MANILA, Philippines - Anchor Land Holdings Inc., a premier developer of luxury condominiums in Manila, will issue P1 billion worth of fixed-rate bonds to fund its expansion.
In a disclosure to the Philippine Stock Exchange, Anchor Land said management has yet to firm up the final terms and conditions relating to the bond offering.
Ed Francisco, president of BDO Capital and Investment, said the notes facility was firmed up with lender Banco de Oro Unibank Inc. and Allied Banking Corp.
Among Anchor Land’s projects include Clairmont Hills, the group’s maiden foray into luxury single-detached housing development, and the refurbishment of The Admiral Hotel.
Clairmont Hills will comprise a 15-story twin towers of single-detached units to rise on about 6,000 hectares of land in Alfonso Trece in San Juan City. It also marks the company’s first project outside its home territory, Manila. The property, which is just 10 minutes away from the Greenhills shopping complex, was acquired by the company for P100 million. Construction of Clairmont is slated this year.
Anchor Land is spending P4 billion to redevelop the historic Admiral Hotel on Roxas Boulevard 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 residential condominium which would be 48-storys high.
Anchor Land has also diversified into commercial center development with One Shopping Center and Two Center, both located in Pasay City.
Other new projects of Anchor Land are the 55-story Anchor SkySuites, located in the heart of Chinatown in Manila. The project,estimated to cost around P3 billion, 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 spacious floor area of between 95 square meters to 250 square meters.
Anchor Land, partly owned by private firm Sybase Equity Investments Corp. of retail magnate Henry Sy, reported a 61- percent growth in net income in the nine months ending September 2009 to P308.58 million.