Anchor Land allots P2.5 billion for land acquisition, development

MANILA, Philippines - Residential condominium developer Anchor Land Holdings Inc. has earmarked P2.5 billion this year for landbanking and development of ongoing and new high-rise residential projects.

Anchor Land vice-chairman Steve Li said this year’s capital budget, which is higher than the P2 billion allotted in 2008, will be sourced from internally-generated cash and bank borrowings, if necessary.

Li said capex will cover the construction of the 55-storey Anchor SkySuites located in the heart of Manila Chinatown. Estimated to cost around P3 billion, the project is expected to be completed in five years.

When completed, the Skysuites will be one of Metro Manila’s tallest buildings, offering a total of 330 two to five-bedroom units with a floor area of 95 square meters to 250 square meters.

Li said the company will start pre-selling the project this year

Also in the pipeline is Wharton, a 30-storey residential building to rise in Masangkay, Manila.  Development cost has been pegged at P1.2 billion.

Li said the company will continue to beef up its landbank with plans to acquire three more lots in various locations which he declined to identify.

He said demand from local buyers remains strong despite the ongoing financial downturn.

Thus, sales are forecast to exceed last year’s level of P1.3 billion.  Anchor Land reported a net income of P236.8 million in 2008.

Anchor Land assistant vice president for sales and marketing Elizabeth Sison said the company is venturing into commercial center development with its initial project to rise somewhere in Baclaran.  The first mini-shopping mall, which will rise on a 10,000 square meter property, is similar to the 168 mall in Manila.  Construction is now ongoing and is expected to be finished in nine months. 

The company is targeting to build another mall possibly within the year as it is actively looking for a good location suitable for commercial center development.

Among Anchor Land’s ongoing and completed projects are Solamare, a twin tower residential building located along Macapagal Avenue, Tribeca ( a 50-storey residential building in a newly-acquired property in Binondo, Manila), Mandarin Square, Mayfair Square (located at the United Nations Ave.) and Lee Towers.