Anchor Land posts 13% profit hike in Q1

MANILA, Philippines - Upscale residential developer Anchor Land Holdings Inc. posted double-digit growth in earnings in the first quarter, driven by strong sales.

In a disclosure, Anchor Land said its consolidated net income rose 13 percent to P295.4 million compared with P262.24 million a year ago.

It was supported by a 29-percent growth in revenues to P1.58 billion “on the back of continuing strong real estate sales and increase in recurring rental revenues.”

Specifically, real estate sales accounted for P1.44 billion or bulk of Anchor Land’s revenues, up 30 percent from last year. Rental revenues also jumped 31.8 percent to P45.59 million.

Top revenue generators in the first quarter were major projects Anchor Skysuites in Binondo, Manila; the Admiral Baysuites along Roxas Blvd. also in Manila; and Phase 2 of the SoleMare Parksuites at the Aseana Business Park in Paranaque City, said Anchor Land chairman Stephen Lee.

“We are pleased to report that our flagship projects continue to enjoy robust sales during the first quarter of the year,” he said.

New offerings are also gaining traction, which will allow continuous profitability for the rest of the year, 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.

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 the Oxford Parksuites, a learning-centered project, and the 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.