Construction in Malaysia - Key Trends and Opportunities to 2024
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当レポートでは、マレーシアの建設市場について分析し、市場全体の構造や将来展望、市場規模 (生産高・付加価値額) の推移と予測 (過去5年間・今後5年間分)、各部門の詳細動向と代表的なプロジェクト、各種コスト (材料費・設備費・サービス費用) および活動内容 (新規建設、修理・整備、リフォーム、解体) の動向、今後解決すべき課題、今後の市場機会とリスク、代表的企業のプロファイルなどについて調査・推計しております。
Malaysia's construction industry contracted by 1% in real terms in 2019, following an average annual growth of 6.7% during the preceding four years.
This decline can be attributed to the global economic slowdown, a halt in several mega construction projects, and an increase in the country's unsold housing stocks. On the residential construction side, the prognosis remains negative, and 2019 will see a contraction of 5.2% in construction output value, following the steep decline of 7.5% in 2018. Although real estate transactions are on the rise - with some local agents predicting the highest sales levels in four years in 2019 - unsold housing stock remains on an upward trend, and developers are holding back new launches, contributing to the sluggish performance on the new construction side; this will continue to undermine construction growth opportunities. However, although risks remain on the downside, GlobalData expects there to be some support for the sector in 2020, coming from new policies that have been introduced to prop up the market.
The industry is expected to recover in 2020, with output expected to register a growth of 3.2% in real terms that year. This momentum is expected to continue throughout the forecast period (2020-2024), driven by government plans to upgrade the country's transport infrastructure, coupled with efforts to boost the residential and tourism sectors. Growth in Malaysia's civil engineering sector continues to expand at a rapid pace, despite the interventions of Mahathir Mohamad, a former long-serving prime minister who was again voted into office in 2018; this reflects the ongoing investment in rural infrastructure development projects. Soon after coming to office, the prime minister followed through on his pledge to review all Chinese-backed projects, citing concerns over affordability and mismanagement.
The government put three major oil and gas projects on hold, including the Trans-Sabah Gas Pipeline and the East Coast Rail Link (ECRL). In a positive step regarding future investments, in April 2019 Malaysia and China signed a revised agreement to resume the construction of the ECRL, with the new agreement reducing the scope and cost of the original project. The new investment required to construct the railway is MYR44.0 billion (US$10.7 billion), which is nearly two-thirds of the original cost. The focus on the development of renewable energy infrastructure is also expected to drive industry growth. Foreign direct investment (FDI) inflow is also increasing in the country, which is leading to new investments, particularly in the manufacturing sector. The government aims to optimize the current US-China trade standoff situation by attracting more investments in the country.
The industry's output value in real terms is expected to post a compound annual growth rate (CAGR) of 5.62% over the forecast period.
GlobalData's Construction in Malaysia - Key Trends and Opportunities to 2024 report provides detailed market analysis, information and insights into the Malaysian construction industry, including -