MANILA, Philippines - Lot prices in Filinvest City soared to a record high of P115,000 per square meter, property developer Filinvest Land, Inc. said in a disclosure.
The rise in lot prices for the property in Alabang, Muntinlupa City was attributed to the completion of the Skyway extension from Sucat to Alabang in April 2011.
"A lot was recently sold for P115,000 per square meter. This is significantly higher than the previous highest price achieved during the height of the property boom in 1997, right before the Asian Financial Crisis," Filinvest Land said.
Other lots in the property were recently sold from P75,000 to P87,000 per square meter, above the price range of P53,200 to P67,500 per square meter last year.
Despite the surge in lot prices, Filinvest Land stressed the prices remain "very reasonable" taking into consideration the lots' accommodation value or the effective cost of land per square meter of buildable area.
Filinvest City lots have an accommodation value of around P10,000 per square meter, below Makati's average accommodation value of P18,000 per square meter, Bonifacio Global City's P20,000, and Ortigas' P15,000.
Filinvest City houses residential and office buildings, hospitals, and hotel and service apartments.
Amid the booming local property sector, the Bangko Sentral ng Pilipinas has repeatedly assured there is no asset price inflation or bubble perceived in the industry.
BSP Chief Amando M. Tetangco, Jr. in September has reiterated that there is no basis for concerns that a bubble may be forming in the real estate sector.
Moreover, the central bank in August has tightened banks' reporting rules with regard to exposure to the property market to promptly determine any price inflation in the industry.