The Sapphire Bloc in Ortigas Center presents an interesting case study in how BIR zonal values and developer marketing can tell two different stories about a property’s worth. The Bureau of Internal Revenue currently assesses residential condominium units in the complex at ₱225,000 per square meter, while commercial condo spaces are valued at ₱270,000 per square meter and parking slots at ₱189,000 per square meter. These figures, based on Department Order 24-2023 effective June 2023, represent the minimum tax assessment — not the market price — but they give you a concrete starting point for understanding what the developer, RLC Residences, is asking for its ready-for-occupancy units.
What makes The Sapphire Bloc worth examining closely is not just its four-tower design or its location at the corner of Sapphire, Garnet, and Onyx streets in Barangay San Antonio, Pasig City. It is the gap between what the BIR says a square meter is worth for tax purposes and what the market might actually bear — especially when you consider that the complex has no active listings on major property platforms, which raises questions about liquidity and resale demand. If you are considering a unit here, understanding that gap is the first step toward making a sound decision rather than relying solely on the developer’s marketing narrative.
For context on how other high-profile condominiums in Metro Manila compare in terms of value and resident experience, you might find it useful to look at how Air Residences in Makati balances affordability against its own set of trade-offs.
What The Sapphire Bloc Actually Offers
The developer, RLC Residences, positions The Sapphire Bloc as a lifestyle upgrade rather than just a place to live. The logic is straightforward: if you live here, the time you save on commuting becomes time you can spend in the gym, the pool, or the resident lounges. The ground floor also hosts coffee shops and restaurants, which adds a layer of convenience that matters for young professionals and expatriates who form the target rental market.
But here is where the picture gets more complicated. The project is still in its pre-selling phase for some towers, even as others are ready for occupancy. That means early buyers are essentially betting on future appreciation in a market where even established Airbnb-friendly locations like The Rise in Makati face questions about sustained demand.
Why the Zonal Value Matters More Than You Think
The BIR zonal value of ₱225,000 per square meter for residential condos at The Sapphire Bloc is not just a number on a government document. It directly affects how much you will pay in taxes when you buy or sell. The BIR compares the zonal value against the selling price and uses whichever is higher as the basis for capital gains tax and documentary stamp tax. If you buy a unit at a discount — and the developer is offering RFO discounts of up to 11.5 percent — the taxman still looks at the zonal value, not your discounted price.
Consider a 30-square-meter unit. At the zonal value of ₱225,000 per square meter, the BIR considers that unit worth at least ₱6.75 million for tax purposes. If you negotiate a purchase price of ₱6 million, you still pay taxes based on ₱6.75 million. That difference matters when you are calculating your total cash outlay.
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The zonal value also matters for estate and donation taxes. If you plan to transfer the property to a family member, the BIR will assess the transfer based on the zonal value. And because The Sapphire Bloc has three separate classifications — residential condo, commercial condo, and parking slot — each with its own zonal value, you need to know which classification applies to the specific unit you are buying. A parking slot, for instance, is assessed at ₱189,000 per square meter, which is significantly lower than the residential rate.
This is where the disconnect between developer marketing and actual valuation becomes most apparent. The developer talks about “lasting value” and “strong demand for residential spaces” in Ortigas, but the BIR data tells a more measured story. The average zonal value across all classifications is ₱217,867 per square meter, and the range spans from ₱172,200 to ₱270,000 per square meter. That spread suggests that not all units in the complex are created equal from a tax perspective, and by extension, from a resale perspective.
What Gets Missed in the Marketing Hype
Developer brochures and news articles about The Sapphire Bloc emphasize the walkable lifestyle, the proximity to corporate offices, and the curated amenities. What they do not talk about is the absence of active listings on major property platforms. As of the latest data, there are no properties currently listed for sale in The Sapphire Bloc. That could mean one of two things: either owners are holding onto their units because they believe values will rise, or there is simply no active resale market yet.
→ Scroll right to see all columns
| Classification | Zonal Value (per sqm) | What It Covers |
|---|---|---|
| Residential Condo (RC) | ₱225,000 | Standard residential units |
| Commercial Condo (CC) | ₱270,000 | Ground-floor commercial spaces |
| Parking Slot (PS) | ₱189,000 | Designated parking areas |
Another factor that gets overlooked is the timeline. The East Tower was completed in the third quarter of 2024, while the South Tower is not expected to be finished until the third quarter of 2026. That two-year gap means that residents in the completed towers will be living in an active construction site for a significant period. Noise, dust, and limited access to certain amenities are realistic concerns during this phase. If you are buying for immediate occupancy, you need to factor in whether the construction of the remaining towers will affect your quality of life and, potentially, your ability to rent out the unit.
