Anchor Land acquires Gotamco Investment

Binondo-based property developer Anchor Land Holdings Inc. has acquired 100 percent of Gotamco Investment Realty Corp., a company disclosure to Philippine Stock Exchange said. 

Gotamco owns five parcels of land along Ongpin St. covering an aggregate area of about 3,065.70 square meters.  Anchor Land, which raised P770 million from the maiden offering of its shares to the public last year, did not disclose the acquisition price for Gotamco. 

In view of this development, the stock exchange suspended  yesterday trading in Anchor Land’s shares pending full disclosure of the transaction.  

Anchor Land’s existing projects include the three-story Mandarin Square which is projected to be completed by December 2009, the 33-story Mayfair Tower and a condominium project in Aseana Park near Mall Of Asia estimated to cost P1.8 billion.  

To fund ongoing and future projects, Anchor Land earlier said it might borrow between P600 million to P800 million.  

The Mayfair Tower along United Nations Ave. in Manila was sold out in less than 18 months since its launch while Mandarin Square has generated over 60 percent of reservations from the public.  

Mandarin Square, a 39-storey luxury, high-rise condominium along Ongpin St. in Binondo is expected to be completed by the end of 2009 while Mayfair will be ready for turnover to buyers by the second quarter also next year.  

Anchor Land, owned by a group of seasoned professionals with over 30 years of experience in the the real estate industry, began commercial operations with the launching of its first luxury condominium project under Anchor Properties Corp. at the heart  of the Binondo. The company also has several projects in China.