Monday, June 22, 2009 [ manilatimes.net ]
ANCHOR Land Holdings Inc. announced that it would acquire the Admiral Hotel Manila.
Elizabeth Ventura, Anchor Land vice president for sales and marketing, said the buyout of the 110-room hotel in the Ermita district of the Philippine capital will be concluded before the end of the year.
Ventura said the company plans to renovate the Admiral Hotel, which has been the shelter of American armies during the Second World War.
The official also said Anchor Land, which has established a niche market in the ethnic Chinese community, will put up a residential building on the vacant lot at the back of Admiral Hotel.
Anchor Land earlier completed its second luxury condominium, the 39-story Mayfair Tower along UN Avenue in Manila, while the third, Mandarin Square is also nearing completion. Unit Manila Towers Development Corp. is building Mandarin Square.
In the first quarter of the year, Anchor Land said its net income jumped 83 percent to P82.94 million from P45.24 million in the same period last year.
The property developer said gross revenues surged 91 percent to P454.62 million from last year’s P237.61 million.
“Our sustained profitability during the first three months puts us in a position to at least match, if not surpass, our record earnings last year,” Stephen Li, Anchor Land chairman, said.
Li said the company’s first quarter sales grew to P452.53 million, almost double last year’s P236.88 million.
The executive said the surge in revenues came from the higher number of units sold and higher project completion percentage as the company continues to enjoy steady support from its niche market, while tapping into new segments that are equally lucrative.
-- Chino S. Leyco