Formula
NSA = Σ saleable lot areas
WherePer the marketing area definition used by the project's selling agent.
Why it matters
NSA is what apartment buyers value. Cost rates are typically expressed in $/m² of GFA, but revenue is in $/m² of NSA. The ratio NSA / GFA is the efficiency of the building and drives feasibility outcomes more than headline price.
Worked example
An apartment building with 2,900 m² GFA and 2,320 m² NSA has an NSA efficiency of 80%. At an average $12,300/m² of NSA, GRV = 2,320 × $12,300 = $28,536,000.
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