RICS launches new system that could slash project costs
RICS has launched the new International Construction Measurement Standards (ICMS), a universal system that enables global comparison of construction project costs
RICS has launched the new International Construction Measurement Standards (ICMS), a universal system that enables global comparison of construction project costs.
Financing major projects, including energy systems, railways, bridges, schools and hospitals, can be risky because infrastructure projects across the globe categorise and forecast construction costs differently.
According to RICS, it has been almost impossible for governments and investors to compare construction costs like with like, as it is difficult understanding whether public infrastructure projects are good value or overly costly.
Tackling these problems head on, a group of influential sector players got together and formed the International Construction Measurement Standards (ICMS) Coalition during a meeting at the International Monetary Fund in June 2015.
Sinimol Noushad FRICS, Standards Setting Committee - SSC – ICMS, founder and CEO of Dezire Project Consultant, said: "The Middle East Construction industry lacks a uniform benchmark for cost-reporting.
"The property measurements and construction costs are reported in an ad hoc manner and vary from project to project and company to company, depending on the practice adopted in their native countries.
"A lack of consistency in reporting the construction costs is likely to adversely affect the market reliability on the cost professionals."
The new ICMS standard will enable better comparison in order to improve investor confidence and attract more private sector funding.
Arup, Arcadis, Gardiner and Theobold, Faithful+Gould, Turner & Townsend and Gleeds are among leading organisations who publicly announce their support for ICMS by registering as ICMS “Partners” committing to its future use.