A Quantity Surveyors role in the development process

Quantity Surveyors provide the time, cost and quality advice to developers, builders, financiers and investors with all types of property. BMT & ASSOC are acutely aware of the demanding and competitive nature of the construction industry and as such, provide a service guarantee to ensure that reporting standards and turn around times are consistently met and clients are constantly kept up to date.

Accurately determining the construction cost at project inception is the key to setting an achievable budget and assessing project feasibility. This is available for any proposed development including subdivision, construction, refurbishment or maintenance concept. BMT can prepare documentation to inform the developer of strengths weaknesses, opportunities, threats and financial forecasts of a property development proposal.

Cost plans should be generated at regular intervals in the design process to ensure construction budgets remain on track with anticipated costs. Providing the principal with accurate progress payment recommendations ensures finance drawdowns are accurate for works completed. Financial reporting during construction outlining actual and pending future costs provides the client with a realistic final cost forecast. We inform on the cost implications of future variation claims and record actual progress against anticipated cash flow projections.

Independent and impartial expert calculation of variation claims for addition or omission of construction works ensures both the principal and contractor reach an agreed value for the works. Assessment, preparation and negotiation of the final account statement with the contractor, completes the project’s construction financial status.

The Calculation of Construction Costs

Quantity Surveyors are the most appropriately qualified to estimate the construction cost of a building or development. The costs below are calculated based on a Gross Floor Area (GFA) rate. Typically GFA can be defined as the sum of the fully enclosed covered floor area and the unenclosed covered floor area of a building at all floor levels, measured in a square metre rate. GFA consists of two elements, Fully Enclosed Covered Area (FECA) & Unenclosed Covered Area (UCA).

FECA: Includes items such as:                   

• Basements                   
• Attics                                         
• Garages                                     
• Penthouses                                   
• Lift shafts                                     
• Staircases
• Columns and piers.

UCA: Includes items such as:

• Roofed balconies
• Open veranhahs
• Porches & porticos
• Attached covered walkways
• Usable space under buildings

Costs provided are an average price for typical buildings as at the date of publication, allowing for preliminaries, builders profit and overheads. The costs below can provide no more than a rough guide to the probable cost of building, as costs can vary significantly based on site conditions, level of fitout and design.

Construction Cost Calculator

Visit the BMT website to view the construction cost calculator. This will give you an estimate of the construction costs’ of your project, its easy to use and only requires a few project details.

http://www.bmtqs.com.au/construction_cost_calculator.htm

Quantity Surveyors cover a wide range of construction cost management services and specialise in areas where clients are holding or developing property assets.  For further information on how they can help you on you next development, click here.