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NEWS - 12 June 2019

Empire East allots P25-B five-year capex

Megaworld subsidiary Empire East Land Holdings Inc. is allotting P25 billion in capital expenditures in the next five years as it banks on the Philippine economy’s steady growth to fuel its own.

 

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

 

The Tan-led property developer plans to open seven towers equivalent to 2,200 units this year.

 

Additionally, Empire East said that it will be commencing the construction of five additional towers in 2019 which will add another 3,000 units in its inventory.

 

“If you look at the reservation sales of the company, you will see, it increased from P19.47 billion in 2017 to close to P25 billion in 2018, which is a 25 percent jump,” Empire East president Charlemagne Yu said during the company’s annual stockholder’s meeting on Tuesday in Quezon City.

 

“Given these indicators, the company remains strong and confident that we will be able to sustain our growth in the coming years. (The) sustained Philippine economy is very strong and the company continues to be strong within this context.”

 

Empire East, along with integrated urban township developer Megaworld, is currently developing the 24-hectare township to be dubbed the Empire East Highland City in Cainta, Rizal.

 

The developers will be spending P20 billion in 10 years to construct the township, where Empire East is set to build around 38 residential towers.

 

As of end-December 2018, Empire East said that has been simultaneously constructing 13 towers in various stages of completion.

 

Empire East said it sold a total floor area of 200,000 square meters (sqm.) in 2018 spanning nine different projects targeted to the middle income market.

 

It also completed a total floor area of near 100,000-sqm., or over 2,700 condominium units spread across nine residential towers during the year.

 

Shares of Empire East were sold for P0.475 as of Tuesday.

 

Megaworld subsidiary Empire East Land Holdings Inc. said it has seven towers equivalent to 2,200 units in the pipeline for completion this year as it banks on the Philippine economy’s steady growth to fuel its own.

 

Additionally, the Tan-led property developer said that it will be commencing the construction of five additional towers in 2019 which will add another 3,000 units in its inventory.

 

“If you look at the reservation sales of the company, you will see, it increased from P19.47 billion in 2017 to close to P25 billion in 2018, which is a 25 percent jump,” Empire East president Charlemagne Yu said during the company’s annual stockholder’s meeting on Tuesday in Quezon City.

 

As published by Tribune.net on June 12, 2019

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