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MANILA, Philippines — Property developer Anchor Land Holdings Inc. is eyeing revenues of P9.5 billion from two high-end residential projects to be launched before 2014 ends.
On the sidelines of the company’s stockholders’ meeting Thursday, Anchor Land chief executive Steve Li told reporters that the construction of the 43-story Admiral Grandsuites as well as of the 60-story Manila 1590 would start by yearend. Admiral Grandsuites will be completed in four years’ time, while Manila 1590 will be up in five years, according to Li.
Admiral Grandsuites—the second phase of the Admiral development along Roxas Boulevard in Manila—would be “low density” with less than 50 luxurious units that would generate total sales of P1.5 billion, Li disclosed.
The Manila 1590 development, meanwhile, will have 400 units expected to bring in P8 billion in sales, according to the executive. This project will rise on a historical lot along Masangkay Street in Binondo, Manila, which Anchor Land claims was the site of a revolutionary patriot’s house that Jose P. Rizal had frequented and where the national hero once hid the original script of his novel “Noli Me Tangere.”
Li said that besides Binondo, the company has been looking at two more sites within Metro Manila for land banking, but he declined to disclose details.
Anchor Land had jacked up its capital expenditure for this year to P5 billion from P4.5 billion in 2013, to be spent on completing its residential as well as commercial and warehousing projects in Binondo’s Chinatown, Bay City in Parañaque, Baclaran in Pasay City, Roxas Boulevard, and San Juan City.
Li said Anchor Land has been expecting to post flat earnings and revenues in 2014, as the company encountered delays in constructing and launching projects mainly on difficulty in securing right of way.
In the first quarter, net income slid 28 percent to P212.78 million from P295.41 million in the same three-month period in 2013, on the back of a 29-percent decline in real estate sales due to the “significant slowdown” in the construction of the Monarch Parksuites and Oxford Parksuites projects.
In 2013, Anchor Land’s net income grew 8 percent to P1.11 billion from P1.02 billion in 2012, coming from “strong demand” for new developments as well as recurring income from completed residential condominium projects. Its revenues in 2013, meanwhile, jumped 38 percent to P5.70 billion from P4.14 billion the previous year, boosted by real estate sales which rose 41 percent year-on-year to P5.08 billion.
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