Sunday 16 February
Feb 13, 2020 @ 22:19

Mas mahal pa sa Dasma! Lucio Tan selling 4-hectare Marina property but buyers staying away due to high asking price

 

Bilyonaryo Lucio Tan has reportedly put on the block his four-hectare property at the Asiaworld Marina district in Paranaque.

Tan’s property is part of the 173-hectare Asiaworld complex built by the late Chinese-Filipino billionaire Tan Yu who won the reclaimed property in a bidding in 1988. Bilyonaryo earlier reported rumors that Tan was unloading his properties and seeking a joint venture partnership for his real estate arm, Eton Properties.

But while Marina and other Manila Bay reclaimed properties are one of the hottest in the property market especially with the surge in demand from Philippine Offshore Gaming Operators, most buyers have so far been cool to snapping up the mouth-watering property because of its nose bleed price tag.

Tan is reportedly asking for P500,000 per square meter or a total of P20 billion. This is a big premium over the most recent land sold in the Manila Bay area at P200,000 per square meter for residential and P350,000 for commercial.

For context, lots at Forbes Park and Dasmarinas go for between P400,000 and P450,000 per square meter according to Leechiu Property Consultants.

is now the most expensive luxury village in the country with lot prices topping P450,000 per square meter or 12.5 percent better than the best price for Forbes at P400,000 per square meter.

The two ultra-exclusive village were neck-and-neck last year at P375,000 per square meter for Forbes and P374,000 for Dasmarinas. The most expensive land in Bonifacio Global City went for P1.3 million per square meter but you can build skyscrapers in the former military base but not on Marina’s reclaimed soil.

Eton Properties in disarray? Lucio Tan reportedly looking to sell prime lands or take in partner similar to Philip Morris JV

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