Anchor Land profit jumps 22%

MANILA, Philippines - Upscale residential developer Anchor Land Holdings Inc. has breached the P1-billion income mark for the first time on the back of robust real estate sales.

The listed property firm said it is jacking up its capital expenditures to P5 billion this year for follow-up projects.

In a regulatory filing, Anchor Land said its profits jumped 22 percent to P1.03 billion last year from P841.7 million in 2011.

Anchor Land’s revenues climbed 37 percent to a record P4.14 billion from P3.02 billion in 2011 “mainly on the back of robust real estate sales from ongoing projects.”

Bulk of revenues came from sales from ongoing residential projects such as Anchor Skysuites in Manila’s Chinatown, the Admiral Baysuites along Roxas Blvd, the second phase of SoleMare Parksuites in Paranaque, Clairemont Hills in San Juan and Wharton Parksuites, also in Chinatown.

Rental income tripled last year to P171.47 million from only P43.55 million in 2011 “as a result of the full operations of two commercial projects in Pasay City called One Shopping Center and Two Shopping Center, as well as other commercial units that the company has retained from other residential developments,” Anchor Land said.

For this year, the company is focused on increasing its footprint adjacent to its current developments.

Anchor Land allotted P5 billion in capital expenditures for this year, up from P4.5 billion last year, to pursue follow-up projects in its existing developments.

Anchor Land chairman Stephen Lee said the company will further strengthen its presence in Chinatown where the company started and where it has established a solid niche and loyal customer base among affluent Filipino-Chinese businessmen.

Projects for this year include the P11-billion, four-tower Monarch Parksuites, which will rise, on a nearly two-hectare property between the SM Mall of Asia and Pagcor’s Entertainment City.

In Chinatown, Anchor Land’s residential developments include Oxford Parksuites, a learning-centered project, and Princeview Parksuites that will offer practical units sizes and cater to young families.

To increase its recurring income, the company will enter a commercial venture in Binondo called One Soler, which will offer warehousing facilities to Chinatown traders.