Anchor Land’s 1st-semester net profit grows 40% to P250M

MANILA, Philippines—Property developer Anchor Land Holdings Inc. grew its first-semester net profit by 40 percent to P250 million from a year ago on brisk sales of residential units in its two condominium projects in Binondo, the Philippine Chinatown.

For the second quarter alone, the company’s net income amounted to P137.6 million, 22 percent higher than the level in the same period in 2010.

“I am proud to say that, as we sustain our profitability, we are also able to grow our company’s assets,” said Anchor Land chairman Stephen Lee in a press statement. “This augurs well for our future expansion plans and should ensure that we remain competitive and committed towards completing and delivering our projects on time.”

The growth in six-month net profit was attributed to strong real estate sales and other revenues totaling P1.22 billion as the company reported robust sales from its ongoing projects particularly in Manila’s Chinatown. Its best-selling projects are the 39-story Wharton Parksuites and the 56-story Anchor Skysuites, both located in Chinatown.

The company said it had established a solid niche in Chinatown after it completed two earlier projects in the district, the Lee Tower and the Mandarin Square.

Another major source of revenue this year is the SoleMare Parksuites at the ASEANA Business Park in Parañaque City, the first residential development in Metro Manila’s newest entertainment, tourism and leisure complex off Manila Bay between the SM Mall of Asia and the Pagcor Entertainment City.

The company also reported a 33 percent increase in assets to P9.3 billion as of June 30 from a year ago. The increase was attributed to the higher completion rates in its current projects, as well as aggressive land banking and from its investment properties, particularly the One Shopping Center and Two Shopping Center commercial developments, which provide steady, recurring income.

At the ASEANA, SoleMare has started turning over finished units to buyers of its Phase 1 development, the first developer in the area to do so. Construction of Phase 2 is in full swing.

Earlier this year, the company reported the acquisition of nearly two hectares of additional property at the ASEANA, which it would develop as the third phase of the SoleMare project.