In this module, we learnt about the costing of building from a developer's perspective. This module started with the concept of cost control and cost modelling, and methods to provide early estimates of a project such as cost per GFA. We later moved on to design economics, where we learnt how the shape and size of a building affects its costs. As a rule of thumb, a square building will be the most economical, but it may not always be the most appealing design pattern.
As then moved on to cost analyses and cost data, such how elemental cost analysis can provide a guide to estimate the price of a newfound project. However cost data tend to be inaccurate over time due to macro-economical issues such as inflation and geographical differences; Prices tend to rise over time, and buildings located near to the city center will be likely to cost more. This problem is then solved with the use of cost indices, which adjusts the prices of cost data based on location and the time. This makes the cost data more chronologically and geographically relevant.
After that, we learnt that cost planning not only involves pre-design, and design stages, but also includes whole life costing. Even though usually cost savings may occur in the initial costs of a project, a building may be designed such that it provides cost savings in the long run, namely in the maintenance of buildings. The client's choice of which cost savings to use depends on the function and use of the building. For instance, the client may want more savings in maintenance costs if the building is built for his own use.
In conclusion, I have gained substantial on the economics revolving building development. I now have a better insight to how costs are controlled for a development.
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