Anchor Land ventures into luxury family residences

MANILA, Philippines - Listed high-rise real estate builder Anchor Land Holdings Inc. is venturing into the development of luxury detached single family residences as demand for this product becomes stronger given an improving economy.

Speaking on the sidelines of the company’s annual stockholders meeting yesterday, Anchor Land vice-chairman Steve Li said the project, dubbed Clairemont Hills, will be a combination of condominium and single detached units to rise on less than 6,000 hectares of land in Alfonso Trece in San Juan City.

Clairemont Hills, also marks the company’s first project outside of its home territory, Manila, Li said.

Li said the project involves the development of 15 storys of twin towers and eight single detached homes.

He said the land, which is just 10 minutes away from the Greenhills shopping complex, was acquired by the company for P100 million.

Construction of theproject is slated for next year.

Aside from this, Anchor land is forking out P4 billion to redevelop the historic Admiral Hotel on Roxas Boulevard into a premier residential and tourist enclave. The company bought the property from 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 condomininium which would be 48 story high.

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

Li said the project is expected as soon as the company finalizes its master plan for the project.