Record price achieved for condo in the Philippines
July 16, 2010 - Manila
Leading luxury real estate project Raffles Makati Hotel and Residences has sold a penthouse that achieved the highest price per square metre ever paid for a condominium in the Philippines.
This is consistent with market reports indicating buoyant growth in the Philippines property sector in 2010, largely as a result of strong consumer and end-user demand.
Underpinned by strong market fundamentals, consumer spending is expected to remain strong as remittances grow - according to a Banco De Oro Unibank Inc report, property will be an important theme for the Philippines this year.
Location and service levels offered by branded residences are additional ‘pull' factors for residential real estate buyers; according to the unnamed buyer, these were the key elements that influenced the sale of the Raffles penthouse.
A spokesperson for the buyer commented: "My client's global portfolio consists of prestigious projects in several cities.
This purchase was influenced by the fact that this development is the best project in Manila, both in terms of build quality and service levels that the Raffles brand is synonymous with."
R.J. Aguirre, Research Manager at Colliers International, Philippines, explained: "This sale is reflective of continued confidence in this market, and an appreciation by buyers, both local and international, of premium and branded product.
Raffles Residences has certainly set the standards for the local, ultra-luxury residential market, and we expect this trend to continue with surging demand for branded residences."
Based on the 2009 World Wealth Report by Merrill Lynch and Capgemini SA, Asia-Pacific's number of millionaires equaled Europe's for the first time last year as the region powered the global economy's recovery.
With rising affluence globally and regionally, demand for branded residential developments is likely to increase in tandem as, judging by their investment portfolios, Asians have a greater affinity for tangible assets such as real estate and cash compared to their Western counterparts.
"We are delighted to secure this sale for our premier penthouses at the Raffles Residences and set a new record for real estate sales in the Philippines," said Brad Berry, Vice President - Real Estate, Kingdom Hotel Investments, (KHI), the developers of Raffles Hotel and Residences, Manila.
"The domestic and international market recognises our premium product and we have recently released a new phase of inventory in response to strong client demand."
Construction of the Raffles Hotel and Residences Makati has been equally brisk. The super structure is now 19 floors high and 3.1 million man-hours have been spent onsite.
"We believe the Raffles Hotel and Residences will be an iconic Makati landmark. I am very proud our project is setting new standards in building excellence," said Garry Constantine, General Manager, KHI-Manila.
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