Yes, you are right, one cannot compare the costs directly 1:1. However, my main point is that the project itself is economically stupid. Obviously there are economics of scale - that's why other countries buy their satellites instead of producing them on their own. And the launch cost are cheaper for iridium, but they are not even included in the price for ARSAT, so this comes on top of the development cost. I'm not sure how much exactly one would need to pay to buy a satellite of the capabilities of ARSAT, but I'd bet its significantly less than what was spend on the project.
What I'm really interested in is, however, how the satellite will be used now, i.e., who can use its services and what is charged...