Housing, especially middle and low-income housing, is in low supply. Rapid population growth coupled with increased urbanization has put increasing pressure on countries’ housing stocks and resulted globally in a very large housing shortage. With nearly 40 to 60% of populations in emerging countries under the age of thirty years, household formation is growing rapidly, further increasing the demand for housing units. The global demand for housing is estimated to be over 44 million units. Prefabricated modular building techniques are the optimum solution to tackle this deficit.
The real estate development industry needs to focus on creating and providing such specialised prefabricated modular construction services. Companies, like Red Sea Housing Services, with industry experience, strong balance sheets and large production capacity can take on the challenge of providing quality housing solutions to the above challenge. Production of building units and/or building materials in a controlled factory environment offers great advantages towards the control of build quality, offers better working conditions for the labour force, and allows for better management of construction timelines. Although modular construction is not necessarily a cheaper solution, the time savings achieved offer substantial benefits, such as an earlier return on invested capital, lower construction interest, and decreased financing risks during construction. Modular building techniques can be used for structures with a wide variety of purposes. From student housing, retirement homes and low- and mid-rise apartments, to schools, offices, hotels, and hospitals. These advanced building techniques allow for the engineering and construction of robust structures that promote sustainable living.
