Budgeting cost for corner terrace

[jaconian 0]

Hello all,

I am embarking on a rebuild project for my family's first landed home. This will be our first time moving to a landed and embarking on a rebuild project, so I wanted to get some inputs/advice from seasoned professionals here. 

Land is a corner terrace, land size of ~3500 sqft. Looking to build 3 to 3.5 storeys, 5 bedrooms (3-4 with ensuite toilets), no pool, with lift. Looking at a double volume living/dining area concept so I would imagine the 2nd floor to be around 50-70% of the floor area of the 1st floor. What is a reasonable ballpark range for such a rebuild project (all-in costs)? Would $2.5million be sufficient? I contacted an architect I shortlisted and was advised to budget between $2.7 to $3 million (which honestly surprised me).

In terms of process, I have shortlisted some architects whose designs resonate with us, but at the same time, I know a builder through a mutual friend. Not sure who I should approach first? Am also cautious about working with a builder whom I have a mutual friend with - whilst I can be more assured that I won't be taken for a ride by said builder, it also makes things tougher to manage if there are hiccups during the building process. Any advice on how I should approach this?

Thanks in advance.

[snoozee 98]

your land size is like a semi-d plot size. brand new semi-d on 3000sqf land can build up to about 6000sqf on 3000sqf land. so yours can possibly get about 7000sqf for 3.5 storey. assuming $400psf construction cost, this will be about 2.8M which is within the range the architect estimated.

confirm your architect and then get the architect to do a tender and invite builders to tender for your job. the builder your friend knows can participate in the tender as well. don't just go with the builder cos your friend knows the builder. relationships can sour if anything happens during the construction. even if you end up choosing this particular builder after the tender process, you have at least done your due diligence prior to making the decision to engage this builder.