Anchor Land unveils P11B 4-tower condo project

MANILA, Philippines—Upscale property developer Anchor Land Holdings Inc. plans to roll out this year its biggest residential project to date—an P11-billion four-tower residential development at the ASEANA business park in Parañaque City, seen catering to the “multinational” community.

In a press briefing after the company’s stockholders’ meeting on Thursday, Anchor Land vice chairman Steve Li said the project, Monarch Parksuites, would offer to the public the first two towers this year comprising about 750 residential units.

The four-tower development is expected to be completed in five to six years, rising on a 1.9-hectare property acquired by the company adjacent to its SoleMare Parksuites. The first building is expected to be completed in the next four years.

Unlike the company’s previous projects that usually catered to a niche Filipino-Chinese community, Li said this new project would cater to the “multinational” community, citing an increase in demand from foreigners to invest in quality residences in the Philippines.

The project is the third phase of Anchor Land’s coastal mixed-use development along the scenic Manila Bay. It will feature more open spaces, bigger amenities and garden areas.

Monarch Parksuites will offer residential units with living space of between 25 and 130 square meters that will sell for between P90,000 and P120,000 per square meter.

Li said Anchor Land has diversified its market base and trimmed the share of business from its bailiwick Filipino-Chinese community to 60 percent from 89 percent previously.

Meanwhile, Li said the company was also on track to meet its net profit target of P1 billion for 2012. It booked a net income of P841.7 million in 2011, up by 49 percent from a year ago.