Empire East Land Holdings Inc., a property developer that builds mostly high-rise affordable housing, said it would spend P25 billion for capital expenditures in the next 5 years.
Empire East President and CEO Anthony Charlemagne C. Yu said the company was able to secure prime properties spanning 426 hectares, boosting its land bank for future development.
“Our portfolio is continuously expanding due to the progressing demands of Filipinos aspiring to own a home,” Yu said.
Empire East spent P3 billion for construction and development activities last year.
The company, which will celebrate its 29th year in the real estate industry on July 15, is regarded as one of the property developers with a track record of delivering residential projects.
“As we tread our path to our 30th year in the real estate industry, we shall strive not only to bring innovative city living to raised standards but also to redefine authenticity in home buying and lifestyles. Thus, ensuring that Empire East remains at the forefront of the industry,” Yu said.
Last year, the company had P17.03 billion in reservation sales. It also sold some 23,446 units, and achieved 169 percent of its target sales.
It was able to turnover of 1,300 units to new Empire East homeowners.
“Our strong and strategic orientation toward customer value has always been the driving force behind Empire East,” Yu said. “We understand that our success lies in delivering on our commitments and exceeding the expectations of our valued clientele.”
Following the brisk sales of Empire East Highland City, the developer’s upcoming township in Pasig-Cainta, the company recently launched the second installment of its residential phase, Highland Residences named Bellara Towers 1 and 2. The said development features a mix of studio, one-bedroom and two-bedroom units.
The income of Megaworld Corp.’s subsidiary rose 15 percent to P205.76 million in the first quarter from the previous year’s P178.72 million.
Revenues grew 6 percent to P1.21 billion from the previous year’s P1.14 billion.