MANILA, Philippines - Property developer Anchor Land on Tuesday said its net income rose 8 percent to P1.1 billion in 2013, driven by strong real estate sales and rental income.
In a disclosure to the stock exchange, Anchor Land said its total revenues surged 38% to P5.7 billion in 2013. Real estate sales went up 41% to P5.08 billion in 2013.
"Anchor Land benefited from the continuing strength of the Philippine economy and the real estate sector. This translated to robust demand for our projects from both local and overseas investors, as well as for our property management services," Anchor Land chairman Stephen Lee said in a statement.
Anchor Land, which caters primarily to the Filipino-Chinese market, allocated P4.5 billion in capital expenditures for its projects in 2013.
The developer broke ground for five projects - Monarch Parksuites in the Bay City; Oxford Parksuites and Princeview Parksuites in Chinatown; and commercial buildings One Logistics and One Soler.
"Anchor Land aims to further sustain our profitability momentum in 2014 by focusing on our core strengths, namely: luxury residential developments aimed at niche market segments, and a customer service program that puts the highest premium on client satisfaction and convenience," Lee said.
Anchor Land had recently said it plans to spend over P1 billion to transform the historic Admiral Hotel along Roxas Boulevard in Manila into five-star boutique hotel.
This year, the company said it will allocate P5 billion in capital expenditures for two new residential projects in Binondo and two warehouse buildings.