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Soaring land prices in Manila spark property bubble concerns

Manila

RECORD bids for two plots of land in a Manila business district have lifted prices to a 17-year high, raising concerns that a property bubble is forming.

The 1,600-square-metre site in the former military camp of Bonifacio fetched 732.8 million pesos (S$21 million) and 800 million pesos each at a government auction in September.

That was a record half-a-million pesos per square metre, about 80 per cent higher than the previous government land sale in the area, according to the local associate of Savills plc.

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