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Record Manila Land Sales Stoke Frothy Valuations

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Record bids for two plots of land in a Manila business district have lifted prices to a 17-year high, raising concerns that a property bubble is forming.

The 1,600-square-meter (17,200-square-foot) site in the former military camp of Bonifacio fetched 732.8 million pesos ($16.3 million) and 800 million pesos each at a government auction in September. That was a record half-a-million pesos per square meter, about 80 percent higher than the previous government land sale in the area, according to the local associate of Savills Plc.