Apartment Development Cost

Hi everyone,

Just wondering how do people usually calculat the cost of developing apartments? How much extra would the cost increase as the number of floors increase with and without an elevator?

Is it usually based on a $cost/unit regardless on the configuration (1x1, 2x2, etc.) or is it individually calculated?

I was informed that cost for building a 2-storey apartment is about $200k/unit while going higher would be $250k/unit for an average finish.

Has anyone had experience with apartments and can clarify?

Cheers!
 
your pricing is pretty much correct.

$3500 to $4000 per sqm per internal area medium finish

double story

edit: double brick, includes siteworks to turnkey
 
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Apartment Development Cost

Hi everyone,

Just wondering how do people usually calculat the cost of developing apartments? How much extra would the cost increase as the number of floors increase with and without an elevator?

Is it usually based on a $cost/unit regardless on the configuration (1x1, 2x2, etc.) or is it individually calculated?

I was informed that cost for building a 2-storey apartment is about $200k/unit while going higher would be $250k/unit for an average finish.

Has anyone had experience with apartments and can clarify?

Cheers!

Hi DexV2

These global estimate are usually calculated on a sq m basis - a lot of good information to be found on the Net from quantity surveyors as a guide. You might check this link: http://www.bmtqs.com.au/construction-cost-table

The site also has a calculator which will take into account variables like the location. These estimates should include plant like lifts but you can also readily research these costs on the Net - typically cost per car and then amount per floor.

There are other similar good sites if you wish to check further.

You will find the numbers for a multi-storey development given here to be a little less than those from Thydzik but clearly much depends on levels of finish and fit-out and apartment configurations.

Sorry, but have to tell you that building costs in Indonesia to the same levels of finish typically come in at about 35% of the Australian costs :)
 
Is it usually based on a $cost/unit regardless on the configuration (1x1, 2x2, etc.) or is it individually calculated?

I was informed that cost for building a 2-storey apartment is about $200k/unit while going higher would be $250k/unit for an average finish.

How long is a piece of string, costs can be impacted on so many variables it's not funny...
 
Hi everyone,

Just wondering how do people usually calculat the cost of developing apartments? How much extra would the cost increase as the number of floors increase with and without an elevator?

Is it usually based on a $cost/unit regardless on the configuration (1x1, 2x2, etc.) or is it individually calculated?

I was informed that cost for building a 2-storey apartment is about $200k/unit while going higher would be $250k/unit for an average finish.

Has anyone had experience with apartments and can clarify?

Cheers!

You are quoting prices as if you are the builder (lebo, who lives out of their ute, on site every day and gets his cousins to do the work and doesn't pay proper wages but cash/ownership deals on settlement).

As a devleoper where you outsource to a build it would be more in line of $250k for 2 levels and $300k for multi dwelling. This is for Sydney.
 
Yep long string but I would work off figures of $3,500 to $4,000 as one of the other guys said.

Having said that to develop units on your first go is a massive task - I hope you have a thick skin.
 
You are quoting prices as if you are the builder (lebo, who lives out of their ute, on site every day and gets his cousins to do the work and doesn't pay proper wages but cash/ownership deals on settlement).

As a devleoper where you outsource to a build it would be more in line of $250k for 2 levels and $300k for multi dwelling. This is for Sydney.

Hahahah noice.
 
I would allow $2,750 m2 dont measure carports, balcony's, just internal floor area's. this should cover, margin, gst and site works as well.
 
I would allow $2,750 m2 dont measure carports, balcony's, just internal floor area's. this should cover, margin, gst and site works as well.

That's pretty light on, eg if you're building 6 apartments total area 350sqm I think it will cost you a bit more than 962k for turnkey construction including gst and site works.
 
I've seen benchmarking at work that is generally around the 2200-3000/m2 but that is across projects ranging from 150-500 apartments with a multinational builder.

Buying power etc will be less on smaller projects so I imagine costs will go up from there. Although services, plant and equipment would be less onerous as you won't require sprinklers, lifts, fire tanks etc.

That is Brisbane based prices.

Easiest way to find out would be to get some DA plans off the net similar to your project and shop them around to a few builders for indicative pricing?
 
Thanks for the info guys! It's been very helpful, yes indeed it would be tough for the first time but I'm looking forward to the possible challenge.

I looking into a range of 7-20 unit apartments. I am trying to be on conservative on cost so I'll go with the safe prices.
 
That's pretty light on, eg if you're building 6 apartments total area 350sqm I think it will cost you a bit more than 962k for turnkey construction including gst and site works.

They'd be pretty small units sanj <60m2 each (hopefully not including garages).

Before applying a rate to a build you must understand what that rate covers eg: does it cover basement areas/subterranean parking, external works, clothes lines, landscaping, paths/driveways/crossovers, bin storage and the like? Is the rate only for the living areas and exclude common area eg stairs, foyers, entries etc?
 
They'd be pretty small units sanj <60m2 each (hopefully not including garages).

Before applying a rate to a build you must understand what that rate covers eg: does it cover basement areas/subterranean parking, external works, clothes lines, landscaping, paths/driveways/crossovers, bin storage and the like? Is the rate only for the living areas and exclude common area eg stairs, foyers, entries etc?

I agree with you, my post was in reference to what Chomp said, $2750/sqm for internals only.
 
That's pretty light on, eg if you're building 6 apartments total area 350sqm I think it will cost you a bit more than 962k for turnkey construction including gst and site works.

ok estimating is a fine art to be honest !

Straight from Rawlinsons 2014

Multi Unit - Low Density, no lift exc balconies
Basic finish- $1550 - $1670
Medium finish - $1690 - $1820m2
No gst

Look, I just tendered and won 14 apartments in Midland for around 2.7mill inc gst, so the rate I gave $2750m2 was a little higher than what I had as well.

I found by using this rate for 10 similar apartments, it pulls up about 10% short.

So do your own research this is just my experience !! there are a lot of variables.
 
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