Anchor Land profit up 30% to P401M in 9 months

MANILA, Philippines - Anchor Land Holdings Inc., partly owned by the family of retail tycoon Henry Sy, made a net profit of P401 million in the nine months ending September 2010, up 30 percent from the previous year period, on robust real estate sales.

In a statement, Anchor Land said consolidated revenues grew 34 percent to P2.05 billion, mainly driven by higher number of units sold and increased project completion percentage of its condominium and commercial developments in Metro Manila.

Current revenues come from its best-selling SoleMare Parksuites, a twin 18-story project at the Aseana Business Park in Parañaque City under subsidiary Posh Properties Development Corp. (PPDC), as well as the 39-story Wharton Parksuites project along Masangkay St. in Binondo under Manila Towers Development Corp. (MTDC).

Anchor Land chairman Stephen Lee Keng expressed confidence the company can sustain its positive momentum through next year as it rolls out more products.

“We have additional projects coming to the market, and we are matching these with more aggressive marketing and advertising activities. At the same time, we will continue to deliver all our projects ahead of schedule, as much as possible,” Lee said.

Anchor Land recently introduced the second phase of SoleMare Parksuites, another twin 18-story development beside the original property. This is expected to sustain robust buyer interest in the Bay City area where Anchor Land is a pioneer developer.

Early this year, the company started construction of the 39-story Wharton Parksuites which caters mainly to those who send their children to prominent Chinese learning institutions in the district.

The company likewise started the development of its signature project in Chinatown, the Anchor Skysuites, which at 56-storys high is projected to become the tallest edifice in the city of Manila and in all Chinatowns around the world.

Construction of the landmark project is in full swing, and units are scheduled for turnover by 2014. The project is being undertaken by ALHI subsidiary Gotamco Realty Corp.

Another subsidiary, Admiral Realty Corp., will redevelop the Admiral Hotel in Manila into a European-inspired boutique hotel with white gloved service that will redefine luxury in the Roxas Boulevard area.

Behind the hotel will rise a 53-story luxury residential condominium that features units of up to 1,000 square meters in size with their own private swimming pool.

Unit owners at Admiral Baysuites will have access to all the facilities and services of the boutique hotel, including room service and housekeeping. In addition, the condominium tower will have its own set of amenities like cigar rooms, 25-meter lap pools, as well as fitness and recreation facilities, among others.

ALHI has completed and leased out all the stalls in its first commercial development, the One Shopping Center along Kapitan Ambo St. in Pasay City, while construction in its Two Shopping Center along Cuneta Avenue, also in Pasay City, is already on the fourth level.