Listed property firm Anchor Land Holdings, Inc. has announced profit for the first nine months of the year reaching P401 million, 30 percent higher than the P308.6 million reported a year ago.
Consolidated revenues reached P2.05 billion, a 34 percent jump compared to the P1.5 billion last year.
Anchor Land said the increase in revenues in the first nine months is driven by a robust P1.9 billion real estate sales, boosted by a higher number of units sold and higher project completion percentage of its condominium and commercial developments in Metro Manila.
Anchor Land, which established a strong niche in the Filipino-Chinese community and is now aggressively expanding outside of Manila’s Chinatown, said third quarter revenues in 2010 hit P925 million, higher by P371 million compared to the same period last year.
The holding company has already surpassed 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 said.
Lee said bulk of Anchor Land’s current revenues came from the bestselling SoleMare Parksuites, a twin 18-storey project at the ASEANA Business Park in Parañaque City under the company’s subsidiary Posh Properties Development Corp. (PPDC), and the 39-storey Wharton Parksuites project along Masangkay Street in Binondo under its subsidiary Manila Towers Development Corp. (MTDC).
Anchor Land recently introduced the second phase of SoleMare Parksuites which is another twin 18-storey 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 likewise started the development of its signature project in Chinatown, the Anchor Skysuites, which at 56-storeys high is projected to become the tallest building in the city of Manila and in all Chinatowns around the world.
Construction of the landmark project is in full swing, and units are scheduled for turnover by 2014. The project is being undertaken by ALHI subsidiary Gotamco Realty Corp.
Another subsidiary, Admiral Realty Corporation, will redevelop the Admiral Hotel in Manila into a European-inspired boutique hotel with white gloved service that will redefine luxury in the Roxas Boulevard area.
Behind the hotel will rise a 53-storey luxury residential condominium that features units of up to 1,000 square meters in size with their own private swimming pool.
Unit owners at Admiral Baysuites will have access to all the facilities and services of the boutique hotel, including room service and housekeeping. In addition, the condominium tower will have its own set of amenities like cigar rooms, 25-meter lap pools, as well as fitness and recreation facilities, among others.
Anchor Land has completed and fully leased out all the stalls in its first commercial development, the One Shopping Center along Kapitan Ambo Street in Pasay City, while construction in its Two Shopping Center along Cuneta Avenue, also in Pasay City, is already on the fourth level.
Both shopping centers are also under Posh Properties, and cater to wholesalers doing business in the Baclaran bargain shopping district. They also offer warehousing facilities and hundreds of parking spaces, something that is not easily found in other shopping malls in the area.
Two Shopping Center has five floors of shops and retail spaces while the sixth floor is exclusively for parking, and the seventh and eighth floors are for warehouses. It is targeted for turnover by the 3rd quarter next year and will be the biggest shopping center in Baclaran upon completion.
Another PPDC project in the pipeline is the Clairemont Hills Parksuites, a mixed use development in San Juan City that will be launched early next year.
Anchor Land has completed three luxury condominium projects to date: The 33-storey Lee Tower along Gandara Street in Binondo, the 33-storey Mayfair Tower along UN Avenue in Manila, and the 39-storey Mandarin Square along Ongpin Street (under MTDC), also in Binondo.
For details on Solemare Parksuites, Wharton Parksuites and Anchor Skysuites, contact Reby Ramirez @ +63 916.4044.555 / +63 922.883.9308 / +63 919.699.3572 or e-mail her at reby_ramirez@yahoo.com.
Source: Business Insights, 07 December 2010
RA 9646, popularly known as Real Estate Service Act ( RESA ) has been approved for implementation when its Implementing Rules and Regulations ( IRR ) was published on July 24 2010 at Philippine Daily Inquirer and Philippine Star. For details on the RESA Law, visit www.ra9646.com, the central repository of all updates on RA 9646.
