the Top 20 countries by 2050. High-Speed Rail Link (HSR) between The International Monetary Fund Singapore and Kuala Lumpur, the (IMF) said the country is capable of East Coast Rail Link (ECRL), and the achieving high-income status after Mass Rapid Transport 3 (MRT3). the new government steps up on reforms to boost productivity and A new policy to remove the raise living standards for its citizens. goods and services tax (GST) - a significant source of government On the back of steady private sector revenue - has been introduced to lift activity expansion, strong support pressures off construction costs and from net manufacturing exports such encourage consumer spending. GST as electronics and chemicals, as well collections were expected to collect as stable employment rates, GDP is RM43.8 billion for 2018, making up projected to be around 5.0% for 2018. some 18.3% of the country’s total The revised forecast is lower than the estimated revenue of RM239.9 5.9% y-o-y growth for 2017. For 2019, billion. Economists believe the GST GDP expected to hover around 5.0% abolishment is likely to put pressure y-o-y. on its fiscal position. Notwithstanding some unannounced GST will be zero-rated from 1 June policies of the new government, the 2018 in an interim period until a IMF thinks Malaysia’s economy is new sales and services tax (SST) likely to continue to grow at a resilient is reintroduced from 1 September pace and expand 5.3% y-o-y in 2018. 2018 after getting a new Bill through Economic growth will be driven by parliament. The SST, which was first strong global demand for electronics introduced in the 1970s, will generally and improved terms of trade for be 10% for sales tax and 6% for commodities, such as oil and gas. service on a more limited number of goods and services and the new government estimates the SST will bring in a revenue of RM30 billion a year. 1 | MALAYSIA JUNE 2018 REPORT | MARKET PROPERTY MARKET TRENDS Late 2017, Bank Negara warned of (proposed 110-storey corporate tower an acute oversupply of properties/ and 61-storey mixed use tower) and space in the residential, office and the 80-storey office tower that will retail sectors and that the stock of be added to Menara Dayabumi. unsold houses as at the first quarter of 2017 was at a decade high, and the Bank Negara Malaysia reported that impending glut in office space may average Malaysia house prices have result in one in three offices to be increased faster than average incomes vacant by 2021. The National Property since the Global Financial Crisis. Information Centre reported towards Despite pushes to build affordable the end of 1H 2018, there was a total of homes and tighten measures against 34,532 units of completed residential property purchases by foreigners, properties nationwide totalling affordable housing is still a persistent RM22.26 billion that remained unsold. issue nationwide. Measures imposed According to Real estate consultancy include changes to real property Knight Frank Malaysia, distractions gains tax and a nationwide minimum from the general election could have threshold on residential properties contributed to the challenges of the available for purchase by foreigners property market in 1H 2018. of RM1 million. As the supply of office space has Market experts said the cooling been rising substantially over the measures implemented by the Bank past six years, Knight Frank Malaysia Negara have made it difficult for also expects the prime office sector potential homebuyers to secure in Kuala Lumpur to remain subdued financing to purchase property. for 2H 2018. Leasing activities are also Furthermore, in January 2018, Bank likely to remain muted. The growing Negara also raised its key interest rate mismatch between supply and for the first time in about three and demand activities of the commercial a half years. Thus creating another and office space segment is expected dampener to the property market. to continue to exert pressure on overall rental and occupancy levels Edmund Tie & Company research for the rest of 2018. reports showed that retail malls occupancy rates in Kuala Lumpur Major developments under eased marginally to 86% in Q1 2018, construction is The Exchange 106 and compared to 87% in the previous a few other towers in the Tun Razak quarter. Total retail stock in KL Exchange, the 88-storey Signature remained at 31 million square feet Tower at Bukit Bintang City Centre, without any new completions in and Merdeka PNB 118. There are a 1Q 2018, whereas stock outside KL few other big office developments rose to 31 million square feet, with that are part of massive integrated the completion of M Square Mall commercial projects in the city which in Puchong. The retail landscape have been announced and, if launched in Malaysia is increasingly being and completed, will add significantly influenced by the e-commerce to the future supply of office space boom. Many retailers are embarking in Kuala Lumpur. They include KL Eco on various asset enhancement City, KL Sentral, Tradewinds Towers initiatives which will improve the (50- and 26-storey office towers), competitiveness of their retail assets. Lot 185 KLCC, Tradewinds Square 2 | MALAYSIA JUNE 2018 REPORT | MARKET CONSTRUCTION INDUSTRY TRENDS The construction sector fell to 4.9% Labour productivity of the year-on-year (y-o-y) in 1Q 2018 construction sector grew 0.7% with a from 5.9% y-o-y in the previous value of RM43,173. The construction quarter. Quarter-on-quarter (q-o-q) sector had performed better in the seasonally adjusted construction previous quarter with an expansion growth registered an increase of 1.5% of 1.6%. This moderation was from 0.5%. Based on data by the attributed by the slower performance Department of Statistics Malaysia in value added at 4.9% from 5.9% (DOSM), the civil engineering sector in the previous quarter, while the posted an impressive growth of 15.4%, employment growth stayed at 4.2%. which was the highest growth since 4Q 2016. The strong momentum was Under Budget 2018, the previous mainly geared by transportation and government has focused on utilities related projects. Specialised the ongoing affordable housing construction activities recorded a initiatives. There are official plans to growth of 7.3% from 8.6% in the develop 210,000 housing units under previous quarter. the Perumahan Rakyat 1Malaysia Program, 25,000 housing units under The Construction Industry the 1Malaysia Civil Servants Housing Development Board (CIDB) planned Program, 17,300 housing units under for the construction sector to grow the People’s Housing Program, 3,000 by 8.0% to RM170 billion for the housing units under the People’s whole of 2018, supported by various Friendly Home Program, 2,000 government infrastructure projects. housing units under the My Deposit Yet in May 2018, the new government Program and 600 housing units announced its decision to postpone under the My Beautiful New Homes the multi-billion dollar Kuala Lumpur- Program. Singapore high-speed rail (HSR) project due to financial constraints. The growth of the construction industry is expected to drop further The HSR project was planned to cut in view of the austerity drive of the travel time between the two cities government and the expected tight down to 90 minutes. The eight- economic situation of the country. station HSR line was scheduled to Other smaller scale infrastructure be operational in 2026. Bloomberg projects are expected to continue reported that the decision would contributing to economic growth deal a setback to construction and over the next few years. The rail companies in Asia, including government’s goals to achieve the those from China and Japan that are status of a developed nation by 2020 keen to gain a slice of orders. The may be difficult to achieve and will government is also cancelling the likely to be delayed to 2025. Based third line for the Klang Valley Mass on current demand and cost trends Rapid Transit (MRT) project even as and barring any unforeseen market the second phase is ongoing. This conditions, building tender prices in development has an estimated cost Kuala Lumpur are anticipated to stay RM40 billion. The East Coast Rail Link at the same levels as 2017. is also currently in the process of being reviewed. 3 | MALAYSIA JUNE 2018 REPORT | LABOUR KUALA LUMPUR AVERAGE LABOUR RATE SELECTED OCCUPATIONS UNIT (MYR) PRICES 2015 2016 2017 2018# General Building Worker (Foreign)
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