Luxury residential condominium developer Anchor Land Holdings is allotting P2.5-billion for capital expenditures this year as it diversifies into putting up student housing and the commercial center business.

In an interview with reporters, Anchor Land vice chairman Stephen Li said the firm is also “very confident” of surpassing its performance last year when it earned P1.3 billion in revenues and a net income of P236.2-million on the back of strong sales of its existing projects.

Li said Anchor Land is building a P1.2-billion condominium along Masangkay Street in Binondo aimed at providing units for students of nearby schools.

To be called Wharton, the new 33-storey building will have smaller units than the firm’s luxury developments (also in Binondo) and will also target medical workers and frequent patients of a nearby hospital.

Anchor Land is also pursuing the construction of Sky Suites at a cost of around P3 billion. Li said the luxury development will have 330 units comprising of two to five bedroom units as well as loft units.

Li said Anchor Land is also set to open a shopping mall in Baclaran, its first foray into the business, as a means of providing the company with a regular stream of recurring income.

He said it will be a small development of 10,000 square meters in six floors and will house wholesalers who favor selling their wares in Baclaran. Li said construction will start soon and the building should be complete in nine months.

Anchor Land is also scouting for other locations where it can put up more shopping centers as Li noted that there is strong demand for retail spaces.

Meanwhile, the firm is also eyeing three more properties for its land banking efforts. However, Li said he cannot disclose there these lots are pending the completion of negotiations.