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Anchor Land, China Bank sign housing loan deal

by Jenniffer B. Austria
[ ] June 4-5, 2011

Listed Anchor Land Holdings Inc. and China Banking Corp. have signed an agreement that will give condominium buyers of the property developer favorable financing terms.

Anchor Land said in a disclosure to the stock exchange that its condominium buyers would be entitled to loan rate of as low as 5.75 percent per annum, with a maximum repayment term of 15 years through equal monthly amortizations.

Buyers of residential and commercial condominiums from Anchor Land projects under the agreement will get up to 90 percent of the selling price of the units as loan proceeds. Anchor Land chairman Stephen Lee and vice chairman Steve Li and China Bank vice president Lilibeth Cariño signed the agreement.

Anchor Land unit buyers would just pay a 10-percent equity to avail of the loan facility, Li said.

The deal covers all ongoing projects of Anchor Land, namely Admiral Baysuites in Manila, SoleMare Parksuites in Parañaque and Anchor Skysuites, Wharton Parksuites, Mayfair Tower and Mandarin Square—all located within the Binondo area.

“This is part of our continuing efforts to provide our clients with the best deals and services including ease of financing should they need one,” Li said.

“I believe that this financing facility from Chinabank will further increase the salability of our projects, and at the same time provide us more than adequate resources to deliver all our projects on time, as committed,” Lee said.

Anchor Land, which started commercial operations in 2005, caters to the Filipino-Chinese community. It has four residential projects in Binondo, Manila including two that were completed and fully sold out.

At least 70 percent of its sales are from local Filipino-Chinese residents while the balance are from Chinese immigrants.

In a bid to generate recurring income, Anchor Land also opened two shopping centers—one in Pasay City and another one in Parañaque City.

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