In the world of construction and development, Estimated Development Cost (EDC) reports are essential for planning and financial forecasting. These reports, which assess the projected costs of a development, come in varying levels of complexity depending on the size and scope of the project. In Australia, the EDC report requirements can be divided into three categories: those for projects under $3 million, those for projects over $3 million, and those for projects exceeding $75 million, specifically in the SSD (State Significant Development) pathway.
EDC Report for Projects <$3 Million
For developments under $3 million, the EDC report focuses on a more basic cost estimation for the project. While the level of detail required is not as extensive as for larger projects, it still needs to provide a solid estimate of the costs involved. This can include construction and site preparation costs.
For projects of this size, the report typically follows industry-standard guidelines, and the estimations are generally less complex. However, a qualified professional must still be involved to ensure accuracy and reliability.
EDC Report for Projects >$3 Million
As the project size grows to over $3 million, the complexity of the EDC report increases. This report needs to delve deeper into the finer details of cost analysis, including a detailed breakdown of various construction elements, contingency allowances, and escalation over time. For these types of projects, a higher level of expertise and experience from a quantity surveyor is required to ensure that all aspects of the project’s development costs are thoroughly considered and appropriately estimated.
EDC Report for Projects >$75 Million (SSD Pathway)
When dealing with projects over $75 million, especially within the State Significant Development (SSD) pathway, the EDC report becomes highly detailed and requires comprehensive knowledge of not just the project costs, but also the broader regulatory and economic context. For these reports, accuracy is paramount, and the report must align with government requirements and planning regulations. Given the scale of the project, the report typically covers a wide range of factors such as environmental impact assessments, sustainability measures, and the long-term financial viability of the development.
Why Archi-QS is the Right Professional for Any EDC Report
Archi-QS’s principal Samuel Star is a highly qualified professional who holds a membership with the Australian Institute of Quantity Surveyors (AIQS) with CQs designation, the leading body for quantity surveying professionals in Australia. With this membership, Samuel has the expertise and credibility to handle any level of EDC report—whether it’s for a small-scale development under $3 million, a mid-range project over $3 million, or a large-scale SSD pathway project exceeding $75 million.
His qualifications and AIQS membership level allow him to complete the highest level of EDC reports with confidence, ensuring the utmost accuracy, reliability, and compliance with industry standards.