Posted on November 06, 2012 10:07:39
PM [ BusinessWorld Online ]
THE SELLING prices of property
projects in Filinvest City, the flagship development of listed Filinvest Land,
Inc. have risen by as much as 28.89% in the 10 months ending October 2012
versus year-ago levels following the completion last year of the South Metro
Manila Skyway Project extension connecting Parañaque and Muntinlupa, a
disclosure to the Philippine Stock Exchange showed yesterday.
“Lot prices at Filinvest City in
Alabang, Muntinlupa City have soared in recent months with the completion of
the Skyway extension from Sucat to Alabang in April 2011,” Filinvest Land said.
The Skyway is a six-lane elevated toll
expressway built above the existing South Luzon Expressway (SLEx) from Gil
Puyat Avenue in Makati City to the Alabang interchange in Muntinlupa, according
to the Skyway’s Web site. Until April last year, the Skyway only stretched
until Sucat interchange in Parañaque.
Filinvest Land said a total of 2.6
hectares of land in Filinvest City were sold to buyers from January to October
this year at P75,000 to P87,000 per square meter-depending on location and
permitted floor-area ratio (FAR).
These prices are much higher compared
to the price range of P53,200 to P67,500 per square meter recorded last year,
the company said.
The property firm also noted that a
certain lot was recently sold at P115,000 per square meter, the most expensive
pricing for a property in Filinvest City.
“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 without
elaborating.
Annabelle D. Arceo, Filinvest Land
investor relations officer, said in a telephone interview yesterday that the
lot will be allotted for a future office development.
“I can’t disclose the buyer, but the
lot was around 2,400 square meters and it will be used for an office building,”
she said while declining to cite the company’s previous highest lot price
pre-1997.
Meanwhile, despite a surge in selling
prices, Filinvest Land said that Filinvest City lots remain “very reasonable”
based on accommodation values, which is calculated by dividing the selling
price per square meter of a property by its FAR.
Accommodation values in Filinvest City
are pegged at around P10,000 per square meter versus a reported P18,000 to
P20,000 per square meter accommodation values in Makati City and Bonifacio
Global City, and a P15,000 per square accommodation values in Ortigas Center,
Filinvest Land said. -- FJGDLF
____________________________________________________________
