You have been engaged as a cost consultant working for a leading property developer in Birmingham. The developer wishes to invest in the midlands areas and are considering to invest in high-end gated residential units which includes flexible working rentable offices and a gym.

Q1) Explain the main methods for initial cost estimation and project appraisal. Refer to the NRM1 and discuss the various stages involved and present some very brief worked examples, using: * Functional Unit method * Superficial (Floor Area) method