Makati—(PHStocks)—High‐end residential developer Anchor Land Holdings Inc.’s (Anchor Land, PSE: ALHI) consolidated revenues in the first nine months of 2012 rose to PhP3.03 billion, a 42% increase compared to PhP2.14 billion recorded in same period last year as the company enjoyed strong sales and sustained construction activities in its ongoing residential condominium projects.
In a disclosure to the Philippine Stock Exchange (PSE), the company reported for the January‐to‐September period likewise increased in net profit of PhP706.8 million, a 26% growth compared to PhP560.9 million for the same nine‐month period in 2011. Earnings before interest and taxes reached at PhP943.67 million, up from PhP730.36 million year‐on‐year.
Anchor Land’s strong financial results in the first nine months is driven mainly by robust sales and continuing construction activities for its current projects, namely Wharton Parksuites, Anchor Skysuites, SoleMare Parksuites Phase 2 and Admiral Baysuites.
In addition to its residential sales, the company has started realizing strong recurring income from its commercial developments. Anchor Land’s rental income reported an increase of 376% to PhP123.9 million as a result of the full operations of its One Shopping Center in Pasay City and the commercial units in its Mandarin Square project in Binondo.
Another commercial development in Pasay City, Two Shopping Center, likewise started to contribute to the increase in revenue starting the second quarter of 2012.
Wharton Parksuites and Anchor Skysuites are both located in Manila’s Chinatown while Solemare Parksuites is at the Aseana Business Park in Paranaque. Admiral Baysuites, which is the redevelopment of the historic Admiral Hotel, is along Roxas Boulevard also in Manila.
Its newest project, Clairemont Hills in San Juan City, has begun construction in the third quarter of 2012 while another Chinatown residential condominium, the Oxford Parksuites, has been launched as a follow up to the successful Wharton Parksuites. Clairemont Hills is a low‐density development to rise in suburban San Juan City. This project features clusters of 23 three‐storey townhouses with a medium‐rise condominium at the center.
ALHI Chairman Stephen Lee said the diversification of the company’s income sources is a long‐term strategy, with recurring rental income expected to further increase its contribution to the company’s bottom line in the coming years.
“As the Anchor Land continues to grow, our income mix will also change as we take advantage of market opportunities particularly in other segments that we feel remain largely untapped,” Lee said.
Anchor Land has earlier announced plans to embark on more commercial developments particularly in the Manila area where the company first established its niche in the luxury residential segment before venturing into other parts of the metropolis.
Anchor Land will soon roll out its biggest residential project to date: An PhP11 billion, four‐tower residential development to be called the Monarch Parksuites at the ASEANA Business Park in Parañaque City. The project is the third phase of the very successful Parksuites mixed use development that takes into consideration the sites proximity to the Pagcor Entertainment City and Mall of Asia development. The Monarch will feature more open spaces, bigger amenities and garden areas with European design buildings.
Anchor Land also announced plans to embark on more commercial projects, including its first office building development, the Anchor Land Corporate Center, which will rise along Roxas Boulevard near the Admiral Baysuites.