GEORGE TOWN: Most property developers in Penang are expected to either hold back or launch fewer projects this year following soaring raw material prices and rising energy cost amid the acute labour shortage, say industry players.
The Real Estate and Housing Developers Association (Rehda Penang) expects the number of new property launches among developers to decline by 5% to 10% in 2022.
Meanwhile, major raw materials such as cement and steel bars are also on the rise.
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