By Zinnia B. Dela Peña (The Philippine Star) Updated July 08, 2011 12:00 AM
Manila, Philippines - Binondo-based upscale developer Anchor Land Holdings Inc. said its planned 53-story luxury residential condominium, Admiral Baysuites, is enjoying brisk sales with more than 90 percent of the West Wing already taken up.
Anchor Land vice-chairman Steve Li said the project, which will rise along the former site of the historic Admiral Hotel along Roxas Boulevard, offers the most opulent residential living with some units measuring a staggering 1,000 square meters each – the first of its kind in the country.
Li said the 1,000-sqm units come with their own swimming pool.
On top of the regular amenities found in most residential condominium buildings, Admiral Baysuites offers a limousine service, yacht cruise in Manila Bay and a cigar room and wine cellar to unit owners, among others.
Li said more than 90 percent of the West Wing, which houses 69 units, are now sold.
“This is history’s new luxury address. The Admiral Baysuites will reflect the rich and the elegant history of Admiral Hotel and we will leave no stone unturned to make this a phenomenal success,” said Stephen Lee, chairman of Anchor Land.
Aside from the posh residential condominium, Anchor Land is redeveloping the iconic area into a European-inspired boutique hotel that features white gloved service and six-star amenities.
Li said the company is also set to start construction of its first venture into the single-detached housing market through Clairemont Hills Parksuites in suburban San Juan City.
Clairemonte Hills will feature an exclusive cluster of single detached units surrounding a taller central structure that will also offer posh condominium suites with extraordinarily large cuts.
The company sees its capital expenditures reaching a record P5.5 billion this year as it embarks on an aggressive expansion to capitalize on the booming property market.
Funding for the company’s expansion will come from a combination of internally-generated cash and debt.
Li said management is also seriously considering boosting its public float to enhance liquidity of its stock.
Projects in full swing are The SoleMare Parksuites near Macapagal Boulevard at the ASEANA Business Park, the Anchor Skysuites along Ongpin St. in Binondo, and the Wharton Parksuites along Masangkay St., also in Binondo.
The company expects its sales to hit more than P3 billion this year.
Anchor Land reported a 52 percent jump in net profit last year to P566 million from P373 million while earnings per share climbed to P1.63 from P1.08 in 2009. Revenues grew 63 percent to P2.66 billion.
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