MANILA, Philippines - High-end property developer Anchor Land Holdings Inc. is eyeing to raise P1 billion from the sale of fixed-rate bonds to fund its projects and retire debts.

The company has signed the notes facility with lenders Banco de Oro Unibank Inc. and Allied Banking Corp.

"The final terms and conditions relating to the aforesaid bond offering delegated to the management," it said in a disclosure to the Philippine Stock Exchange.

In another statement, Anchor Land chairman Stephen Lee said: "The timing of this facility is very good, considering that we are on an expansion stage, with 7 projects being undertaken within the year."

Walter Wassmer, senior executive vice president and group head of BDO's Institutional Banking Group, for his part, noted that the arrangement would support Anchor Land's growth.

"I believe the property market is still very robust, and there are still lots of untapped demand, particularly in Anchor Land's niche market, the Chinese community. BDO is very bullish with Anchor Land. It is a young, fast-rising company. We will continue to support them in their future debt-raising endeavors," he said.

Binondo-based Anchor Land is partly owned by Sybase Equity Investments Corp., a private company of mall magnate Henry Sy.

It reported a net inocme of P308.58 million for January to September 2009, up 61% from the P191.38 million booked for the same period in 2008.

One of its newest projects is Clairemont Hills, which is located on a 6,000-square meter property in San Juan City. The twin-tower project will target Filipino-Chinese families.