SEC approves Anchor Land capital hike

MANILA, Philippines - Anchor Land Holdings Inc. has obtained the Securities and Exchange Commission’s nod to raise its capitalization to P2.3 billion from P1 billion.

The new capitalization consists of one billion common shares and 1.3 billion preferred shares, both with a par value of P1.

Anchor Land’s projects in full swing are The SoleMare Parksuites near Macapagal Blvd. at the Aseana Business Park, the Anchor Skysuites along Ongpin St. in Binondo, the Wharton Parksuites along Masangkay St., also in Binondo, and the Admiral Baysuites project.

In the pipeline is Clairemont Hills, the group’s maiden foray into luxury single detached housing development. The project will be a combination of 15-story twin towers and eight single-detached units to rise on less than 6,000 hectares of land in Alfonso Trece in San Juan City.

Anchor Land is also redeveloping the historic Admiral Hotel on Roxas Blvd. into a premier residential and tourist enclave. The company bought the property from the Lopez-Araneta clan, led by Jose Ma. Lopez and Ma. Victoria Concepcion.

Initial plans for the site include the development of a boutique hotel and an upscale 48-story residential condominium.

Anchor Land has also diversified into commercial center development with One Shopping Center and Two Center, both located in Pasay City.