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レポート概要
| 本調査資料は、マレーシアの建設市場について調査し、イントロダクション、調査手法、エグゼクティブサマリー、市場洞察、市場動向、分野別分析、建設タイプ別分析、競争状況、投資分析、主要インフラ開発プロジェクト、市場の将来などを徹底分析したものです。 |
The Malaysian construction industry has been severely affected by the disruption caused by the pandemic. The industry’s output has shrunk, as construction activity was brought to a standstill across many parts of the country, owing to the containment measures. For example, in Jun 2020, over 5,000 sites were not yet operational of the 6,750 construction sites inspected by the Construction Industry Development Board (CIDB). In 2020, the value of construction work done contracted by 19.4% to RM117.9 billion as compared to RM146.4 billion in 2019. All sub-sector recorded a decline in the value of construction work done, where the Civil engineering sub-sector decreased 24.0%, Residential buildings sub-sector (-17.2%), Non-residential buildings sub-sector (-17.1%), and Special trades activities sub-sector (-2.1%).
The Government’s vision 2020 project has been a major boost to the construction sector supported by the government’s plan to improve the country’s transport network and tourism infrastructure and increase the volume of renewable projects. Moreover, government efforts to address the country’s housing shortage have helped the industry to witness growth during the review period.
In 2021, the industry is expected to recover, supported by investments in infrastructure, healthcare, education and renewable energy projects. In March 2020, the government announced plans to spend USD 472.8 million on infrastructure development projects.
Among the specific plans, the government intends to develop a transit-oriented mixed development on a 196.7ha area, which involves the construction of commercial centers, office complexes and 10,000 affordable housing units with an investment of USD 33.8 billion. However, there are downside risks to this forecast, given the possibility of a second wave of COVID-19, which could further extend the movement restrictions.
Key Market Trends
Investments in Infrastructure Sector to Boost Construction Activity
The Malaysian government has made considerable progress to expand and modernized its infrastructures throughout the country. This effort is evident by the five-year centralized economic development plan known as the Malaysia Plan, whereby public sector infrastructure development consistently holds the largest funding portion.
Among the revived mega infrastructure projects is the 640 km-long East Coast Rail Link project, which resumed work on July 25 2020 after a year-long suspension. The bulk of domestic demand for Malaysian steelmakers will likely come from the construction of the 20 stations planned for the rail project as there is no rail maker in Malaysia.
In addition to ECRL, other projects such as the Light Rail Transit 3, Mass Rail Transit 2, Electrified Double Track Gemas-Johor Bahru, Klang Valley Double Track Phase 2, Central Spine Road, Pan Borneo Highway, and Coastal Highway in Sarawak are expected to boost Malaysia’s construction segment.
As of October, the ECRL project is on track for completion by the end of 2026, Darwis Abdul Razak, chief executive officer of Malaysia Rail Link, said.
The construction industry is expected to expand in 2021, as major infrastructure and affordable housing projects are revived and accelerated to meet deadlines. Most of the growth is expected to be fuelled by domestic investments. State investments and developments in Penang, Johor, and Negeri Sembilan will also help boost the construction industry in 2021.
The outlook for the construction industry seems more optimistic after the proposed 2021 Budget was unveiled on 6 November 2020. The annual Budget has always been the driving force for the construction industry. National infrastructure projects will also steer state governments and local businesses to focus their investments and resources on the development of business hubs and townships, lifting the construction industry as a whole.
Increase in Residential Constructions To Drive the Construction Market
In 2020, the value of construction work in Malaysia was valued at approximately 117.9 billion Malaysian ringgit, indicating a decrease from prior years due to the pandemic. The construction sector in Malaysia grew at a slower pace in 2019. In 2020, residential building construction by the public sector in Malaysia was valued at approximately 1.67 billion Malaysian ringgit. However, the public residential building construction market in Malaysia has been observing a strong growth until 2019 when it was valued at 1.9 billion Malaysian ringgit, rising from 1.46 billion Malaysian ringgit. In 2020, the value of residential building construction by the private sector in Malaysia was valued at approximately 37.26 billion Malaysian ringgit, down from 32.78 billion Malaysian ringgit in 2019.
The previous government had announced a total of 300,000 housing units through its various housing programs, such as 1Malaysia Civil Servants Housing project (PPA1M) which aimed to build 175,000 affordable housing units across the country, First House Deposit Financing, Program Rumah Mesra Rakyat, People’s Housing Program (PPR), and Syarikat Perumahan Negara Berhad. These projects boost residential construction markets during the forecast period.
Competitive Landscape
The Malaysian construction market is less competitive due to the presence of major international players holding a large share of the total market. Furthermore, the residential and transport construction sectors have a huge potential for growth in the forecasted period which stimulates opportunities for other market players.
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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Economic and Construction Market Scenario
4.2 Technological Innovations in the Construction Sector
4.3 Impact of Government Regulations and Initiatives on the Industry
4.4 Review and Commentary on the Extent of Malaysi’a Vision 2020
4.5 Comparison of Key Industry Metrics of MALAYSIA with Other ASEAN Countries (Analyst View)
4.6 Comparision of Construction Cost Metrics of MALAYSIA with Other ASEAN Countries (Analyst View)
4.7 Impact of Covid -19 on the Market
5 MARKET DYNAMICS
5.1 Drivers
5.2 Restraints
5.3 Opportunities
5.4 Porter’s Five Forces Analysis
5.5 Industry Value Chain Analysis
6 MARKET SEGMENTATION
6.1 BY SECTOR
6.1.1 Commercial Construction
6.1.2 Residential Construction
6.1.3 Industrial Construction
6.1.4 Infrastructure (Transportation) Construction
6.1.5 Energy and Utilities Construction
6.2 BY CONSTRUCTION TYPE
6.2.1 Additions
6.2.2 Demolition and New Construction
6.2.3 New Constructions
7 COMPETITIVE LANDSCAPE
7.1 Market Overview
7.2 Strategies Adopted by Major Players
7.3 COMPANY PROFILES
7.3.1 Bauer AG
7.3.2 China Communications Construction Group Ltd.
7.3.3 JGC Corp.
7.3.4 Gamuda Berhad
7.3.5 Eversendai
7.3.6 IJM Corporation Berhad
7.3.7 Muhibbah Engineering (M) Bhd
7.3.8 WCT Holdings Berhad
7.3.9 UEM Group Berhad*
8 INVESTMENT ANALYSIS
9 MAJOR INFRASTRUCTURE DEVELOPMENT PROJECTS (PROJECT DESCRIPTION, VALUE, LOCATION, SECTOR, CONTRACTORS)
9.1 Existing Infrastructure
9.2 On-going Projects
9.3 Upcoming Projects
10 FUTURE OF CONSTRUCTION SECTOR IN MALAYSIA
11 APPENDIX
12 DISCLAIMER