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Malaysia developers tackle slump with job freezes, benefit cuts

70% of respondents in an industry survey say they were affected by unsold units in H2 2016 amid declining sales

Thu, Apr 20, 2017 - 5:50 AM

Material (especially steel) and labour, compliance and the GST are the top three major cost components in the construction industry, according to the Real Estate and Housing Developers’ Association.

PHOTO: BLOOMBERG

Kuala Lumpur

FOUR out of 10 builders in Malaysia froze recruitment while one in three opted to reduce staff benefits or perks last year as part of cost-cutting measures amid a weak property market and rising business costs, according to an industry survey.

Eight per cent retrenched...