Saturday, June 21, 2008 [ philstar.com ]
Manila-based residential condominium developer Anchor Land Holdings Inc. is spending P2 billion for the development of Solamare, a twin tower residential building to rise along Macapagal Avenue.
The two towers will have 18 stories each and will be developed over a period of three years. Groundbreaking has been scheduled next month.
Solamare will offer a total of 900 fully furnished one-bedroom units priced at P2 million each.
Anchor Land vice-chairman Steve Li said funding for the project would be sourced from both debt and equity issues.
Other projects of the company include a 50-story residential building in a newly-acquired property in Binondo, Manila, the Tribeca Parksuites and the Mandarin Square.
The 3,100 square meter property, located on Ongpin St. in Binondo, Manila’s Chinatown area, was acquired by Anchor Land through the purchase of Gotamco Investment Realty Corp. for P214 million. The building, envisioned to be the tallest in Manila, would be Anchor Land’s fifth residential project to date and third in the Binondo area alone.
Tribeca Parksuites is a two-tower, 18-story residential and commercial condominium project located at the Aseana Business Park near SM Mall of Asia, the newest major development hub in the country.
Li said the company is targeting the middle-income market for Tribeca, which is expected to cost the company some P1.5 billion. The project will have a total of 900 units.
A one bed-room unit measuring 25 square meters would cost P2 million.
Li said the 33-story Mayfair Tower along UN Avenue is ready for occupancy in August.
_________________________________________________________________________
