By Danessa O. Rivera (The Philippine
Star) | Updated June 26, 2015 - 12:00am
Anchor Land Holdings Inc. is setting a
P21-billion capital expenditure in five years, of which P5 billion will be
allocated this year, Anchor Land CEO Steve Li said after the company’s
shareholders’ meeting. File photo
MANILA, Philippines - Anchor Land
Holdings Inc. will continue to concentrate on developments in Metro Manila,
earmarking P21 billion for a mix of upscale residential and office projects in
the next five years.
The high-end property developer is
setting a P21-billion capital expenditure in five years, of which P5 billion
will be allocated this year, Anchor Land CEO Steve Li said after the company’s
shareholders’ meeting.
He said the five-year capex would
finance the company’s 13 projects, of which six would be rolled out towards the
end of 2015.
“All of these will be ongoing. We are
launching six projects in the last part of this year. So together with the
existing ones, we will have 13 working projects,” Li said.
The six projects include three
residential projects, the 63-story Anchor Grand Suite in Binondo, Manila and
the 43-story Emerald Grand Suites along Roxas Blvd. and another residential and
hotel in Binondo project; one hotel development called Emerald Hotel;
two-tower, 12-story office buildings and a commercial center in Aseana Business
Park in Parañaque City.
While major developers are branching
out their developments in the provinces, Anchor Land will continue to invest in
the Metro Manila.
“We still believe there is untapped
market. We don’t want to diversify our resources so we are more concentrated in
Manila as of this time,” Li said.
In particular, the company official
said the Aseana Business Park will house most of the developments as it is seen
“most promising.”
Li said the residential projects will
remain to serve the high-end market.
“Ever since, what we are doing is more
focused on the niche market. A lot of developers are focused on their size, so
our development is more focused on the family end-users and the bigger-sized
development,” he said.
Emerald Grand Suites will have 51 units,
Anchor Grand Suites with 400 units while the other Binondo development will
have 250 units mixed with the hotel component.
Meanwhile, the office buildings and
commercial areas are part of Anchor Land’s commitment to build on its recurring
income.
“Last year we had a significant drop.
so we are trying to go back to regular momentum,” Li said.
In 2014, Anchor Land posted a 40
percent drop in net income to P662.37 million from P1.11 billion in 2013 on
lower revenues.
The trend continued into the first three
months of 2015, as net profits fell 14 percent to P184.83 million from P214.48
million a year earlier.