Anchor Land sets aside P4 billion for redevelopment of Admiral Hotel

MANILA, Philippines – Listed high-rise real estate developer Anchor Land Holdings Inc. is investing P4 billion to convert the historic Admiral Hotel on Roxas Boulevard into a premier residential and tourist enclave.

Anchor Land recently sealed a deal to acquire the hotel from the Lopez-Araneta clan, led by Jose Ma. Lopez and Ma. Victoria Concepcion.

The move marks the entry of Anchor Land into hotel operations and is aimed at building a presence in the Roxas Boulevard area. Initial plans for the site include the development of a boutique hotel and an upscale residential condominium.

The hotel will have all premium units facing scenic Manila Bay.

Steve Li, vice-chairman of Anchor Land, said the acquisition is part of the group’s strategy to fortify its position in the upscale condominium market.

Anchor Land is also diversifying into commercial center development with its first shopping mall to rise in Baclaran. 

For this year, the company has set aside P2.5 billion for its capital expenditures, mostly for the development of ongoing and new projects as well as acquisition of properties in various areas in Metro Manila for future development.

Among its new projects include the 55-story Anchor SkySuites, located at the heart of Manila’s 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 in the Chinatown district, offering a total of 330 two-to five-bedroom units with a floor area of 95 square meters to 250 square meters.

Also in the pipeline is Wharton, a 30-storey residential building in Masangkay, Manila. Development cost is P1.2 billion.