Cost difference b/w Townhouses and Low-Level Multi-Residential

Hi everyone,

I posted a few months back about someone purchasing the block next door to me. Nice fella. Seems straight up. He approached me about doing a possible JV and we've just had informal discussions so far.

Some basic facts. The 2 properties combined are roughly 1550 m2. 35 metres wide by 45 metres deep.

Building townhouses I'm guessing we could get around 10 on the 2 blocks, but building it as a multi-residential we could easily get 8 per level which would be 16.

I was thinking of something like this http://www.realestate.com.au/property-apartment-vic-caulfield+north-119014551 where it's ground floor parking (no basement), and 2 levels of apartments.

He insists that townhouses is the better option.

I know it's really hard to give an estimate, but does anyone on these forums will experience have an idea of what the cost differential between the 2 proposals would be roughly. Just a ball park figure. I'm trying to work out why he's so against the idea of building apartments.

Thanks.
 
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