Anchor Land to spend P2B for new condo project

ABS-CBN News

Posted at Jun 20 2008 09:35 PM | Updated as of Jun 21 2008 05:35 AM

Publicly listed Anchor Land Holdings Inc. is spending P2 billion for the development a twin-tower residential condominium project located along Macapagal Avenue in Pasay City.

Anchor Land vice-chairman Steve Li said the amount would be funded through a combination of debt and equity.

Called Solamare, the two-tower project will be developed over a period of three years. Each tower will have 18 stories and will offer a total of 900 fully furnished one-bedroom units. The units will sell at P2 million each.

The company is also developing a 50-storey residential building on a 3,100-square meter property in Binondo, Manila owned by Gotamco Investment Realty Corp., which Anchor Land recently acquired for P214 million.

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

Other company projects include Tribeca Parksuites and the Mandarin Square.

Tribeca Parksuites is a two-tower, 18-storey residential and commercial condominium project located 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 P1.5 billion. The project will house a total of 900 units.