MANILA, Philippines — Property firm Anchor Land Holdings Inc. will spend P2.8 billion for two major condominium projects to take advantage of the robust growth in the property market, company vice chairman Steve Li said in a news briefing.
He said P2 billion would be spent on Mandarin Square, a 39-story condominium building on a 2,300-square-meter lot in Binondo, Manila.
Mandarin Square will be completed by 2009, he said.
“We have a strong belief that the growth in the property market is sustainable for more than three years,” Li said.
He said another project, Mayfair Tower, would be completed in 2008 and cost roughly P800 million to build.
The 33-story structure will rise on a 1,000-square meter site on UN Avenue in Manila, he said.
Mayfair Tower will target overseas Filipino workers and expatriates.
Mayfair Tower has a fitness center, clubhouse, pool areas, sunken bar, lounge, wellness center with two saunas and shower rooms, a pond as well as waterfalls and jogging path.
Li said shareholders of Anchor Land were willing to infuse additional capital into the company to fund more projects.
Anchor Land is a multinational real estate company with several projects in China.
Its first luxury condominium project in the Philippines under Anchor Properties Corporation (APC) is the Lee Tower in Binondo.
Anchor Land has a pending application with the Philippine Stock Exchange for an initial public offering.
Anchor Land aims to raise anywhere between P300 million and P500 million from the sale of shares.
The proceeds will be used to acquire more land.
The company has managed to double its earnings last year to P56 million, from P24 million the previous year.