GEORGE TOWN: The RM2.94bil in gross sales value (GSV) of housing projects to be launched this year is expected to generate about RM3bil worth of jobs for the construction and renovation industries in Penang.

Penang Master Builders and Building Materials Dealers Association (PMBBMDA) deputy president Lim Kai Seng told StarBiz that about RM2bil would benefit the local construction industry, while the remaining RM1bil would go to the renovation sector.

“It is usual for the owner of a unit to spend about 30% of the property’s value on renovation.

“This is why about 30% of the RM2.94bil GSV or about RM1bil will benefit the local renovation industry,” Lim said.

StarBiz had reported that some 2,441 units of residential and commercial properties with an estimated RM2.94bil GSV would be launched on the island this year.

The south and south-west of the island will see some 1,275 units of residential and commercial properties launched with an estimated gross sales value (GSV) of RM1.45bil, while the north-east district will see the development of about 1,166 units of properties valued at RM1.49bil.

The commercial component in the south and south-west district is about 156 units with a GSV of RM221mil.

In the north-east, the commercial component will comprise 308 serviced suites and shop lots with a gross sales value of RM160mil.

Meanwhile, PMBBMDA president Vincent Ong said for 2010, the total value of construction contracts awarded in Penang was RM3.67bil, compared with RM4.5bil in 2009, quoting the latest Construction Industry Development Board (CIDB) report.

“In 2010, there were 326 projects, comprising 71 government and 255 private projects with a construction value of RM3.67bil, compared to 356 projects, comprising 92 government and 264 private projects, in 2009,” Ong said.

Ong said this year the local construction industry in Penang should perform better, as there would be more government contracts to be tendered out.

On April 19, the CIDB was scheduled to hold a Customer Day at the PMBBMDA headquarters in Penang Chinese Town Hall, Ong said.

“The purpose of the event is to disseminate the latest information on the construction industry to our members. It is also to give them the opportunity to renew their CIDB licences. The event will also serve as a platform for our members to make enquiries about CIDB,” he said, adding that PMBBMDA had 130 members.

SOURCE: The Star