KUALA LUMPUR, Malaysia A report by global design and consultancy firm, Arcadis, has ranked Kuala Lumpur as the fourth cheapest city in Asia, in terms of cost of building, this year.
Kuala Lumpur ranked 14th in Asia out of 17 cities, and 47th globally, in the International Construction Costs 2018 report, which detailed and ranked the relative cost of construction in 50 of the world’s major cities.
In the 2017, Kuala Lumpur was the second cheapest, the report said.
Moving forward, the design firm urged the government to use digitalisation to boost the economy by improving productivity in the construction sector, which remained as one of the least digitalised.
We urge the (construction) industry to embrace technological advances to keep in step with the rest of the region, Arcadis said in a statement today.
The report, published against the backdrop of this year’s growing global economy, listed Hong Kong as the most expensive Asian city, followed by Macau and Singapore.
Other ASEAN cities ranked in the report were Brunei, 6th most expensive in Asia, followed by Jakarta (10th) and Bangkok (12th).
On a global basis, San Francisco, New York and Hong Kong were three most expensive cities for construction.
Arcadis also said following a stronger-than-expected 2017, countries around the world experienced an upturn.
This robust economic performance will accelerate the demand for construction around the world.
China’s One Belt, One Road project is also contributing significantly to global construction demand, with over US$900 billion (US$1 = RM3.97) of planned projects, from gas pipelines in Central Asia to high-speed railways in Indonesia, it added.
Source: NAM News Network