Residential condominium developer Anchor Land Holdings Inc. is spending P2 billion for the development of Solamare Park Suites, a twin-tower residential project to rise along Macapagal Avenue in Parañaque City.

Solamare will offer a total of 900 fully furnished one-bedroom units priced at P2 million each.

Each of the two towers will be 18-storey high, to be developed over a period of three years. Groundbreaking has been scheduled next month.

Anchor Land vice-chairman Steve Li said funding for the project would be sourced from both debt and equity issues.

Current projects of the company include the Mayfair Tower, Tribeca Parksuites, and Mandarin Square.

The 33-storey Mayfair Tower along UN Avenue is ready for occupancy in August.

Tribeca Park Suites is an 18-storey, twin-tower residential and commercial condominium project located at the Aseana Business Park near SM Mall of Asia. Aimed for the middle-income market, it offers a total of 900 one bedroom units measuring 25 square meters at P2 million each.

The 39-storey Mandarin Square sits on a 2,100-square meter land in Ongpin Street, Binondo, Manila. Once completed by the first quarter of 2010, it will have a total floor area of 69,000 square meters with 872 square meters devoted to commercial space.

Anchor Land is also putting up a 50-storey residential condominium on a 3,100-sqm land in Ongpin. The building is envisioned to be the tallest in Manila and Anchor Land’s third in the Binondo area.