I have no idea about that but if the pure costs are at 2700/sqm, how high is the selling price usually?
Not sold individually, the second project is located in the third largest (and poor) Ruhr area city. Moderate rents - new build around 12-13€, subsidized 7€ (roughly). So also no luxury, that would not be affordable there. The average selling price would be about T€ 5 per sqm - but of that only about 600€ proportionally land for the sqm/living space. Apart from that, construction costs in Munich or Hamburg are not significantly higher. But if already 60% or more of the price goes to the land share, you have to take purchase prices beyond T€ 10 per sqm there, even if you only build for T€ 3.