The Rental Income Assumption
The developer markets The Sapphire Bloc as an excellent opportunity for rental income from young professionals and expatriates. That is a reasonable claim given the location — Ortigas is one of Metro Manila’s key business hubs, and the complex is within walking distance of major corporate offices. But the rental market in Ortigas is not uniform. Units in older buildings with lower association dues may offer better yields than a brand-new development where monthly maintenance fees are likely to be higher. The developer offers an Early Move-In promo for North and West Tower units requiring only a 5 percent downpayment, which lowers the barrier to entry but does not address the ongoing costs of ownership.
The Classification Confusion
The BIR lists three classifications for The Sapphire Bloc, but the developer’s marketing materials do not always make clear which units fall under which classification. If you buy a unit that the BIR classifies as commercial rather than residential, your tax treatment changes. Commercial condo units are assessed at ₱270,000 per square meter — 20 percent higher than residential units. That higher valuation means higher taxes when you sell. Before signing any contract, verify with the developer and the BIR which classification applies to the specific unit and tower you are considering.
What to Do Before You Buy
If you are seriously considering a unit at The Sapphire Bloc, there are several concrete steps you should take before committing. These go beyond what the developer will tell you and address the gaps in the available information.
Verify the Zonal Value for Your Specific Unit
The BIR zonal values published by Housal are based on the building name matching “THE SAPPHIRE BLOC ORTIGAS – SOUTH & EAST TOWER” and “THE SAPPHIRE BLOC ORTIGAS – NORTH & WEST TOWER.” But zonal values can vary by floor level, orientation, and specific classification. Visit the BIR Revenue District Office that covers Barangay San Antonio, Pasig City, and request a certified copy of the zonal valuation for the exact unit you are eyeing. This is the only way to be certain of the tax basis you will face when you eventually sell.
Calculate the True Cost Including Taxes
Use the zonal value to estimate your capital gains tax (6 percent of the higher of zonal value or selling price) and documentary stamp tax (1.5 percent of the same base). For a 30-square-meter unit at the residential zonal value of ₱225,000 per square meter, the tax base is ₱6.75 million. That means capital gains tax of approximately ₱405,000 and documentary stamp tax of approximately ₱101,250 — and that is before you factor in transfer taxes, registration fees, and notarial costs. The developer’s 11.5 percent discount may look attractive, but it does not reduce these tax obligations.
Assess the Resale Market Realistically
The absence of active listings is a red flag that deserves serious attention. Contact at least three real estate brokers who specialize in Ortigas condominiums and ask them specifically about recent transactions at The Sapphire Bloc. If they cannot point to any closed sales in the past six months, you are looking at a property with limited liquidity. That does not mean it is a bad investment — it may simply be too early in the project’s lifecycle — but it does mean you should plan to hold the unit for at least five to seven years rather than expecting a quick flip.
Compare With Nearby Completed Projects
Look at resale prices and rental yields in older Ortigas condominiums such as those in the nearby Shang Salcedo Place or other established developments. These projects have track records that The Sapphire Bloc does not yet have. Compare not just purchase prices but also association dues, property tax rates, and actual rental income. A slightly older building with lower monthly fees and proven rental demand may offer better returns than a brand-new tower with higher carrying costs.
Frequently Asked Questions
Is the BIR zonal value the same as the market price? ▾
What happens if I buy at a discount below the zonal value?
Why are there no active listings for The Sapphire Bloc?
Does the zonal value apply to all four towers equally?
How often does the BIR update zonal values for The Sapphire Bloc?
Making Your Decision
The Sapphire Bloc offers a genuine lifestyle proposition — walkable access to Ortigas offices, a full suite of amenities, and the backing of a major developer in RLC Residences. But the investment case is less clear-cut than the marketing suggests. The absence of a resale track record, the ongoing construction timeline for the South Tower, and the gap between zonal values and actual market prices all point to a property that requires patience and careful financial planning. If you are buying for the long term and can absorb the holding costs, the location alone may justify the purchase. If you are looking for quick appreciation or rental income, you would be wise to verify the numbers yourself before signing.
If this was useful, you might also want to read our analysis of whether One Serendra’s rising maintenance fees offset its lifestyle benefits.
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Sources
Air Residences Makati: The Ultimate Starter Condo or Too Good to Be True? — A detailed look at another RLC Residences project and how its value proposition compares to The Sapphire Bloc.
The Sapphire Bloc Zonal Values. Housal, accessed 2025.
The Sapphire Bloc: A Power Move in a Market Full of Choices. Manila Bulletin, February 25, 2025.
The Sapphire Bloc Official Project Page. RLC Residences, accessed 2025.
