The Ramathibodi-Treasury Department senior complex project is moving forward, expected to be completed in 73, with a view to reducing the lifespan to 55 years.

The Treasury Department has revealed progress on the "Rama-Treasury Department Senior Housing Project" after a delay of over 6 years. A new plan is being prepared, including scaling down, increasing prices, and potentially lowering the age requirement for participation to 55 years. A new bidding process for contractors will be opened, with completion and occupancy expected by 2573.

29 May 2569 Mr. Akkarut Sonthayanon, Director-General of the Treasury Department. Revealing the progress of the project. "Rama-Treasury Department Senior Living Residence" หรือ Senior Complex After the project had been delayed for over 6 years, a meeting with Ramathibodi Hospital last week concluded that the hospital will proceed with the project, both the complex and the hospital itself. However, a complete review and revision of the plan will be conducted to reflect the changing circumstances. It is expected that contractors will be secured, construction completed, and the facility opened for senior residents as early as 2573.

However, due to changes in the project timeline, Ramathibodi Hospital is considering requesting a reduction in the scale of the project, including a decrease in the number of rooms, to make it more appropriate. Furthermore, the price of the housing will need to be increased due to geopolitical impacts, including conflicts in Ukraine and the Middle East, which have led to higher construction material costs and the cost of living.

For those who previously reserved residential units when the reservation process opened, the Treasury Department will continue to give them priority consideration. Their names will be reviewed to inquire whether they still wish to accept the units at the new adjusted price.

"Over the past six years, approximately 20% of those who reserved the right to stay have cancelled their reservations, and some may have disappeared from the system. Therefore, the project is also considering ways to expand opportunities for accommodation by potentially lowering the minimum age for participants from the current 60 years to just 55 years."

However, if Ramathibodi Hospital considers scaling up in the future, the Treasury Department's Asset Development Company Limited (TDAC) is ready to expand its operations accordingly. Nevertheless, all details of these changes will depend on the consideration of Ramathibodi Hospital and TDAC before the Treasury Department compiles the details for submission to the Cabinet for final approval.

Mr. Akkarut explained that the past construction delays were caused by the original contractor's lack of liquidity and abandonment of the project, leading to legal action and contract termination. This process took time, but the legal proceedings for contract termination have now been completed.

Regarding progress at the Ramathibodi construction site, approximately 10-20% of the foundation work had been completed before being halted. Meanwhile, the Government Housing Bank (GHB), which is overseeing the construction of the senior complex condominium, has not yet begun any construction.

“The next step involves Ramathibodi Hospital and the Government Savings Bank (GSB) proceeding with a bidding process to find a new contractor to continue the construction. All parties involved intend to expedite the project's progress to ensure its concrete implementation, in line with the government's 10 Plus policy to support an aging society.”

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