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ANCHOR Land Holdings Inc. said its sales last year surged due to the fast take up of its high-rise residential condominium units.
Steve Li, Anchor Land president, told reporters that unaudited figures showed the property firm’s sales revenue last year hit P1 billion, a “significant improvement [over] 2006” at over P300 million. Li said the favorable economic environment, including lower interest rates, spurred the sales of condominium units.
Recently, the company bought Gotamco Investment Realty Corp., which owns five parcels of land with an aggregate area of 3,100 square meters along Ongpin Street in Binondo, the country’s Chinatown district. Li said Anchor Land is just waiting for the leases of the current tenants to expire before building a 50-story residential condominium tower estimated to cost about P2.5 billion. He said the still unnamed project is geared towards the Filipino-Chinese market and businessmen.
The company is also set to start construction of Tribeca Park, an 18-story twin tower mixed-use project in Parañaque estimated to cost P1.5 billion. Li said the two towers that are scheduled to be completed in the third quarter of 2011 would house 900 units, most of which are residential, with a business process outsourcing (BPO) office space component on the ground floor. Units in Tribeca will be fully furnished and a 45-square meter one-bedroom unit would cost about P2 million.
Anchor Land is completing the 39-story luxury condominium Mandarin Square that is located on a 2,100-square meter property along Ongpin Street. The project is expected to be finished in the first quarter of 2010 and would have a total floor area of 69,000 square meters, with 872 square meters devoted to commercial use. In a statement, the company said units—from two- to five-bedroom—are selling “at a steady pace.”
The 33-story Mayfair Tower, another project along United Nations Avenue also in Manila, would be completed by the third quarter of this year. In 2006, the company finished and turned over units in Lee Tower to owners ahead of schedule. The 33-story tower was sold out 18 months after launch due to word-of-mouth marketing within the Filipino-Chinese community, Li said.
Anchor Land is on the lookout for prime land and may branch out to horizontal developments in the future for growth.
- Likha C. Cuevas-Miel
ManilaTimes.Net
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