Anchor Land inks P4-B contract to put up mixed-use dev’t in Parañaque
Anchor Land Holdings Inc. has signed a P4-billion contract with Parañaque City government to put up a one-hectare mixed-use development near the bustling Entertainment City Manila.
The project is located between the Parañaque Integrated Terminal Exchange (PITX) and Coastal Mall, close to the NAIAX exit ramp to Entertainment City, the company said I na prepared statement Monday.
The three-tower development will house a satellite office of the city government, offices and commercial space, a 3,500 bed-spacing facility.
The satellite office will include extension offices of the National Bureau of Investigation (NBI), Government Service Insurance System (GSIS), Social Security System (SSS), Pag-Ibig, and the Philippine Health Insurance Corporation (PhilHealth).
Anchor Land noted the will also be a modern police station and fire department, a command center for traffic and security monitoring, a city health office, and a tourism desk.
“This project and our satellite office will bring the city government’s services closer to our citizens and all sectors, especially our business partners,” Parañaque City Mayor Edwin Olivarez said in the same statement.
“Through this project, we are encouraging the private sector to invest in our city, in the Manila Bay area. We are making it very convenient for them to establish their businesses,” he said.
The bed-spacing facility is mainly targeting a portion the 35,000 estimated employees in Bay City. Most of the employees are working in Solaire Resort, City of Dreams, and Okada Manila, as well as in information technology and business process outsourcing office in the area, and the Department of Foreign Affairs (DFA).
“In Bay City alone, we are expecting to reach 100,000 jobs and 5,000 businesses in the years to come, which will be generated by the completion of additional integrated hotels and resorts, a theme park and commercial establishments like the upcoming Ayala Malls Bay Area.
“Our satellite office will help us efficiently respond to this growing number without them needing to travel to our existing City Hall. And this will be made possible through our partnership with Anchor Land,” Olivarez said.
Anchor Land is the holding company of the ALHI Group. Its principal business interests are in real estate.
The company's key subsidiaries include APC (formerly Manila Towers Development Corporation), Posh Properties Development Corporation’ Gotamco Realty Investment Corp., Nusantara Holdings Inc., Basiclink Equity Investment Corp., Admiral Realty Co. Inc., Momentum Properties Management Corporation, Eisenglas Aluminum and Glass Inc., 1080 Soler Corp., and Globeway Property Ventures Inc.
As of 2:04 p.m. on Monday, shares of Anchor Land were trading at P10.22 apiece, down 78 centavos or 7.09% from P11.00 per share at the close of trading Friday. —Jon Viktor Cabuenas/VDS, GMA News