A penthouse apartment in a luxury residential development in Makati has just been sold for a sum that is the highest price per square metre paid for a condominium in the Philippines.

The unidentified buyer paid the undisclosed record sum for a condominium at the top of the Raffles Makati Hotel and Residences, which is still under construction.

The sale reflects the growth that the Philippine property market has been enjoying in 2010. The demand for branded luxury residences like the Raffles development project is also likely to grow in the Asia Pacific as a whole, as the region continues to see economic improvement.