Anchor Land taps Spanish firm for land acquisition

High-rise condominium developer Anchor Land Holdings, Inc. on Friday said it had signed a deal with an undiclosed Spanish real estate firm as it tries to acquire more lots in Binondo, Manila. In a disclosure to the Philippine Stock Exchange, Anchor land Vice-Chairman Steve Li said their latest endeavor is in line with their plan to acquire more lands for high-rise residential condominium projects. "Acquiring a real estate company is one of the fastest ways of increasing our land banking," he said. Mr. Li also said ongoing projects and acquisitions are a testament to the commitment of Anchor Land to serve the needs of their niche market — the Filipino-Chinese families living in Binondo. "We are eager to start another condominium project in Binondo because we know there is a huge demand for high-quality condominium units among the Filipino-Chinese community," he said. Anchor Land is set to launch in the fourth quarter its two-tower, 18-storey residential project inside Aseana Park, an area near the SM Mall of Asia in Pasay City. Soon to rise on a 6,500-square meter area, the project is earmarked to cost Anchor Land P1.8 billion, which will come from its maiden share offering in August. Anchor Land took P580.45 million at its market debut after listing 346.667 million common shares with a par value of a peso per share. It earlier said a portion of the proceeds would be used to acquire more lands and bankroll ongoing and future projects. Around P200 million will serve as the seed fund for its mixed-use development project in Parañaque City. Another P100 million will be used for the Mayfair Tower, a 33-storey condominium project along United Nations Avenue in Manila. Anchor Land shares closed 2.5% or 20 centavos lower at P7. - L.N.P. Lee/BusinessWorld