Anchor Land allots P4.5 billion for projects, land banking

MANILA, Philippines - Riding on opportunities created by the local real estate boom, Anchor Land Holdings Inc. is shelling out P4.5 billion this year to launch six new residential buildings and expand existing projects, as well as beef up its land bank, a top company official said.

In a briefing, Anchor Land chief finance officer Neil Y. Chua said funding for this year’s projects will come from a mix of bank loans and internally-generated cash.

Anchor Land president Elizabeth Ventura said the company intends to further strengthen its position in the industry by continuing to create new markets, expanding its current bestsellers, and boosting its portfolio of commercial projects that should provide more recurring income in the near to medium term.

The new projects include Oxford Parksuites, Clairemont Hills, Admiral Baysuites II, SoleMare Parksuites Phase III, One Executive Suites and One Soler.

Aiming to duplicate the success of Wharton ParkSuites in Chinatown’s “university belt”, the company is building another residential condominium to be called Oxford Parksuites, targeting those who send their children to prestigious Chinese learning institutions in the area.

Ventura said the company is pursuing a low-density development in San Juan City, dubbed Clairemont Hills which will feature clusters of three-story townhomes and a medium-rise condominium at the center.

Anchor Land likewise acquired a prime property near its Admiral Hotel redevelopment project along Roxas Blvd. The company intends to put up a premium commercial office building that will be fully leased out to businessmen and investors.

Capitalizing on the robust take-up of its most successful project by far, the company will implement Phase 3 of SoleMare Parksuites, offering bigger and better amenities. The entire project, consisting of four medium-rise condominium towers, is located within Pagcor’s Entertainment City, which is seen to be Asia’s next Las Vegas.

One Executive Suites will serve as the residential component of Two Shopping Center in Pasay City, Anchor Land’s successful foray into the commercial development segment. It will cater exclusively to traders and wholesalers in the Baclaran bargain shopping district.

Another commercial development in the pipeline is the 18-story One Soler, which is located in Divisoria, one of the country’s oldest commercial and trading centers.

Anchor Land reported a 49 percent jump in net profit last year P842 million, marking the fifth year of consecutive income and revenue growth since its listing in 2007.

Revenues reached over P3 billion while earnings per share amounted to P2.41, up 48 percent from the year-ago level.

Chua said he expects the firm’s net income to increase further this year to hit P1 billion on the back of new project launches.

“Our healthy bottom line is attributed mainly to a combination of higher revenues and lower costs, which came in marginally lower than the year before. This efficient cost control is quite significant given the ongoing expansion of our manpower resources while undertaking several major projects,” said Anchor Land chairman Stephen Lee.