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Property developer doubles net income in ’08

Vol. XXII, No. 182 [ BusinessWorld Online ]

Monday, April 20, 2009 | MANILA, PHILIPPINES


LISTED property developer Anchor Land Holdings, Inc. beat rivals after earning hefty profits last year despite the global economic downturn that has slowed down operations of most firms.

Anchor Land more than doubled profits last year to P236 million while revenues grew by almost threefold to P1.36 billion, its financial report showed. Earnings per share went up to P0.68 from the previous year’s P0.35.

“The significant surge in revenues came from the higher number of units sold and higher project completion percentage during the year as the company continues to enjoy steady support from its niche market while tapping into new segments that are equally lucrative,” Anchor Land said.

Formed five years ago, Anchor Land caters mostly to the Chinese-Filipino community in Manila, although the property company is starting to widen its market reach.

“Anchor Land is continuously looking for prime lands that it can acquire … The company plans to become one of the top 10 developers of high-rise condominiums within the next five years,” it said.

Anchor Land still has 828 square meters (sq.m.) of land on Juan Luna St. in Binondo and another 2,677 sq.m. on Ongpin St.

The company has finished two projects — the 33-storey Lee Tower and the 39-storey Mandarin Square in Binondo, Manila. It expects to finish its third project, the 33-storey Mayfair Tower on UN Ave. in Ermita, Manila, this December.

Construction of the 18-storey twin tower residential Solemare Parksuites is ongoing. The project at ASEANA Business Park in Parañaque, is the company’s first outside Manila.

Anchor Land plans to build a 55-storey condominium, which is expected to be the tallest building in the Binondo Chinese enclave.

Anchor Land went public two years ago. Last Friday, shares of the company stayed at P5.80 apiece.

The net income of high-end property developer Higlands Prime, Inc. also surged by almost half to P183 million last year, while revenues went up by 17% to P833 million.

Highlands Prime said this was the result of sales from projects in the Tagaytay Highlands development.

Highlands Prime expects to complete three Tagaytay projects this year —phase one or seven buildings of the Woodridge Place from which the company expects to earn P1.1 billion; phase one of the Hillside which will add P510 million to revenues; and phase one of Pueblo Real, from which the company expects to raise P400 million.

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