Shareholders of Anchor Land Holdings Inc. (ALHI) have approved the issuance of 1.3 billion preferred shares.
The issuance of these voting preferred shares with a fixed annual yield of 8 percent was in line with the proposed increase in the company’s authorized capital stock by P1.3 billion.
“We [are] just preparing for the future. We’ll keep on expanding and launching new projects along the way and we like to plan ahead, prepare in case we need some fund-raising,” ALHI vice chairman and director Steve Li told reporters on Thursday.
This year, Li said ALHI was confident that it would attain a double-digit growth in both revenue and net profit from last year.
The property company, which has about P7 billion in assets, ended 2010 with a net profit of P566.5 million on the back of P2.66 billion in revenue.
ALHI has six ongoing projects.
Targeted for launching within the year is Clairemont Hills, an integrated development in San Juan City that will feature medium-rise condominiums, single detached residential units and a commercial area to be known as “Clairemont Hills Parksuites.”
Clairemont Hills will rise on a 5,627-square-meter parcel of land.
Another major project being undertaken by ALHI is the Admiral Baysuites project on Roxas Boulevard.
The former Admiral Hotel property will be redeveloped into a boutique hotel.
Beside it will rise a 53-story luxury condominium.
Li said the 110-room boutique hotel would open to the public in three to four years under the management of a luxury hotel chain.
He said the renovation of the hotel would be finished ahead of the turnover of the luxury Admiral Baysuites units.
The west wing of the luxury condominium will feature 69 units with living space of between 398 and 1,000 square meters.
Admiral Baysuites will be a major engineering feat as it will be the first building in the country with 18 swimming pools.
According to Li, over 90 percent of West Wing has been sold.