With a number of builders entering administration this year, retirement village and aged care operators are understandably cautious about new projects with reports that around half of projects are being delayed while the board weighs up whether to move ahead or not.
Given the average 100-bed aged care facility costs around $35 million in expenditure and 15-18 months to build, this is perhaps not a surprise.
Operators have told SATURDAY that the construction costs for new developments have escalated by over 30% in the last 12 months.
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