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Filinvest Land properties hit record-high prices

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  
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