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Condo demand boosts Anchor Land 2007 income

Vol. XXI, No. 193-A [ Business World Online ]
Saturday, May 3, 2008 | MANILA, PHILIPPINES

Demand for more condominium units within Manila almost doubled real estate developer Anchor Land Holdings, Inc.’s net income to P102.62 million last year.

In a financial report to the exchange, the listed firm said its net income had gone up by 83% to P102.62 million due to revenues from unit sales from its Mandarin and Mayfair projects.

Real estate sales almost quadrupled to P80.59 million from P23.66 million, driving last year’s revenues to P406.39 million.

The Mayfair Tower is a 33-storey condominium project along UN Avenue, Manila with a gross floor area of 26,550 square meters. The Mandarin Square is a 39-storey condominium project in Binondo measuring 68,968 square meters.

Anchor Land’s first-time sale of shares to the public last year also boosted its cash by 1,700% to P456.22 million.

It earned P580.45 million from the sale, using the proceeds to buy more land and develop more projects.

For 2008, Anchor Land has allotted P3.2 billion for the construction of two new projects in ParaƱaque and Manila.

Located along Bradco Avenue, Aseana Business Park, the ParaƱaque project will be an 18-storey mixed-use development within a 6,281-square meter property.

The second project will be a 42-storey twin tower commercial and residential development in Manila with a total floor area of about 80,000 square meters. Anchor Land is a joint venture of Chinese and local investors, building high-end condominium projects catering to the Filipino-Chinese community. — LNPL

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