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Anchor Land expects P15B from new projects

Posted on July 25, 2013 11:21:17 PM [ BusinessWorld Online ]
LISTED Anchor Land Holdings, Inc. expects to eventually generate about P15 billion in revenues from three residential projects it plans to launch this year, a top company official said yesterday.
The company is set to start three residential and two commercial projects later this year, Chief Executive Officer Steve Li told reporters after the company’s stockholders’ meeting yesterday in Makati City.
“For the three residential projects, we are looking at P15 billion in terms of revenues,” Mr. Li said.
The five projects that are set to be launched this year are:
• 39-story Oxford Parksuites luxury condominium in Binondo, Manila;
• 17-story Monarch Parksuites luxury residential development in ParaƱaque City near Manila Bay;
• Princeview Parksuites residential development in Binondo, Manila;
• 12-story One Logistics commercial center in Baclaran,Pasay City; and
• 10-story One Soler in Sta. Cruz, Manila.
Construction is expected to be finished in the next three to four years, Mr. Li said.
Mr. Li also said the company expects to grow its profit and revenues by double-digit rate this year, though he would not give specific figures.
“Based on what we have seen, we are confident that we should have double-digit growth for this year,” Mr. Li said.
Last year the company’s net income hit P1.03 billion, around 22% more than the P841.7 million earned in 2011.
The company’s net income has so far grown by around 13% to P295.41 million in first quarter from P262.24 million in the same period last year.
Revenues rose by 29% to P1.58 billion from P1.23 billion on “improvement in consolidated revenues as a result of the continued sales and construction of residential condominiums, namely: Wharton Parksuites, Anchor Skysuites, Solemare Parksuites Phase 2, Admiral Baysuites and Clairemont Hills Parksuites.”
Wharton Parksuites, Anchor Skysuites and Admiral Baysuites are located in Manila; Solemare Parksuites Phase 2 is in ParaƱaque City; while Clairemont Hills Parksuites in San Juan City.
The property developer has programmed about P5 billion in capital expenditure for this year, more than a tenth from P4.5 billion last year.
Shares of Anchor Land surged by P1.30 or 5.56% to close at P24.70 apiece yesterday from P23.40 each on Wednesday. -- Cliff Harvey C. Venzon         
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