Stack Modular part 2
From "Affordable Housing Strategy Consultation"
Go to the project
Stack Modular can provide a solution to affordable housing in Bermuda for indicative 59.9% of the cost mentioned in the Housing Strategy, the costings are explained below. This is over a $167million saving on the proposed solution. 275 square foot modules work for all dwelling sizes in The Bermuda Plan 2018 except 2 beds which require 2 x 300 square feet modules to meet the 600 square foot requirement, if this rule is strictly adhered to then the total cost for Stack Modular’s solution would be indicative $258,213,000, a saving of over $160million or representing 61.7% the cost of the proposed solution.
Stack modular also have the capability of completing these builds in indicative 2 years, not 10 years. I predict further savings will occur in the future due to inflation, possible political instability, possible tariff issues, resulting in potential price rises and supply disruption of the proposed solution which requires many facets of the build to be completed on island.
How I calculate this using information provided in the Housing Strategy;
Indicative costings;
974 units are needed by 2035. 50% 1 person, 30% 2 person, 20% 3+ person
487 are one person studio flats
292 x are 2 person dwellings (584 modules required)
195 are 3 person + dwellings (585 modules required)
Total modules required without stairs and lifts 1,656
extra 8% of this amount for stairwells and lifts (lifts may not be needed on all sites but these are priced in) 132
TOTAL modules needed to complete buildings 1,788
Total square footage 491,700
$210 x 491,700 =$103,257,000.00 (paid to Stack Modular)
Shipping $45 x 491,700 =$22,126,500.00 (paid to shipping company, Stack Modular earns zero from shipping, bespoke ship sent direct to Bermuda so no effect of tariffs)
on island general contractor work (GC) $103,257,000 + $22,126,500 =$125,383,500.00 (Stack Modular earn zero from on island work but provide support throughout)
TOTAL $103,257,000 + $22,126,500 + $125,383,500 =$250,767,000.00 for 974 signed off Certificate of Occupancy units
current stated cost for 974 units in the Housing Strategy $418,500,000
Stack Modular cost to produce 974 units $250,767,000.00 ($258,213,000 if 2 beds need 2 x 300 square foot modules)
difference in two amounts $167,733,000.00 ($160,287,000 if 2 beds need 2 x 300 square foot modules)
Other thoughts
We have a 60 year guarantee which is longer than most traditional build guarantees. What happens after this 60 year guarantee ends, the same as any traditional build, the building lives on indefinitely if it is maintained. We have completed projects in 14 different countries ranging from higher humidity island jurisdictions than Bermuda with the same category 5 hurricane risk, seismic, saline considerations, to arctic circle projects, that include winning MBI Hotel of the Year. We can build 40 stories high. We are currently working on building 2 hotels on ocean going ships!
These costings factor in a buffer. We have completed hard costings for a luxury development on island which shows online GC costs are significantly lower than the above numbers used.
We are not just a solution for affordable housing, we are a solution for housing at every level in Bermuda. See attached PDF
Elliott Wilson ACSI EFA DipPFS CertIoD