Anchor Land sets aside P4.5B for condo projects

High-rise developer Anchor Land Holdings Inc. has allotted as much as P4.5 billion for the development of the two projects that it will be launching this year. Steve Li, Anchor Land vice chairman, told reporters that the company is looking to spend anywhere between P2.5 billion and P3 billion for the development of newly-acquired parcels of land in Binondo, Manila. Another P1.5 billion has been allotted for its project Tribeca Park Suites. “The project in Binondo is mainly for businessmen and it is planned to become the tallest building in the area," he said. Last month Anchor Land announced that it acquired Gotamco Realty Investment Corp. for P214,23 million, which owned the 3,100 square meter property along Ongpin St. in Binondo. The company plans to build the tallest building, a 50-storey residential condominium in Binondo Manila City. Tribeca, meanwhile, is an 18-story twin tower residential condominium to be located in Paranaque City. The groundbreaking for the project is scheduled in the 2nd quarter of the year and expected to be completed by the third quarter of 2011. - Cheryl Arcibal, GMANews.TV