Leading luxury real estate project Raffles Makati Hotel and Residences in the heart of Makati central business district has sold a penthouse that achieved the highest price per square meter ever paid for a condominium in the Philippines.

The unnamed buyer chose the Raffles penthouse unit for its location and exemplary service levels. “My client’s portfolio comprises of highly prestigious projects in several international cities. A key factor that influenced this purchase was knowing that this is the best project in Manila, both in terms of build quality and the personal service for which the Raffles brand is renowned,” said the buyer’s representative.

RJ Aguirre, Research Manager at Colliers International, Philippines, explained: “This sale is reflective of continued confidence in this market and an appreciation by buyers, both local and international, of premium and branded product. Raffles Residences has certainly set the standards for the local, ultra-luxury residential market and we expect this trend to continue with surging demand for branded residences.”

“We are delighted to secure another sale for our premier penthouses at the Raffles Residences, Makati, and achieve a new record for real estate sales in the Philippines. Both the domestic and international market recognizes our premium product and we have recently released a new phase of inventory in response to strong and continued client demand,” added Andrew Sparrow, Sales Manager of Raffles Residences.

Construction of the Raffles Hotel and Residences Makati has been equally brisk. After having spent 3.1 million man-hours onsite, the super structure is now 19 floors high and installation of the building’s glass curtain has reached the third level.