As published on Manila Standard Today
Property developer Anchor Land Holdings Inc. said it plans to spend P21 billion this year to complete existing projects and start the construction of new ones.
Anchor Land said in a filing with the Philippine Stock Exchange it was embarking on its first office development, the Anchor Land Corporate Center, to provide the company with another source of recurring income.
The twin office building at Aseana complex, once completed, will offer Grade A green office space that will cater to large companies looking for headquarters.
“Anchor LandCorporate Center allows us to ride on the rapid growth of the business process outsourcing industry and allows us to break into an ancillary industry,” Anchor Land said.
The company said it would also continue to spend for the development of its Admiral property along Roxas Boulevard in Manila.
Anchor Land said the Admiral property was now nearing completion, which included a new Admiral Hotel, which would be part of the McGallert Collection of international hotel operator Accor. The hotel is scheduled to open in 2017.
Another component of the project is the development of luxurious Admiral Grandsuites.
In Binondo, were most of the company’s high-rise condominiums are located, Anchor Land is building the 63-story Anchor Grandsuites, the tallest building in Manila and in all Chinatowns around the world.
The property firm said to boost recurring income, it would start construction of One Soler, a 10-story structure that will offer warehousing facilities in the Divisoria area, one of the country’s oldest commercial and trading centers.
Also in the pipeline is OneLogistics, which will offer safe, secure and convenient warehousing facilities in Baclaran, as well as retail spaces.
“Complementing our real estate sales, we aim to further strengthen our recurring income projects or assets, going forward to increase its contribution to our net income,” Anchor Land said.
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