July 29, 2015
Ayala Land has just confirmed that it had tripled the price of its high-end condos in just a decade, a remarkable pricing power that outpaces the growth in the per capita income of Filipinos.
Ayala Land Premier managing director Jose Juan Jugo told a press briefing Tuesday that the demand for its latest top-end residential condo project in the Fort, West Gallery Place, has been brisk even though the average price of P234,000 a square meter is nearly triple the P85,000 sqm of the Serendra, its first condo project in the Fort, when the latter was launched in 2004.
The jump in the condo pricing even becomes more pronounced in US dollar terms.
At today's exchange rate, P234,000/sqm translates to about $5,142/sqm, as against the equivalent of $1,517/sqm that P85,000/sqm commanded in 2004 using the prevailing P56-$1 exchange rate at that time.
Using the current US dollar rate, the average per capita GDP income of Filipinos within the same decade on the other hand had risen, according to the World Bank, to $2,843 in 2014 from $1,084 in 2004, representing a 2.6-times increase.
By: Victor C. Agustin
Original article can be found here >>
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