Anchor Land to boost recurring income portfolio
UPSCALE property developer Anchor Land Holdings, Inc. is targeting to raise its recurring income portfolio by 20 percent over the next three years with its foray into the dormitory business.
Anchor Land said it would build the P1.5-billion Cosmo Suites in Pasay City, which will offer more than 800 rooms and 3,000 beds. The project is set for completion by 2021.
“Currently, we are looking for other possible locations and we have a long-term plan for the bed-spacing business. So far, we are more concentrated in the bay area because this is where all the demand [is coming from],” Anchor Land Chief Executive Officer Steve Li told a news conference in Makati City last week.
“We tried to have a clear focus of what we’re going to develop in the future… to organize ourselves and concentrate more on the three segments,” he said, referring to the company’s residential, commercial, and hotel development businesses.
But residential will remain its major focus given continued strong demand from high-end property buyers, he explained.
The company also plans to branch out to the provinces like Davao and the now-closed Boracay Island in Aklan. In Davao, the company is set to launch 202 Peak Lane to bring its high-end residential concept to the province. Anchor Land is only waiting for the building permit so that it could proceed with the construction this quarter.
Li said 202 Peak Lane will bring to Davao “the company’s expertise and track record in luxury condominium development that offers rental income potentials that will surely attract both end-users and investors.”
In Boracay, Anchor Land plans to develop a hotel-and-resort project similar to what it plans to build in Coron, Palawan.
In the second half of the year, Anchor Land said it is set to launch five new projects and finish four others.
On Friday, Anchor Land shares ended up 90 centavos at P14.48 apiece.
Published in The Manila Times, on July 2, 2018