Prices of construction materials are expected to increase this year between 10% and 20%, said Master Builders Association Malaysia (MBAM) president Kwan Foh Kwai.
This were due to factors such as flooding in Australia and the instability in the Middle East, which had affected steel and oil prices, he said.
“The current construction market is highly volatile. Prices of oil and other commodities have gone up,” Kwan told association members attending the MBAM’s open house here yesterday.
It has been reported earlier that cement manufacturers are also increasing their prices starting March 1.
In his speech, Kwan called on government agencies like the Construction Industry Development Board to look into ensuring that all foreign construction workers would undergo skills training before they were brought into the country.
“This will also help the Government’s objective of reducing the number of unskilled foreign workers,” he added.