Property developer Anchor Land Holdings Inc., led by businessman Steve Li, recorded a five percent increase in its first quarter profit to P156.47 million, thanks to robust revenue from real estate sales.
During the first three months of the year, Anchor Land saw revenues jump 64 percent to P1.37 billion, driven by the successful launch of new projects and higher accomplishments in existing ones.
Real estate sales accounted for 73 percent of the company’s total revenue during this period, driven by ongoing projects such as 8 Alonzo Parksuites, 202 Peaklane, Anchor Grandsuites, Cornell Parksuites, Copeton Parksuites, as well as the newly introduced One Legacy Grandsuites and One Financial Center.
The One Legacy Grandsuites, in particular, represents the largest residential development project undertaken by the company, while the One Financial Center marks their first premium corporate building project available for sale.
Anchor Land anticipates the sale of Cosmo Suites later this year, further bolstering their real estate sales and strengthening their position in the market.
Revenue from leasing operations also played a significant role, contributing 18 percent to the company’s top line with P335.39 million.
Hotel operations added P61.89 million in revenues, with Anchor Land starting in the third quarter of 2022 operations of the Admiral Hotel, a five-star luxury boutique hotel project.