MANILA, Philippines - High-end property developer Anchor Land Holdings Inc. continues to step up its presence in Manila with the planned construction of the P11-billion four-tower Monarch Parksuites, its biggest residential project to date.
Located at the Aseana Business Park in Parañaque City, Monarch Parksuites is the third phase of the Binondo-based company’s very successful Parksuites mixed-use development.
Within proximity to the rising Pagcor Entertainment City and SM Mall of Asia development, Monarch Parksuites will feature greater open spaces, bigger amenities and garden areas with European design buildings.
Anchor Land will also embark on more commercial projects, including its first office building development, the Anchor Land Corporate Center, which will rise along Roxas Blvd. near the Admiral Baysuites.
Anchor Land grew its nine-month profit 26 percent to P706.8 million on the back of robust residential sales and increased rental income.
Revenues climbed 42 percent to P3.03 billion while earnings before interest and taxes rose 29.2 percent to P943.67 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Sales came from current projects, namely Wharton Parksuites, Anchor Skysuites, SoleMare Parksuites Phase 2 and Admiral Baysuites.
The company has started realizing strong recurring income from its commercial developments. Rental income saw a 276-percent jump to P123.9 million owing to the full operations of One Shopping Center in Pasay City and the commercial units in its Mandarin Square project in Binondo.
Another commercial development in Pasay City, Two Shopping Center, likewise started to contribute to the increase in revenue starting the second quarter of the year.
Wharton Parksuites and Anchor Skysuites are both located in Manila’s Chinatown, while Solemare Parksuites is at the Aseana Business Park in Paranaque. Admiral Baysuites, which is the redevelopment of the historic Admiral Hotel, is along Roxas Blvd. also in Manila.
Anchor Land’s newest project, Clairemont Hills in San Juan City, started construction in the third quarter while another Chinatown residential condominium, the Oxford Parksuites, has been launched as a follow up to the successful Wharton Parksuites.
Clairemont Hills is a low-density development to rise in suburban San Juan City. This project features clusters of 23 three-story townhouses with a medium-rise condominium at the center.
Anchor Land 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 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,” he said.