I have Visual Studio 2015 Update 3 and Xamarin 4.2.0.719.
If you want to speed up your build time for an android project you should do the following things:
1) In a project properties/Android OPtions/Packaging check Use Shared Runtime, Use Fast Deployment and Generate one package per selected ABI. Look at an image below.
2) Use SSD or ram disk for an emulator, Visual Studio, Android SDK.
3) Use fast google android emulator with Intel haxm and without Hyper-V.
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