CIDB & RISM collaborate to launch BCISM

PETALING JAYA, 25 November 2019 – The Construction Industry Development Board Malaysia (CIDB) and the Royal Institution of Surveyors Malaysia (RISM) recently launched the Building Cost Information Service Malaysia Sdn Bhd (BCISM), which will be the main service provider of the National Construction Cost Centre (MyN3C).

The MyN3C is part of the introduction of the National Construction Industry Information Centre (NCIIC), providing comprehensive construction-related data for industry reference, thus directly impacting activities such as estimation, cost control, cost forecasting and cost-benefit analysis. The joint venture is a key milestone under CIDB’s initiatives to transform the construction industry into one that is highly productive, sustainable and world-class by 2020, in line with the Construction Industry Transformation Programme (CITP) 2016-2020.

“While there are a few organisations that provide construction cost data, the industry still faces the issue of a lack of access, as there is no centralised, comprehensive data bank. As such, the MyN3C Portal operated by BCISM will help to provide comprehensive information on construction costs to all industry stakeholders. This helps to achieve greater productivity in the sector, and ensures that we meet world-class practices,” said Datuk Ir. Ahmad ‘Asri Bin Abdul Hamid, Chief Executive of CIDB Malaysia, during the office-opening ceremony of BCISM.

BCISM was formed in July 2019, the result of a collaborative effort between CIDB and RISM. The BCISM model is similar to the BCIS company in the United Kingdom, or BCIS UK which has collected, analysed and interpreted cost information for the past 50 years.

Similarly, BCISM will provide centralised building cost information for the industry and its stakeholders, providing cost information in a highly accessible channel – online – and thus assisting Malaysian construction industry players in the preparation of early cost estimates, cost planning, benchmarking, whole life costing, and so on.

The database operated by BCISM contains:

  1. Cost Data such as Building Material Prices, Labour Wage Rates, Machinery Hire Rates and Equipment Purchase Prices, and
  2. Construction Cost Indices, which include the Building Material Cost Index, Building Labour Cost Index, Building Machinery & Equipment Cost Index (BMECI), and Building Cost Index.

It is also in the process of introducing new features and upcoming developments to the database, including:

  1. Construction Cost Benchmark
  2. Tender Price Indices
  3. Life Cycle Costing

Source: focusmalaysia.my