The 30-hectare property can be subdivided into 180 sections, assume an average section sale price of $250,000 (inclusive of GST).

Real Estate agents fees	3.5%
Legal costs of sale per lot	$1,000 per lot
Direct Costs of Subdivision per lot	$78,000 per lot (plus GST)
Consultants fees	$10,000 per lot (plus GST)
Holding cost interest rate	7.5%
Development period years	4
Development Contribution	$11,000 per lot (plus GST)
Rates	$23,500 in year 1, $2,000 per section
Costs of purchase	$5,000 (plus GST)

Complete the hypothetical subdivision budget by filling in all the grey cells in the table below.

Gross realisation
No. of lots	180
Average selling price	250,000
Gross realisation (GST inclusive)	45,000,000
less GST	5,869,565
Gross realisation (GST exclusive)		39,130,435
Selling costs
Agency fees		1,575,000
Legal costs		180,000
Net realisation		37,375,435
Profit and risk	25%
Outlay
Subdivision costs
Development Costs		14,040,000
Consultants Fees		1,800,000
Development Contribution		1,980,000
Holding Costs
Interest on outlay
Rates		563,500
Cost of purchase		5,000
Indicated Market Value
	rate/ha