Drop ceiling tiles supported by molding. Looks like coffered ceiling!
Drop Ceiling Installation Tips A veteran drop ceiling installer shares his secrets for installing drop ceilings.
StyleStix - molding covers for drop ceiling
Basement remodel Photo posted by Crystal Clear Home Renovations located in Oshawa
Awesome option for drop ceiling update. Really nice cabinet built in photo on their website too. Not sure of pricing.
How To Install A Basement Beadboard Ceiling To Replace A Drop Ceiling | Tutorial from Provident Home Design on Remodelaholic.com
Better Than Tin Ceiling Tiles - No more spungy looking dropped ceiling tiles.
Finished basement ceiling - small plywood panels and wood battens. Maintain accessibility with minimal headroom loss, can be painted or stained/varnished
20+ Cool Basement Ceiling Ideas More