Costs jump for senior living project
The Rama-Treasury senior complex project, a pioneering model for elderly housing in Thailand, expects construction costs to rise by 20-30% as a result of economic conditions, according to the chief of Dhanarak Asset Development (DAD).
The Rama-Treasury senior complex project, a pioneering model for elderly housing in Thailand, anticipates a 20-30% increase in construction costs due to economic conditions, according to Dhanarak Asset Development president Titus Suksaard. The company began discussing project details in 2020, but construction was significantly delayed as Ramathibodi Hospital, a joint owner, revised and modified the specifications.
This delay caused a considerable change in material prices and construction costs, leading to the projected budget increase. Ramathibodi Hospital plans to seek additional funding from the cabinet for the construction budget. The project, approved by the cabinet in 2022 with a budget of roughly 1.35 billion baht, originally planned to house 891 elderly individuals, but the start date has been delayed.
The project aims to provide suitable housing with facilities and amenities to support daily living needs for the elderly.
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