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Rich Asians buy into upwardly mobile Manila's luxury condominiums

Published on Jul 2, 2014 9:16 AM

MANILA (Reuters) - Sweating under their hard hats, renowned Polish architect David Libeskind and interior designers from Italy's Armani trooped to a construction site in sweltering, downtown Manila, to perform the ground breaking for a new tower in the Philippine capital.

Marketed to attract buyers wealthy enough to own luxury apartments, most likely in more than one country, the 60-storey office and residential project, dubbed "Century Spire", is being built in the downtown Makati district.

Featuring an angular glass shaft with an asymmetrical triple summit, the "Spire" is due to be completed in four years, but two-thirds of the space is already sold, with many of the apartments taken by rich Asians living elsewhere in the region.

At the ground breaking ceremony in May, Libeskind - whose other landmark buildings include the Jewish Museum in Berlin and the Denver Art Museum - said the "Spire" would "make a bold and optimistic statement about the future of the Philippines."

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