Raffles Residences Makati's penthouse among the most valuable in Philippines

MANILA, Philippines - Raffles Residences Makati, one of the most luxurious residential condominium complexes in the Philippines, recently made real estate history for selling a unit considered among the highest priced residential condominium properties on a per square meter basis in the history of the Philippines.

Opening later this year, the residential project on the corner of Makati and Arnaiz Avenues occupies the 11th to the 30th floors of the complex that shares an address with a 278-room Fairmont Hotel and an exclusive 30-suite Raffles Hotel that occupies the 9th and 10th floors.

 Robert Davis, Sales Manager for the Raffles Residences, cited the quality of life associated with the Residences as an influence on the purchase decision.“It is very positive to have the residences serviced by the legendary Raffles Hotel brand. Moreover, the location is incomparable. Residents will be living in the center of the cultural and financial hub of the Philippines.”

The transaction, which involves a penthouse unit, was closed earlier this year. It exceeded the record set in 2010 by another Raffles Residences Makati penthouse which was up until then the highest price per square meter paid for a residential condominium, according to the records of real estate consultancy firm Colliers International. The higher price per square meter of Raffles’ premium unit is owing to the fact that the project is in the final stages of completion and is thus attracting greater interest in the market. The remaining inventory is moving quickly.

Experts agree that the demand for residential projects in the Philippines remains strong, driven by an economy that is “on the cusp of another investment cycle for the first time in 15 years,” according to a report by regional investment house CLSA Asia-Pacific.