Manila's most expensive apartments cost US$8 million a pop

[MANILA] The property units of SM Investments and GT Capital Holdings are building the Philippines' most-expensive residential tower, where a penthouse apartment will set you back around US$7.8 million, or 600,000 Philippine pesos (S$15,872) per square meter.

Pre-sales at the ultra-luxury condominium called The Estate have been robust, with 40 per cent of units sold even before the building's launch in November.

The development is located on one of the last remaining parcels of land on Ayala Ave., the main thoroughfare in the Makati City central business district.

At 277 meters - topped with a helipad - it will also be the country's tallest building.

A two-bedroom unit, spanning 151 square meters, is priced at 90 million pesos to 95.5 million pesos (S$2.38 million to S$2.53 million), Federal Land president Pascual Garcia said in a briefing in Manila Thursday. Federal Land is the property unit of GT Capital.

Three-bedroom units are priced at 112 million pesos to 153 million pesos.

It will be the first Philippine property to be designed by Foster + Partners, the architects behind the HSBC building in Hong Kong and The Gherkin in London.

SM Development, the property unit of SM Investments, and Federal Land are planning another partnership in the second half, Mr Garcia said.

BLOOMBERG