MANILA, Philippines - High-end property developer Anchor Land Holdings Inc. posted a 26% increase in profits to P706.8 million in the first 9 months of the year, on strong sales of its residential condominium projects.
In a statement, Anchor Land said its consolidated revenues in the January to September period grew 42% to P3.03 billion.
The property firm saw robust sales and continuing construction activities for its current projects, namely Wharton Parksuites, Anchor Skysuites, SoleMare Parksuites Phase 2 and Admiral Baysuites.
Aside from residential sales, Anchor Land saw strong recurring income from its commercial developments. Rental income surged 376% to P123.9 million from its One Shopping Center in Pasay City and commercial units in its Mandarin Square project in Binondo.
Two Shopping Center, a commercial development in Pasay City, contributed to the increase in revenue starting the second quarter of 2012.
ALHI chairman Stephen Lee said the diversification of the company’s income sources is a long-term strategy, with recurring rental income expected to further increase its contribution to the company’s bottom line in the coming years.
"As the Anchor Land continues to grow, our income mix will also change as we take advantage of market opportunities particularly in other segments that we feel remain largely untapped,” Lee said in a statement.
Earlier, Anchor Land announced plans to launch additional commercial developments in Manila. It will soon roll out its P11-billion, four-tower residential development Monarch Parksuites at the ASEANA Business Park in Parañaque City.
The company will also build its first office building, the Anchor Land Corporate Center, along Roxas Boulevard near the Admiral Baysuites.
Press Room Archives
Join the Conversation:
Copyright 2013. Anchor Land Holdings, Inc. All rights reserved.