Anchor Land income up 40% on strong sales

MANILA, Philippines -  Binondo-based realty firm Anchor Land Holdings Inc. said its net income went up 40 percent in the six months ending June 2011 to P350 million due to robust real estate sales.

 In the second quarter alone, Anchor Land’s net profit amounted to P137.6 million, up 22 percent from P112 million a year earlier, owing to brisk sales from its ongoing projects particularly in Manila’s Chinatown where it has two current developments.

The company’s asset base likewise expanded 33 percent to P9.3 billion as of June 30, 2011, mainly due to the higher completion rates in its current projects, as well as aggressive land banking and from its investment properties particularly One Shopping Center and Two Shopping Center commercial developments that provide steady, recurring income.

“I am proud to say that, as we sustain our profitability, we are also able to grow our company’s assets. This augurs well for our future expansion plans and should ensure that we remain competitive and committed towards completing and delivering our projects on time,” said Anchor Land chairman Stephen Lee.

Among Anchor Land’s current bestsellers are the 39-story Wharton Parksuites and the 56-story Anchor Skysuites, both located in Manila’s Chinatown district where the company has established a solid niche after it completed two earlier projects in the district, the Lee Tower and the Mandarin Square.

Another major source of revenue this year is the SoleMare Parksuites at the ASEANA Business Park in Parañaque City, the first residential development in Metro Manila’s newest entertainment, tourism and leisure complex off Manila Bay, located between SM Mall of Asia and Pagcor Entertainment City.

SoleMare has evolved into a sprawling mixed-use complex with commercial, leisure and business facilities. It is already turning over finished units to buyers from its Phase 1 development, the first developer in the area to do so, while construction of Phase 2 is in full swing.

Earlier this year, the company reported acquiring nearly two hectares of property at the ASEANA Business Park which Anchor Land plans to develop as the third phase of the successful SoleMare project.