Making appropriate decisions regarding the bid price of a construction project is essential for a bidder to win the project contract. In assessing the bid price for a project, cost estimators of a bidder needs to estimate the quantities and unit prices of numerous cost items for the project. This estimation process is time consuming. This work proposes to evaluate the bid price from the high level of cost categories rather than on the low level of cost items. Furthermore, this study proposes a multi-factor evaluation model to capture the specific conditions of factors on the unit price of each cost category. Additionally, a unit-price-based cost is developed to reflect the factor effect. The merits of the proposed procedure are demonstrated by applying the procedure to a resident housing project located in northern Taiwan.