Anchor Land profit rises 35% to P250.5 million

MANILA, Philippines - Anchor Land Holdings Inc., a premier developer of luxury condominiums in Manila, reported a 35-percent growth in its first half net profit this year on higher real estate revenues.

In its disclosure to the Philippine Stock Exchange, Anchor Land said its net earnings amounted to P250.5 million compared with P185.7 million a year ago.

Anchor Land chairman Stephen Lee Keng said he is confident the company would sustain its strong growth with more projects in the pipeline.

Lee Keng said since the company went public in 2007, it has been able to sustain its upward financial performance due to the strong niche market it has carved in the Filipino-Chinese community and lately, in the overseas Filipino market.

Anchor Land has completed three luxury condominium projects to date: the 33-story Lee Tower along Gandara St. in Binondo, the 33-story Mayfair Tower along UN Ave. in Manila, and the 39-story Mandarin Square (under subsidiary Manila Towers Development Corp.) along Ongpin St., also in Binondo.

The company broke ground and started selling Solemare Parksuites in December 2008. SoleMare is a pioneer residential condominium in the Bay City, an emerging leisure and entertainment destination off Manila Bay, which has been warmly received particularly by Filipinos based overseas.

Anchor Land started construction of the 56-story Anchor Skysuites along Ongpin St., projected to become the tallest building in Manila, and the 39-story Wharton Parksuites along Masangkay St., which caters mainly to those who send their children to prominent Chinese learning institutions in the district.

In July last year, the company acquired the historic Admiral Hotel along Roxas Boulevard in Manila which it plans to redevelop into a boutique hotel. Two high-rise residential condominiums are likewise planned within the sprawling property.

Anchor Land targets to launch the project by the last quarter of this year.