The report by InsiderPH raised eyebrows, since going rates at the time were already unapologetically steep at about P150 million.
To many, it seemed like a case of more money than good sense, but that purchase might not have been so wild after all.
This is because new data from Leechiu Property Consultants (LPC) showed prices at Manila Golf soaring the past year, with shares reached P195 million in the first quarter of 2025 before easing down to P193 million in the second quarter.
That’s 150 percent better than the pre-pandemic price in 2019 and a 1,500 percent return from 2009.
“What we’re seeing among gold and country clubs is high usage and high patrons,” said Roy Golez, LPC director for research and consultancy.
670% price surge during COVID-19
He said the 670 percent surge in golf membership prices since the pandemic began has leveled off more recently.
Manila Golf shares have slipped 1 percent from the first quarter while another popular golf course, Wack-Wack Golf and Country Club, saw its membership price add a modest 3 percent to P89 million.
Sta. Elena Golf and Country Club shed 6 percent to P25 million, Alabang Country Club lost 3 percent to P19 million, Baguio Country Club was flat at P6.25 million, while Manila Southwoods Golf and Country Club also declined 4 percent to P6 million.
Renting over ownership
“I’m assuming the pricing has been flattish due to lack of demand for the shares,” Golez said, adding that the sport remains very popular.
“What’s been happening is many of the players, golfers and families have not been purchasing shares but actually been renting and getting memberships on an annual basis,” he said.
Golez said the more stable pricing environment is not stopping developers from launching new golf courses, given the sport’s timeless appeal.
On course for more club openings
LPC highlighted the following courses south of Metro Manila:
• Marina Estates by Hamilo Coast (200 hectares, Nasugbu, Batangas)
• Nascala Coast by Megaworld (116 hectares, Nasugbu, Batangas)
• Lialto Beach and Golf Estate by Megaworld’s GERI (150 hectares, Lian, Batangas)
• Rockwell Lian by Rockwell Land (200 hectares, Lian, Batangas)
• Arillo by Ayala Land (62 hectares, Nasugbu, Batangas)
Golez said another two golf courses are being added north of Metro Manila for a total of seven new courses in the coming years.
Developers are bullish on golf, which bolsters values at their leisure communities, and is also a major draw for tourism.
“We have a long ways to go,” Golez said.
“The Philippines is only about half of Malaysia in terms of the total number of golf course. We have 125 courses, if you look at Malaysia, it’s 248,” he said.
Thailand, one of the top tourist destinations in the world, has 315 golf courses, while Indonesia has 177 and 118 in Myanmar, he said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
