Property & Infrastructure
Joint-venture group embarks on Ermita, Manila high rise
Fresh from the success of its first development, Anchor Land Holdings Inc., a joint-venture company between Chinese and local investors, has embarked on its second residential project.The firm started marketing on Friday the 33-storey, 174-unit Mayfair Tower, which will be along UN Avenue in Ermita, Manila.
The project was launched shortly after the group, under subsidiary Anchor Properties Corp., successfully marketed its first project, the Lee Tower in Binondo. The maiden project, which targeted the Chinese community, is almost completely taken up, company officials said.
Anchor Land Holdings is a multinational company with several projects in China and Asia. The firm is part of a group that is engaged in navigation, securities, leasing, garments manufacturing and furniture.
On Friday, company president Steve Li told BusinessWorld that the new residential tower is designed to give buyers quality units for a reasonable price.
"We try to give a high-end product and mid-end price. We are not too much into maximizing the returns. However we try to come up with project which can deliver a good quality," he said.
Mr. Li said the units are priced starting P63,000 per square meter, with single bedroom units starting at a floor area of over 50 square meters. This is larger than the one-bedroom units being sold by other developers, which are usually 30 square meters in floor size.
All the rooms have a maid’s quarters and come complete with flooring, kitchen, built-in closets for the bedrooms, and toilet and bathroom fixtures, Mr. Li said. "All you need to do is buy a few loose furniture."
The company said that among the amenities in Mayfair Tower would be an oval-shaped upper deck profile, sunken bar lounge and tranquility garden on the viewing deck located in the 30th level.
Meanwhile, the seventh level amenities include a 30-meter, three lane lap pool, children’s pool, hydromassage pool, sauna and shower areas, fitness center and sundeck. Also located at the same level are a pond, function hall, pocket gardens, waterfall feature and lounge.
The condominium tower will give residents easy access to restaurants, hotels, schools, entertainment and recreational facilities, the company said.
Mr. Li claimed their projects are the only condominium developments in Manila that offer five-bedroom units.
Flat owners, should they wish to do so, could also lease their units through the property management arm of Anchor Land Holdings -- Anchor Property Management.
"We will just charge a fee," Mr. Li said, and noted that the property management firm can ensure that the unit that has been sublet will be maintained.
Mr. Li said Anchor Land Holdings has been getting inquiries from interested buyers, among whom are foreign investors.
He said the project will be funded from internally generated cash, and that the group does not depend on preselling of the units to develop the project.
"What we want to ensure people is they could really expect the units to be turned over to them and on time and even earlier than what we promised," he said.
For Lee Tower, Mr. Li said, the group will be turning over the units on April 2006, eight months earlier than its committed delivery date. For Mayfair Tower, the units would be delivered by 2007.
Condominium units for May-fair are priced between P3 million and P24 million with the floor areas ranging from 52.91 square meters to 280.27 square meters. International marketing for the project would start in February to target United States-based Filipinos.
Besides expatriates, Mayfair Tower would also generate sales from balikbayans and the Binondo community, marketing executives said.
The building was designed by ASYA Development Partner.
