Niche property developer Anchor Land Holdings, Inc. reported a 13 percent growth in consolidated net income to P295.4 million in the first quarter of 2013 from the P262.24 million recorded during the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said revenues for the first quarter of 2013 reached P1.58 billion, an increase of 29 percent compared to the same period last year, on the back of continuing strong real estate sales and increase in recurring rental revenues.
Real estate sales still accounted for the bulk of Anchor Land's revenues in the first quarter at P1.44 billion, 30 percent higher than the P1.11 billion sales revenues in the same quarter a year ago.
On the other hand, rental revenues increased by 31.8 percent to P45.59 million from P34.6 million in the same quarter last year.
Anchor Land chairman Stephen Lee said the biggest revenue generators in the first quarter are still their bestselling projects in Binondo, Roxas Boulevard, and in Paranaque City.
"We are pleased to report that our flagship projects continue to enjoy robust sales during the first quarter of the year," Lee said.
He added that "our new offerings are also gaining strong traction in their respective market segments, which should enable us to sustain our profitability and allow us to take advantage of more opportunities for the rest of the year."
Other contributors to Anchor Land's bottom line include its projects in San Juan City and in Chinatown, while its rental income was bolstered by the full operations of its two commercial complexes in Pasay City.
For 2013, Anchor Land will further strengthen its presence in Chinatown where the company started and where it has established a loyal customer base among affluent Filipino-Chinese businessmen.
The firm has allotted P5 billion in capital expenditures for 2013 to pursue new projects that are mostly follow-ups to its existing successful developments especially in areas where demand for Anchor Land projects remain strong.
These include the P11-billion project which will rise on a nearly two-hectare property between the SM Mall of Asia and the Entertainment City and consists of four residential towers, two of which offer larger and multiple bedroom units.
In Chinatown, Anchor Land's new residential developments in 2013 include the Oxford Parksuites and Princeview Parksuites. Anchor Land will also embark on a commercial venture in Binondo which will offer warehousing facilities to Chinatown traders.
Other projects for this year include a residential development along Roxas Boulevard and another warehousing facility in Baclaran. (JAL)