MANILA - Upscale property developer Anchor Land Holdings Inc. has posted a 67.3% increase in net income during the first half of the year on strong real estate sales.

In a statement, Anchor Land said its net income in January to June rose by P74.71 million to P185.7 million from last year's P110.98 million on the back of a 70% rise in revenues to P973.42 million from P574.11 million.

Officials said strong real estate sales of P925.51 million continued to drive Anchor Land's profitability, positioning the high-end condominium developer to surpass or at least equal its earnings in 2008.

"We are in a very strong position to surpass last year's earnings, given the very healthy revenues and net income for the first half," said Anchor Land chairman Stephen Lee.

"Our numbers only show that despite the economic crisis, the real estate sector remains as robust as ever," he added.

Lee noted that Anchor Land continues to enjoy strong demand from its niche Filipino-Chinese market.

Anchor Land has completed its second luxury condominium, the 39-storey Mayfair Tower along UN Avenue in Manila, while the third, Mandarin Square in Binondo, is also nearing completion.

Last June, the company acquired the historic Admiral Hotel along Roxas Boulevard from the Lopez-Araneta family as part of its planned P4-billion investment in the Manila Bay area. It plans to develop the hotel into a boutique hotel as well as put up an upscale residential condominium beside the original structure.