Empire East allots P25-B capex, launches P20-B Cainta project

Published June 13, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Empire East Land Holdings Inc. is allotting P25 billion for its capital expenditures over the next five years to support the continued growth of its business amid an expanding economy.

In an interview after the firm’s annual stockholders’ meeting, Empire East President Anthony Charlemagne Yu expressed confidence that the company will continue its growth trajectory in the next few years.

Yu noted the company’s assets worth P42.6 billion, of which P3.6 billion are collectibles.

“We have 404 hectares of properties in our landbank and that would last for the next five to seven years,” he said adding that the company also continues to build various projects.

He said that, “in fact there are 13 towers simultaneously being constructed, in various stages of completion as of end-December 2018.”

“In 2019, our company is projected to complete seven additional towers that is of 2,200 units and, also this year, we will commence the construction of 5 additional towers, which is an additional 3,000 units,” said Yu.

Yu said the company’s reservation sales reached P25 billion last year, up about 28.4 percent from the prior year’s P19.47 billion.

Last year it sold 200,000 square meters of residential units across different projects, while completing “close to 100,000 sq.m.,” of units.“Over 2,700 condo units were completed, spread across nine residential towers,” Yu said.

“Given these indicators, the company remains strong and confident that we will be able to sustain our growth in the coming years,” Yu added.

This July, the company will officially launch its biggest project so far — the 24-hectare Empire East Highland City in Cainta, Rizal which it will develop at a cost of P20 billion.