Robust prospectsfor building sector
KUALA LUMPUR: The construction industry is expected to remain robust having successfully overcome the challenges posed by the Covid-19 pandemic, says the Works Ministry, which is placing a strong emphasis on the adoption of advanced technologies.

Works Minister Datuk Seri Alexander Nanta Linggi said the construction industry will become stronger and more efficient by adopting new technologies, especially now that the global economy has fully recovered from the effects of the Covid-19 pandemic.

“The adoption of advanced technologies, such as building information modelling (BIM) and the industrialised building system (IBS) makes it easier to design and build, reduce wastage or even avoid it altogether and improve construction efficiency,” he said at a press conference yesterday after officiating the soft launch of the International Construction Week (ICW) and the Malaysia International Building and Construction Industry Exhibition (BuildXpo) 2024.

Moving forward, Linggi said his ministry was actively promoting these technological advancements across the entire construction industry, encompassing both private and public projects.

He noted that the goal was to ensure that the industry as a whole could benefit from improved processes and increased efficiency.

In addition to BIM, he said the government was strongly encouraging the adoption of IBS.

Linggi said specific targets were set for builders to achieve certain levels of IBS usage within designated timeframes.

“We are calling on the industry to comply and integrate technology into their projects,” he noted.

Meanwhile, Linggi highlighted the international engagement of the Works Ministry and the Construction Industry Development Board (CIDB), emphasising their efforts to learn from global counterparts.

“We have been actively engaging internationally,” he said.

“We visited Australia and other regions because we want to learn what is available, identify potentials and position Malaysia strategically in the construction industry at a global level.”

Linggi emphasised the importance of learning from other countries.

“When we went on a mission overseas, we also realised that some other countries thought we were also quite ahead. So there were exchanges of views and opinions. I think we are quite comfortable to say that we are somewhere there, in that sense,” he said

“Of course, we have to learn a lot more. That is why the government is very proactive in these (technology) aspects of things,” he added.

Building on his confidence within the industry, Linggi expects the upcoming ICW and BuildXpo 2024, scheduled for Oct 22 to Oct 24, to generate about RM1bil in sales, double from the RM500mil achieved last year.

This projection is backed by the strong participation expected at the BuildXpo exhibition and targeted international business matching sessions, which will attract about 25 buyers from at least 10 diverse markets, including China, Thailand, Indonesia, Singapore, Russia, Zambia, Zimbabwe, South Korea, Japan and India.

“This year, we have set our targets high because we are confident about the current state of the construction industry.

“Last year was immediately after the Covid-19 pandemic, but we have since seen significant recovery, both domestically and globally,” he noted.

Linggi said he was optimistic about the future of Malaysia’s construction industry.

“Together, with professionalism, integrity and a unified vision, we can create a legacy of innovation, sustainability and excellence,” he said

According to Linggi, last year, ICW and BuildXpo facilitated nearly RM500mil in potential sales through business matching activities, including the International Sourcing Programme, which saw participation from 19 international companies from seven countries.

Meanwhile, CIDB chief executive officer Datuk Mohd Zaid Zakaria invited all industry players to join as exhibitors and showcase their latest innovations in digital construction, smart technologies and sustainable solutions.

“We also encourage you to share your insights and expertise as speakers at our various conferences and seminars. Additionally, there are numerous opportunities to collaborate with us as strategic partners, helping to organise special events that will enrich our program and elevate the attendee experience,” he added.

Reflecting on last year’s success, he said more than 10,000 international and local trade visitors engaged with nearly 200 exhibitors.

“It is clear that ICW has become a cornerstone event for the global construction community. The energy and the exchange of expertise at last year’s event set a new benchmark for success,” he added.

The KL Construction Index reached a six-year high of 230.12 points at yesterday’s close.

The index has risen by about 42.27% from 161.75 points a year ago.

Among the industry heavyweights are Gamuda Bhd , IJM Corp Bhd , and Sunway Construction Group Bhd (SunCon).

Gamuda closed at RM5.46, a premium of about 32% from a year ago, while SunCon is up 80% at RM3.12 per share from a year ago, at yesterday’s close.

IJM closed at RM2.50 a share yesterday, 60% gains from a year ago.
Construction,ConstructionResilient,TechnologyAdoption,BIM,IBS,AdvancedBuilding,GlobalIndustry,ICW2024,BuildXpo2024
The construction industry is expected to remain robust having successfully overcome the challenges posed by the Covid-19 pandemic, says the Works Ministry, which is placing a strong emphasis on the adoption of advanced technologies.