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Anchor Land profit jumps 30% to P401M in 9 months

By Danessa O. Rivera
11/25/2010 [ ]
Property developer Anchor Land Holdings Inc. (ALHI) increased its net income by 30 percent to P401 million for the first nine months from P308.6 million a year ago.
Its consolidated revenues grew by 34 percent to P2.05 billion during the period from P1.5 billion due to robust real estate sales of P1.9 billion, boosted by a higher number of units sold and higher project completion percentage of its condominium and commercial developments in Metro Manila.
ALHI said third quarter revenues hit P925 million, higher by P371 million compared to the same period last year. It has also breached its full 2009 consolidated revenues of P1.63 billion.
ALHI chairman Stephen Lee Keng said he expects to sustain the company’s growth momentum into next year as the company launches more projects in the fourth quarter of this year and beyond.
“We have additional projects coming to the market, and we are matching these with more aggressive marketing and advertising activities. At the same time, we will continue to deliver all our projects ahead of schedule, as much as possible,” he added.
Lee said bulk of ALHI’s current revenues come from the bestselling SoleMare Parksuites, a twin 18-story project at the Aseana Business Park in ParaƱaque City under the company’s subsidiary Posh Properties Development Corp., and the 39-story Wharton Parksuites project along Masangkay Street in Binondo under its subsidiary Manila Towers Development Corp.
Anchor Land recently introduced the second phase of SoleMare Parksuites which is another twin 18-story development beside the original property, and is expected to sustain robust buyer interest in the Bay City area where Anchor Land is a pioneer developer.
Early this year, the company started construction of the 39-storey Wharton Parksuites along Masangkay Street in Binondo, which caters mainly to those who send their children to prominent Chinese learning institutions in the district.
The company also started the development of its signature project in Chinatown, the Anchor Skysuites, which at 56-storys high is projected to become the tallest edifice in the city of Manila and in all Chinatowns around the world.

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