Anchor Land still bullish on Metro residential market

HIGH-END property developer Anchor Land Holdings Inc. remains bullish on the country’s residential market amid strong demand in its niche areas in the Bay City and Binondo both in Metro Manila.

In a recent interview, Anchor Land president Elizabeth Ventura told The Manila Times that the company is optimis-tic about the residential market amid the high demand in its strongest locations.

“It’s still high in demand, especially in the areas where we are, there’s even less competition,” Ventura said.

She said Bay City—the reclamation area located west of Roxas Boulevard on Manila Bay—and Binondo are their strongest locations for residential projects given less competition in these areas.

Although their target market consists mostly of Filipino-Chinese buyers, Anchor Land has different target markets for the two locations, according to Ventura.

“Here [in Bay City], it’s investors. In Binondo, it’s the end-users. Here, we still enjoy good feedback from a number of customers from Singapore, China, and also local Chinese,” Ventura said.

She said they have less competition in these areas because “we have a stronghold on the Filipino-Chinese [mar-ket] already.”

Anchor Land currently has several ongoing residential projects in the Binondo area, including the 39-storey Prince-view Parksuites, the 39-storey Oxford Parksuites and the 63-storey Anchor Grandsuites.

In Bay City, the company is currently developing its second residential project in the area named Monarch Park-suites, a 17-storey residential condominium.

Ventura said she still sees “solid” growth in the residential property sector despite the rather gloomy outlook of analysts.

In a recent interview, KMC Mag Group head of research Antonn Nordberg gave a slightly less optimistic outlook for the residential market this year.

“Residential market, I’m seeing signs of a slowdown. There’s still a lot of inventories left. Developers, they need to sell first before launching new projects,” Nordberg said.

A Colliers International report noted that 11,700 units are expected to be delivered in the major central business district this year.

Ventura noted that the large amount of supply will create an impact on the developed markets.

“I think it’s still solid in terms of growth. There might be some moderation because of the price, because prices are increasing, especially in developments that are fully developed, like for example in the area of BGC [Bonifacio Global City]. When it’s fully developed, your margin for increase is already very short. Therefore when you begin selling, you already start at a high price,” Ventura said.

Source: Manila Time