Anchor Land’s Manila Luxury Condo Now Sold-out
ANCHOR LAND Holdings, Inc. said it has sold-out its luxury residential condominium project called Admiral Grandsuites along the Manila Bay area.
The upscale property developer in a statement over the weekend said it has recently topped off the 43-storey condominium, indicating that it has placed the last beam of the building during construction.
While the listed firm did not disclose the sales value of the entire project, it said each square meter was sold at P167,000 for all 51 units.
Amenities at the Admiral Grandsuites include a function hall, theater room, fitness center, children’s club, garden deck, yoga room, game rooms, KTV room, spa, and wellness rooms.
It has partnered with several consultants, including ASYA Design Partners, Meinhardt Philippines —for consulting services in engineering, BLG Facade Design Consultancy, New Golden City Builders & Development Corp., and Jose Aliling Construction Management for the development of Admiral Grandsuites.
Anchor Land targets to turn over the units to buyers by the fourth quarter of 2019.
The condominium is part of Anchor Land’s Admiral Property, which also houses the 53-storey luxury Admiral Baysuites and the Admiral Hotel.
“Once completed, the Admiral Property will help tell the wonderful history of Old Manila. Both local and international residents and guests will be treated to a culture-rich luxury experience,” Anchor Land President Digna Elizabeth L. Ventura said in a statement.
The complex is located near the Ninoy Aquino International Airport and the Cultural Center of the Philippines Complex, the SM Mall of Asia, as well as the Philippine Amusement and Gaming Corp.’s Entertainment City which houses several hotels and casinos like Solaire and Resorts Casino, City of Dreams Manila, and Okada Manila.
Since its incorporation in 2004, Anchor Land has developed mostly luxury residential projects for the Filipino-Chinese community in Manila, Pasay, Parañaque, and San Juan. Residential projects account for 90% of the company’s revenues, while commercial projects provide the remaining 10%.
Earlier this year, Anchor Land Chief Executive Officer Steve Li said the company is working toward increasing recurring revenue base to contribute 20% of total revenues by 2021. In line with this, the company is developing a seafood restaurant called Baylife Venue, a two-tower BPO office called Anchor Land Corporate Center, and a bed space leasing facility called Cosmo Suites. It also has resort developments in Boracay and Coron, Palawan in the pipeline. — Arra B. Francia
Published in Business World, on August 6, 2018.