MANILA, Philippines?Upscale property developer Anchor Land Holdings Inc. plans to debut on the local bond market with a planned sale of up to P1 billion in fixed rate bonds.

In a disclosure to the Philippine Stock Exchange on Tuesday, Anchor Land said its board of directors had approved the issuance of these retail bonds. "The final terms and conditions relating to the aforesaid bond offering is delegated to the management," the disclosure said.

Anchor Land grew its January to September 2009 net profit by 61 percent to P308.6 million over a year ago on strong sales as well as recognition of sales revenues from three high-rise residential projects completed this year.

The company, which has established a strong niche market in the ethnic Chinese community, last year acquired the historic Admiral Hotel on Roxas Boulevard in Manila from the Lopez-Araneta family which it plans to redevelop into a boutique hotel. A second high-rise building is likewise planned within the sprawling property.