Anchor Land allots P3B for 50-story building in Binondo

High-end residential condominium developer Anchor Land Holdings Inc. is allotting as much as P3 billion for the development of a 50-story building in a newly-acquired property in Binondo, Manila.

The 3,100-square meter property, located on Ongpin St. in Manila’s Chinatown area, was acquired by Anchor Land through the purchase of Gotamco Investment Realty Corp. for P214 million.

The building, envisioned to be the tallest in Manila, would be Anchor Land’s fifth residential project to date and the third in Binondo alone.

Anchor Land vice chairman Steve Li said the company is still finalizing the masterplan for the project, which would include a sky garden patterned after upscale residential condominiums in New York and other major cities around the world.

The project will also feature a viewing deck, swimming pool, playground, fitness center and other amenities.

In addition, the company is developing the Tribeca Parksuites, a two-tower, 18-story residential and commercial condominium project at the Aseana Business Park near SM Mall of Asia, the newest major development hub in the country.

Li said the company is targeting the middle-income market for Tribeca, which is expected to cost the company some P1.5 billion. The project will have a total of 900 units.

A one-bedroom unit measuring 25 square meters would cost P2 million.

Other ongoing projects of the company include the three-storey Mandarin Square, which is slated for completion in December 2009 and the 33-story Mayfair Tower along UN Avenue, which is ready for occupancy in the second quarter of the year.

Anchor Land raised P770 million from the maiden offering of its shares to the public in August last year.

Li said sales are expected to reach the P1 billion mark in 2007 on the strong take-up of Mandarin Square and Mayfair Tower.

In the nine months ending September 2007, Anchor Land posted a net income of P62.7 million, up nine percent from P57.4 million in the same period a year earlier. Revenues grew 82 percent to P606.5 million from P333.6 million.

Li said the company continues to look for prime properties to beef up its existing landbank of 4,000 hectares.

He said Anchor Land recently acquired another property company, Renig, for P60 million.

Retail tycoon Henry Sy holds a 10-percent interest in Anchor Land.