UPSCALE property developer Anchor Land Holdings Inc. plans to roll out this year its biggest residential project to date -- an P11-billion four-tower residential development at the Aseana business park in Paranaque City.
The project is seen catering to the "multinational" community.
In a briefing after the company's stockholders meeting on Thursday, Anchorland vice chair Steve Li said the project, Monarch Parksuites, would offer to the public the first two towers this year consisting of about 750 residential units.
The four-tower development is expected to be completed in five to six years, rising on a 1.9 hectare property earlier acquired by the company. The property is adjacent to Anchor Land's Solemare Parksuites. The first building is expected to be completed in the next four years.
Unlike its previous projects that catered mainly to a niche Filipino-Chinese community, Li said the new development would cater to the "multinational" community, citing an increase in demand from foreigners who wanted to invest in a quality residences in the Philippines.
The project is the third phase of Anchor Land's coastal mixed used development along Manila Bay. It will feature more open spaces, bigger amenities and garden areas.
Monarch Parksuites will offer residential units with living space of between 25 and 130 square meters that will sell for between P90,000 and P120,000 per square meter.
Li said Anchor Land had diversified its market base and trimmed the share of business from its bailiwick Filipino-Chinese community to 60 percent from the previous 89 percent.
In the meantime, Li said Anchor Land was also on track to meeting its net profit target of P1 billion for 2012. It booked a net income of P841.7 million in 2011, up by 49 percent from a year ago.