Anchor Land expects capex to hit record P5.5 billion

MANILA, Philippines -  Listed property developer Anchor Land Holdings Inc. expects its capital expenditures to hit a record P5.5 billion as it goes full blast on its expansion to take advantage of strong demand for real estate.

In a briefing with reporters last week, Anchor Land vice-chairman Steve Li said the company is ramping up spending to fund six ongoing projects and at least two new projects. This year’s capital budget is 83 percent higher than what the firm spent in 2010. 

 Funding for the company’s expansion will come from a combination of internally generated cash and and debt. 

Projects in full swing are The SoleMare Parksuites near Macapagal Boulevard at the ASEANA Business Park, the Anchor Skysuites along Ongpin Street in Binondo, and the Wharton Parksuites along Masangkay Street, also in Binondo.

Anchor Land has recently broken ground on its Admiral Baysuites project under subsidiary Admiral Realty Co., Inc. as well as with SoleMare Parksuites Phase II.

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