MANILA, Philippines - Strong real estate sales and higher rental income enabled property developer Anchor Land Holdings Inc. to breach the P1-billion income mark for the second straight year.
In a disclosure to the stock exchange, Anchor Land said it posted a net income of P1.11 billion last year, up eight percent from P1.02 billion in 2012. Revenues jumped 38 percent to P5.70 billion compared with P4.14 billion a year earlier.
Anchor Land said strong investor appetite buoyed the sales of residential condominium projects Anchor Skysuites and Admiral Baysuites in Manila.
Thus, real estate sales climbed 41 percent to P5.08 billion in 2013 from P3.60 billion a year ago.
“Anchor Land benefited from the continuing strength of the Philippine economy and the real estate sector,†said Anchor Land chairman Stephen Lee.
“This translated to robust demand for our projects from both local and overseas investors, as well as for our property management services,†he added.
The property firm boosted its capital spending by double digits to P5 billion this year to support the construction of several residential and commercial properties. The firm spent P4.5 billion last year to complete additional projects in its existing developments.
“Anchor Land aims to further sustain our profitability momentum in 2014 by focusing on our core strengths, namely: luxury residential developments aimed at niche market segments, and a customer service program that puts the highest premium on client satisfaction and convenience,†Lee said.
He said Anchor Land will continue its growth trajectory as the market expands.
Anchor Land continues to develop and sell residential condominiums Wharton Parksuites, Anchor Skysuites, Solemare Parksuites Phase 2, Admiral Baysuites, Clairemont Hills Parksuites and Oxford Parksuites.
In Chinatown, Anchor Land’s residential developments include the Oxford Parksuites, a learning-centered project and the Princeview Parksuites that will offer practical units sizes and cater to young families.
“Anchor Land plans to continue building iconic projects and the first on its list for 2014 is another landmark residential project in Binondo,†Anchor Land said.
To boost its recurring income, the company will enter a commercial venture in Binondo called One Soler, which will offer warehousing facilities to Chinatown traders.