Property prices in the Philippines have surged over the past few years, but it isn't clear puffed up valuations stack up to a bubble.
Flashing yellow lights abound.
Illya Heng, CEO of property developer D Prime, plans to build an around 760-unit project on 2 hectares of land on the island of Boracay. She's offering buyers 50 percent in-house financing, a move which can allow buyers to skirt any loan-to-value requirements banks might put on a mortgage, although she expects most will pay cash.
Heng, who said her project is seeing a lot of investor interest at pre-launch events, plans to offer mostly around 52-square-meter (560 square foot) furnished units at around 500,000 Singapore dollars ($400,000) -- slightly more expensive than many similarly sized units in nearby Singapore, one of the world's most expensive property markets.
Of course, Boracay offers a desirable location, named the world's best island by Travel + Leisure magazine in 2012. And Heng is quick to highlight that her units aren't going to be as utilitarian as many Singapore properties, claiming they will offer Santorini-style design, referring to the Greek island known for blue-capped, white-washed buildings.
But Santorini-style is cheaper in Santorini -- a 120 square meter (1,292 square feet) two-bedroom, two-bath maisonette with a sea view in Thira, Santorini was recently listed at 150,000 euros ($179,000).
However, Heng said she's only betting on property in Boracay, not the other more than 7,000 islands that make up the Philippines.
It isn't clear just how much property prices may have climbed throughout the country as pricing data are hard to come by. The central bank, Bangko Sentral ng Pilipinas (BSP), has delayed the launch of a property price index until sometime in 2015 from the first half of 2014.