MANILA -- Upscale property developer Anchor Land Holdings, Inc. (ALHI) targets the groundbreaking of six projects worth PHP35 billion this year, banking on the strong demand for properties amid the country's robust economic growth.
“Inventory is being sold out very fast, much faster than what we expect. The economy is getting very promising and quite sustainable. We are launching more and more projects because the demand is very strong,” ALHI Chief Executive Officer Steve Li told reporters after the company’s stockholders’ meeting on Thursday.
Li noted that the low interest rate environment can also benefit investors and end-users.
He said the firm plans to break ground on two residential projects, two office developments, and two warehouse facilities located in Manila and Parañaque City.
Li noted that the construction of these projects over the next three years will be financed with internally generated cash and bank financing.
Anchor Land has a total of nine ongoing projects, and one that is being turned over to investors. “As of now, we are more concentrated in Metro Manila and the one (project) in Davao City. Our option is still open, we are still looking for good opportunities outside of Metro Manila,” he added.
Li said the firm has diversified from purely residential developments to hotel and resort and commercial developments.
He bared that it planned to develop hotel and resort in Boracay, Aklan and Coron, Palawan. “This is the fourth pillar we try to concentrate (on),” he added.
The ALHI registered a 13-percent increase in net income to PHP700.63 million in 2018 from the previous year’s PHP620.05 million. This was one of the highest in the company’s history, second only to 2013’s PHP1.1 billion. (PNA)
