July 16, 2019 | 12:03 am [ bworldonline.com ]
ANCHOR Land Holdings, Inc. is developing a three-tower mixed-use project in Parañaque City. — COMPANY HANDOUT
ANCHOR Land Holdings, Inc. is partnering with the local government of Parañaque City for a mixed-use development project.
In a statement, the real estate developer said it signed a P4-billion public-private partnership (PPP) contract with the Parañaque City government to develop a one-hectare property located between the Parañaque Intergrated Terminal Exchange (PITX) and Coastal Mall.
The land is owned by the local government, while Anchor Land will undertake the three-tower project. The first tower will be used as a satellite office for the city government, while the second will be an office building, and the third tower will be used as a bedspace facility.
“This project and our satellite office will bring the city government’s services closer to our citizens and all sectors, especially our business partners. Through this project, we are encouraging the private sector to invest in our city, in the Manila Bay area,” Parañaque City Mayor Edwin L. Olivarez was quoted in the statement as saying.
He noted one of the towers will accommodate the business permit and licensing office (BPLO) and assessor’s office of the local government.
Extension offices of the National Bureau of Investigation (NBI), Government Service Insurance System (GSIS), Social Security System (SSS), Pag-IBIG and Philippine Health Insurance Corp. (PhilHealth) will be established in the first tower.
“With our satellite office, our businessmen and employees can avoid the current traffic situation going to our existing City Hall,” Parañaque Vice Mayor Jose Enrico T. Golez said.
The site of the mixed-use development property is located near the Ninoy Aquino International Airport Expressway exit ramp going to Entertainment City, which houses several of the country’s biggest gaming and entertainment hotels.
“Anchor Land has always aimed at providing better living solutions. And our project with Parañaque City government will help promote work-life balance for those working in Bay City. Instead of traveling for an hour or two to get home, employees can spend their time in more productive activities,” Anchor Land Project Director Aaron Tumao said in the statement.
Anchor Land earlier said it is allocating P35 billion for capital expenditures until 2021 to fund its residential, office and logistics center projects. It is scheduled to break ground on a total of six projects this year, namely two residential buildings, two office developments and two logistics centers.
The company posted an attributable net income of P128.13 million in the first quarter of the year, up 24% from in the same period last year driven by a 30% rise in its gross revenues. — Denise A. Valdez
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