MANILA, Philippines - Binondo-based upscale property developer Anchor Land Holdings Inc. has earmarked P4.5 billion for capital expenditures this year as it plans to launch six new projects.
Anchor Land president Elizabeth Ventura said the company's projects would be a mix of horizontal, vertical and commercial developments as part of continuing efforts to diversify markets. "We are ready to ride this wave and we are very optimistic that these new projects would further Anchor Land's profitability and solid position in the Philippine real estate industry," she said.
Some of the Anchor Land projects lined up for this year include the residential tower Oxford Parksuites in Binondo, Clairmont Hills townhomes in San Juan, mixed-use Admiral Baysuites II along Roxas Boulevard, SoleMare Parksuites Phase III near Mall of Asia and Pagcor's Entertainment City, and the One Executives Suites condominium in Baclaran.
To boost rental income, Anchor Land is also finalizing a plan to develop its third commercial center, One Soler. The 18-storey commercial complex, which will feature warehousing facilities, will be built within the Divisoria area. Anchor Land ended 2011 with a net income of P842 million, up 49% from 2010, on the back of higher sales and low costs. For this year, the company is expecting its net income to breach the P1 billion-mark.
To fund this year's capital spending, Anchor Land is considering raising funds through a combination of debt and equity.