Anchor Land hikes capex to P5B
Neil Jerome Morales (The Philippine Star) - March 27, 2014 - 12:00am

MANILA, Philippines - Listed developer Anchor Land Holdings Inc. is boosting its capital spending to P5 billion this year to support the construction of several residential and commercial properties.

The property firm is also venturing into boutique hotels in partnership with the world’s leading hotel operator the Accor Group.

Anchor Land CEO and vice-chairman Steve Li told reporters that the company is investing P5 billion this year, up from P44.5 billion a year ago.

The record capital spending would allow the company to complete the construction of 11 property projects that are under different stages of development, Li said.

For new projects, the real estate firm plans to launch two new residential development in Binondo in Manila, which would remain the focus of Anchor Land.

“(The property market) is getting more competitive. Buyers always look for value and they have more choices now,” Li said.

Anchor Land intends to be a niche market player, benefiting from referrals to boost sales, Li said. The company has a strong presence in Chinatown where it enjoys a solid following among the affluent Filipino-Chinese businessmen.

So far, around 70 percent of the company’s clients are end-users, particularly those from the Binondo area, Li said.

“We are still in a healthy growth pace. We also try to balance, not just focusing on [residential] sales but we try to beef up our recurring income,” Li said. It plans to start the construction of two new warehouse in Baclaran and Binondo.

The hotel venture also forms part of the company’s efforts to increase its recurring income portfolio.

Upscale developer Anchor Land has partnered with the Accor Group would will manage the Admiral Boutique Hotel, the only five-star boutique hotel in the country.

The boutique hotel is part of the Admiral Baysuites development, which involves the revival of the historic Admiral Hotel into an upscale 53-storey condominium and European-inspired hotel.

The P1-billion Admiral Boutique Hotel would be the first MGallery Hotel in the Philippines. Anchor Land would start renovating the hotel in the third quarter, allowing it to start operations in 2016.

“Once complete, this enchanting, historical hotel situated in a marvelous location in Manila will be the perfect showcase accommodation of what the MGallery hotel brand has to offer,” said Accor chief operating officer Patrick Basset.

In 2009, Anchor Land bought the Admiral Hotel from the Lopez-Araneta family. Since being built in 1939, the Admiral Hotel has catered to some of the most prestigious guests and families in the Philippines.

The Accor Group is present in 92 countries with more than 3,600 hotels under its wing, offering over 460,000 rooms.

The MGallery brand is a collection of upscale hotels created by the Accor Group in 2008. It now has 60 hotels in five continents, including Hotel Burdigala in France, Grand Visconti Palace in Italy, Francis Hotel Bath in United Kingdom, The Como in Australia and Hotel Muse Bangkok in Thailand.

The MGallery Collection is pursuing its international expansion to reach more than 100 establishments in 2015.

ACCOR GROUP ADMIRAL BAYSUITES ADMIRAL BOUTIQUE HOTEL ADMIRAL HOTEL ANCHOR ANCHOR LAND ANCHOR LAND HOLDINGS INC AUSTRALIA AND HOTEL MUSE BANGKOK BACLARAN AND BINONDO HOTEL
  • Latest
  • Trending
Latest
Recommended
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with