Makati penthouse sparks bidding war as weekend clearance rate hits 78%

A penthouse in Makati's Century Spire sold for P12 million above its reserve price on Saturday, pushing the weekend clearance rate across Metro Manila to 78%, according to data from the Philippine Association of Real Estate Boards (PAREB). The sale was one of several standout results that surprised agents and homeowners alike, signaling renewed buyer confidence in a market that had been slow for months.

This weekend's auction results matter because they offer the first clear signal that buyer sentiment is shifting after a period of uncertainty tied to global trade tensions and domestic inflation. The 78% clearance rate, calculated from auctions held at four major auction houses in Metro Manila, is the highest since February, PAREB reported. That's a jump from 68% in the same weekend last year.

Standout sales above reserve

The Century Spire penthouse-a 320-square-meter unit on the 45th floor of the tower along Kalayaan Avenue-drew seven registered bidders and sold for P112 million, well above its P100 million reserve. Auction house Lamudi Philippines handled the sale. Another notable result came from a three-bedroom condominium at The Rise Makati, which went for P18.5 million, P2.1 million above its reserve. That property, located on a high floor with views of the Poblacion district, was sold by real estate firm KMC Savills.

In Quezon City, a three-story residential lot on Scout Rallos Street in Barangay South Triangle sold for P8.9 million, P900,000 over reserve, according to a report from the Quezon City chapter of PAREB. The property is near the Ortigas Avenue extension and had been on the market for eight months before being listed for auction. The sale suggests that well-located residential lots in central neighborhoods are still attracting competition.

The weekend's results also included a commercial unit in Bonifacio Global City. A 50-square-meter retail space at Serendra Piazza-near the Burgos Circle roundabout-sold for P32 million, P2.5 million above its reserve, according to a statement from auction house Leechiu Property Consultants. The space had been used as a café before the previous tenant vacated it in March.

What this means for buyers and sellers

The strong clearance rate and above-reserve sales are likely to encourage more sellers to list their properties at auction rather than through private treaty, said a PAREB official who spoke on background. The association reported that the number of properties submitted for auction this weekend rose 15% compared to the same weekend in 2025. Bidding activity was especially strong in Makati, Quezon City, and Bonifacio Global City, where available inventory is tight.

For buyers, the weekend's results serve as a reminder that reserve prices are not ceilings. Lamudi reported that the average winning bid across its auctions this weekend was 8% above reserve, up from 5% in June. The upward trend suggests that buyers willing to bid aggressively can still secure properties, but they may need to stretch their budgets.

Sellers, meanwhile, should consider adjusting reserve prices to reflect current demand, particularly in Makati and Bonifacio Global City, where multiple bidders were competing for premium units. PAREB's next scheduled auction round is set for August 8, with a list of properties expected to be published on July 25. Interested parties can request a catalog through the association's website or by visiting its office on Paseo de Roxas.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.