Smart buildings to drive construction boom through Asia

KUALA LUMPUR - Urbanisation and the need for sustainable buildings will drive growth in the Asia-Pacific building construction market despite soaring property prices, with green buildings that include smart features to ensure energy-efficiency likely to attract the highest interest, according to research by Frost & Sullivan.

The firm says the Asia-Pacific market earned revenue of US$494.49 billion in 2013 and estimates this to reach US$750 billion in 2018. Southeast Asia will offer highest scope for market expansion due to its burgeoning population, increasing urbanisation, and economic growth in countries such as Thailand , Indonesia , Vietnam , the Philippines and Malaysia .
"The building construction market in Asia-Pacific will continue to evolve as governments underline the importance of energy efficiency," said Frost & Sullivan Energy and Environmental Research Analyst, Harpreet Kaur . "The market will be better organised with the implementation of suitable guidelines for sustainable building construction across the region."
However, property developers are expected to delay project launches as they evaluate the impact of these government measures. The increase in property prices and intense competition in the market too will hold back construction to an extent. http://www.frost.com (ATI).