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Anchor Land buys prime lots in Parañaque City

[ ] May 20, 2011
ANCHOR Land Holdings Inc. will beef up its land bank in a business park in Parañaque City following the acquisition of two parcels of land in the area.
In a disclosure to the Philippine Stock Exchange, Anchor Land said its wholly owned subsidiary Posh Properties Development Corp. has signed an agreement with D.M. Wenceslao and Associates Inc. for the acquisition of two lots with a size of 9,059.70 square meters each in the Aseana Business Park.
The property developer will spend P434.87 million for the purchase of each lot. The consideration of the acquisition is based on the fair market value of the properties of P48,000 per square meter.
The company said that 30 percent of the acquisition cost will be funded through internally generated funds, while various financial institutions will finance the remaining 70 percent.
In December 2010, Posh Properties paid a 10-percent downpayment worth P43.87 million, exclusive of a 12.00-percent value-added tax. The Anchor Land unit has paid a reservation fee of P5 million, which has been deducted from the downpayment.
The balance of P391.38 million will be paid in the next 36 months for a monthly installment of P10.87 million.
Anchor Land has earlier gained a foothold in the Aseana Business Park with its SoleMare Parksuites project, which is developed by Posh Properties It is the company’s first residential development in the entertainment, tourism and leisure complex off Manila Bay between the SM Mall of Asia and the Pagcor Entertainment City.
Meanwhile, the real estate firm’s net income increased by 53 percent to P212 million in the first quarter from P139 million year-on-year.
Revenues jumped 32 percent to P720 million from P546 million on the back of the strong sales and the continuing development of three ongoing projects.
Anchor Land expects revenues to hit the P3-billion level this year, a 12.17-percent improvement from the P2.66 billion generated in 2010.
Its shares were last traded on May 5 at P12.40 each.

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