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A 28-apartment scheme, end to end.

Sample assumptions, base case outputs, and the three scenarios a developer runs before taking this site to investment committee.

  • Scale28 dwellings
  • Program30 months
  • Profit on cost8.7%

02 / Sample assumptions

The market context behind the numbers.

Pricing benchmarks, build rates and finance terms used in this apartment example. Every one is editable in Popurise.

Assumption sheet08 lines
01
Pricing benchmark
March 2026 inner south comparable sales
02
1-bed avg sale
$720,000
03
2-bed avg sale
$1,050,000
04
3-bed avg sale
$1,480,000
05
Car space (resale)
$65,000
06
Construction rate
$4,200 / m² GFA
07
Selling cost
2.0% of GRV plus marketing
08
Senior debt
65% LVR, 8.5% all-in, 18 month build facility

03 / Key inputs

The inputs that drive the deal.

Grouped the way Popurise groups them. Change a category, watch the apartment output set respond.

0105 items

Site and scheme

Site area
1,200 m²
FSR
2.4 (R3)
GFA
2,900 m²
Efficiency
82% NSA / GFA
Car spaces
22 basement
0205 items

Cost stack

Land
$7.20M
Construction
$12.18M
Professional fees
$0.97M (8% of build)
Statutory and authority
$1.15M
Contingency
$0.61M (5% of build)
0305 items

Finance

Equity
$5.0M
Senior debt
$17.0M
Loan to cost
70.5%
Loan to value
59.5%
All-in rate
8.5%
0404 items

Revenue and timing

Gross realisation
$28.59M
Selling cost
$0.58M
Settlement window
Months 24 to 30
Presales target
55% by build start

04 / Base case outputs

The output set, in full.

Every number a developer wants on the screen for a apartment deal, in one place.

Hero outputProfit on cost
8.7%
Secondary metrics08 lines

  • Gross realisation value

    $28.6M

  • Net realisation

    $26.2M

  • Total development cost

    $24.1M

  • Profit

    $2.1M

  • Development margin

    8.0%

  • Equity IRR

    14.5%

  • Peak debt

    $16.4M

  • Peak equity

    $5.2M

05 / Scenarios

Base, downside, stretch. Side by side.

Three scenarios on the same apartment project. No copied files. The decision is which one to take to investment committee.

Base case

base

March 2026 comparable pricing, current build rates.

  • Profit on cost8.7%
  • Equity IRR14.5%
  • Profit$2.1M
  • Peak debt$16.4M
Verdict

Below the 18 to 22% profit on cost hurdle this developer requires. Not yet a deal.

Downside

downside

Apartment pricing softens 5%, build rate lifts 4%.

  • Profit on cost1.8%
  • Equity IRR5.2%
  • Profit$0.4M
  • Peak debt$16.8M
Verdict

Capital at risk. Walk unless the land price is renegotiated.

Stretch

stretch

Pricing lifts 8%, build rate reduces 5% with a simpler facade.

  • Profit on cost22.4%
  • Equity IRR28.1%
  • Profit$5.4M
  • Peak debt$15.9M
Verdict

Clears the hurdle. Tests whether the market and build team can hold both moves.

06 / Decision takeaway

On current assumptions this scheme does not yet stack. The decision is not whether to walk, but whether to renegotiate the land or change the scheme. The stretch scenario shows the deal is sensitive to pricing and build rate together, not either on its own.

Start modelling free Open this example in Popurise. Change any assumption. Watch the output set respond.
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Questions

Apartment feasibility, answered.

How Popurise treats the apartment example you just read.

Are these numbers from a real project?

The structure is real, the numbers are illustrative. Use them as a sense check, not a quote.

How would Popurise handle this in practice?

All three scenarios live in the same project. You switch between them in a click and read each one's full output set.

Where does GST sit?

Apartments are sold inclusive of GST under the margin scheme. GST on the margin reduces net realisation, modelled per unit.

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