Anchor Land Holdings Inc. disclosed development projects in the Philippines that will enable it to raise its recurring revenues to a minimum of 20% of total revenues by 2021.
The goal will be achieved from the company's existing commercial and office developments, hotels and bed spacing segments, CEO Steve Li said in a release, adding that Anchor Land's residential projects currently contribute 90% of its total revenues, while 10% comes from commercial projects.
The Filipino property developer is transforming the Admiral Hotel along Roxas Boulevard in Pasay City, and will construct another hotel and resort in Coron, Palawan. Anchor Land also has 2.6 hectares of land outside the Bay Area, where it aims to build a Boracay Hotel and Resort development.
The company will venture into the market of developing bed space leasing facilities through Cosmo Suites in Pasay City, which will offer about 800 rooms upon completion after three years.
Further among its pipeline of projects is its tourism and leisure project called Baylife Venue and the two-tower, Leadership in Energy and Environmental Design-certified Anchor Land Corporate Center at the Bay City.