Manila, Philippines (The Adobo Chronicles) – Condominium sales in the Philippines have been a very lucrative business in the last decade, with Filipino expatriates investing hard-earned dollars to purchase luxury units in Metro Manila and elsewhere for an average price of 2 Million pesos (about U.S. $50,000).
But in just the last couple of days, condo prices have hit an all-time low, with a one-bedroom unit averaging below 300,000 pesos (about U.S. $5,000).
Blame it on the recent discovery of luxury prison cells in the New Bilibid Prison, a national penitentiary, where incarcerated drug lords had saunas, jacuzzis, sleep number beds, mini-theaters, cell phones, computers , disco lights and all, in addition to a stash of cash, drugs and firearms in their units. And all it took was for these inmates to cough up 300,000 pesos.
When news of the discovery was reported in the media, the going price for luxury condos suddenly dropped to below 300,000 pesos.
“Why should I spend 2 Million pesos when I could purchase a more luxurious and furnished unit for much less,” said Elena Batongbakal, a retired Filipino American nurse who was visiting Manila and in the market for a condo unit to use as her retirement home . The luxury units at the national prison have been put on the auction block for expatriates like Batongbakal to bid on.
Winning bidders will have a unique street and mailing address: 1000 New Bilibid Prison, Mandaluyong, Metro Manila, Philippines.