Anchor Land to sell P1-B fixed-rate bonds

The board of listed Anchor Land Holdings, Inc. has approved a plan to sell up to P1 billion worth of fixed-rate bonds, the property developer told the Philippine Stock Exchange on Tuesday. The company did not provide any more details. Company officials were also not immediately available to provide more information. Anchor Land develops mostly luxury residential condominiums in Manila. its projects include the Mayfair Tower along UN Avenue in Ermita and the Mandarin Square in Binondo. Upcoming projects include the Anchor SkySuites in Binondo, Admiral BaySuites along Roxas Blvd. and Clairemont Hills ParkSuites in San Juan. Net profits of the listed firm grew by almost two-thirds to P308.6 million in January to September last year from a year earlier. It posted P1.48 billion in revenues during the period, more than half better than the year-ago level. — Nikka Corsino/NPA, GMANews.TV