“For building projects, key materials such as steel bar, cement and diesel account for a lower percentage —10% to 15%. Still, not every contractor is able to overcome the rise in building material costs. “Raw material prices are always fluctuating and we have to take that into account in our tender pricing. “The drastic increase in building material prices, along with the rise in subcontractor and foreign labour costs, is unprecedented. Ahmad ’Asri says: “The increase in material prices will [raise] construction costs by 8% to 15%.

Source: The Edge Markets May 03, 2022 17:59 UTC