KUALA LUMPUR – The Guild of Bumiputra Contractors Bhd (Wibawa) is urging ministries and government agencies to monitor the sharp rise in steel construction materials.
Its chairman, Datuk Md Nasir Ibrahim, said Wibawa also supports the efforts and proposals from another contractor association on this issue, and hopes those responsible will take action so that it will not hurt the viability of contractors and developers, especially Bumiputeras, in the current movement control order (MCO) period.
“We take a serious view of the recent surge in the prices of basic materials used in the construction industry, with steel prices soaring by 30 to 40%. The rise in the prices of steel, the main structural material used by the building industry, is having a negative impact, especially on Bumiputera contractors.
“A large number of industry players are still affected by the ongoing spread of Covid-19, and the rise in building material prices is adding to the existing pressure,” he said in a statement today.
Nasir said the higher steel prices have caused contractors to temporarily cease purchases until prices return to normal.
This could lead to a host of abandoned and sick projects, as tender offer prices are no longer relevant vis-a-vis the current prices of building materials, he added.
Wibawa is an association comprising 200 developers and contractors in the Grade 5 to 7 categories across the country. – Bernama, January 20, 2021
.jpeg)
.jpg)
