Feasibility Study of Investment in a Housing Development Project with Universal Design : A Case Study of a Project in Phra Nakhon Si Ayutthaya Province

Abstract

With the rising trend of an aging society in Thailand—particularly in Phra Nakhon Si Ayutthaya Province where the proportion of elderly residents continues to grow—there is an increasing demand for residential developments that support people of all ages. This challenge presents an opportunity for real estate developers to incorporate the concept of Universal Design, which ensures that living spaces are accessible, convenient, and safe for everyone. This study aims to analyze the costs and feasibility of developing a housing project based on Universal Design principles by using a case study in Bang Sai District, Phra Nakhon Si Ayutthaya Province. The analysis applies key financial evaluation criteria, including Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PB).

The findings indicate that the project yields a positive NPV of 19.1 million baht, an IRR of 18%, and a payback period of 3 years. The cost associated with Universal Design features accounts for 6.9 million baht out of the total construction cost of 206.6 million baht, representing only 3.3% of the total. This marginal increase in cost suggests that the integration of Universal Design is financially viable. In conclusion, residential developments that adopt Universal Design principles demonstrate strong economic potential and present an attractive investment opportunity in the evolving real estate market.