HIGH-END property developer Anchor Land Holdings, Inc. reported a consolidated net income of P453.14 million in the first nine months of the year, up 11 percent from a year ago, on strong real estate sales and rental income.
The company said real estate sales, which account for 89 percent of its total revenues, increased by 50 percent as a result of continuing sales and construction of various projects including Monarch Parksuites, Oxford Parksuites, Admiral Baysuites, Princeview Parksuites, Admiral Grandsuites and Anchor Grandsuites during the period.
Rental income grew 25 percent as a result of the increased occupancy of One Soler, One Logistics Center and of the commercial units in the group’s completed condominium projects.
“The increase in rental income is in line with the group’s continuing efforts to invest and increase its recurring income projects,” the company said in a filing to the Philippine Stock Exchange on Thursday.
It said total assets increased to P25.66 billion as of end-September this year. “The group’s acquisitions of parcels of land and continued growth in construction activities of investment properties and real estate for development and sale caused the increase in total assets,” it said.
Anchor Land was incorporated 2004 to engage in real estate development and marketing, focusing on high-end projects in Metro Manila.