Lately there has been much commentary regarding challenges within the building industry. These challenges predominantly arise from four main concerns, being:
- site closures due to lockdowns;
- global supply chain challenges;
- costs of raw materials; and
- labour shortages with border closures.
Under TierONE Capital’s credit policy, we continue to address these factors for construction loans before loan commencement and throughout the loan term.
Some of these factors have led to innovations which are becoming more commonplace in build design and construction. These new and innovative features are reinventing the construction landscape and could soon be features we see in our loan portfolio.
One area of construction that has seen a meteoric rise is the modular build. This is a construction technique in which modules are prefabricated offsite, which can lead to a reduced overall construction schedule.
The obvious limitation is structure size, due to transport requirements. Offsetting this is the use of light-weight component materials, which also facilitates the interconnection of frames and modules on site to be able to bear weight.
Modules are typically focused on steel, precast concrete and timber framework, all being primary construction materials. Different modules suit different applications:
Type | Application |
Steel – modular steel building | Hotels, residential apartments |
Steel – light steel framed module | Multi storey but lower rise buildings |
Steel – container | Disaster housing, rapid deployment |
Precast concrete | Secure accommodation |
Timber frame | Low rise housing, classrooms |
In Australia, one of the tallest prefabricated buildings is the LaTrobe Tower in Melbourne, which is 133 metres, or 44 storeys, tall. The location is generally low wind and earthquake loading.
Modular builds have also been deployed in residential units with a high repeat pattern of similar designs such as kitchens and bathrooms. These can be designed as modules which avoid the need for a series of trades to be on site one after the other in the same floor space.
In regional settings the market has also seen the rise of the “tiny home”. These are dwellings that do not require planning approval because they retain their ability to be moved and therefore classed as mobile homes. They are fully constructed offsite and driven to the site location. Owners often then add decking and adjacent structures to complement the tiny home.
As Plato once stated, “necessity is the mother of invention” and the construction industry is no exception.
Source: https://www.hauslein.com.au/family-sojourner
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