MANILA, Philippines - Property developer Anchor Land Holdings, Inc. is on track to meet its 2020 recurring income target, as it is set to launch more leasing-oriented projects.
In an interview following the company’s annual stockholders’meeting Thursday, Anchor Land vice chairman and chief executive officer Steve Li said the firm is moving towards a recurring-based portfolio.
“For the last two, three years, we’ve been increasing our investment for recurring properties,” Li said.
The company expects recurring income to account for 15 to 20 percent of its total revenues by 2020.
In 2016, rental income comprised six percent of Anchor Land’s revenues.
Anchor Land said it has around 77,567 square meters of leasable space currently underconstruction.
“We are targeting to have around 168,000 sqm [leasable space] by 2020,” Li said.
He added that the company is also looking to launch three projects this year. Among these are a warehouse in Binondo, Manila and its maiden bedspacing project in Pasay City called Cosmo Suites. The bedspacing project is set to have less than 3,000 bedspaces.
“Cosmo Suites should be finished within three years. This will comprise twin-towers,” Li said.
Anchor Land expects to have a portfolio of 10,000 bedspaces in the next five years.
Apart from the warehouse and bedspacing project, Li said the company is also looking to launch a twin-tower residential project in Davao City.
Li said the company has earmarked P8 billion for capital expenditures this year, higher than the P5 billion spent last year.
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