Anchor Land to launch P9.5-B residential projects this year

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Property developer Anchor Land Holdings Inc. is set to launch two high-end residential projects in the latter part of this year worth a combined P9.5 billion in sales value.
Anchor Land President Elizabeth Ventura said at the company’s annual stockholders meeting held in Makati on Thursday that by the end of the year, the company will introduce to the market the 60-story residential project called Manila 1590 and the 53-story condominium called Admiral Grandsuites.

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The projects were originally scheduled for launch earlier this year but because of right-of-way issues, the company decided to postpone the launch. As a result, the firm expects flat income and revenue growth this year.

In an interview with reporters, Anchor Land Vice Chairman and Chief Executive Officer Steve Li said that despite the delay, the company is still confident that the projects will yield good results and contributions in the future.

The company has pegged the sales value for Manila 1590, set for completion in the next five years, at P8 billion, while phase 2 of Admiral Grandsuites, due for completion in the next four years, targets a sales value of P1.5 billion, Li said.

Anchor Land’s overall capital expenditure for this year is set at P5 billion, the largest spending the company has allocated for a year. Last year, the company spent P4.5 billion.

In 2013, Anchor Land posted a net income of P1.11 billion, an 8-percent increase over its 2012 net income of P1.02 billion, and the highest income the company has attained so far.

Li declined to forecast profit for this year but he said the company “hopes to match last year’s performance.”

“Anchor Land aims to further sustain profitability momentum in 2014 by focusing on our core strengths, namely luxury residential developments aimed at niche market segments,” Anchor Land Chairman Stephen Lee said.

Madelaine B. Miraflor

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