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NEWS - 13 June 2019

Empire East to develop condo complex in Pasig-Cainta area

EMPIRE EAST Land Holdings, Inc. (ELI) will unveil over 3,000 residential condominium units this year within a recently launched township in the Pasig-Cainta area.

 

In a statement issued Tuesday, the listed property developer said it will build a 38-tower, high-rise residential complex in Empire East Highland City. This is the company’s 24-hectare township being jointly developed with parent Megaworld Corp.

 

Located along Felix Avenue at the boundary of Pasig City and Cainta, Rizal, Empire East Highland City will feature an elevated city concept in order to adjust to its uphill location.

 

The development will have an elevated green park that will lead residents to the Highland Mall and to ELI’s residential complex project.

 

“Our property offerings have made the residents’ comfort and convenience a true priority, upgrading their experiences in a way that contributes directly to their happiness and well-being,” ELI President and Chief Executive Officer Anthony Charlemagne C. Yu said in a statement.

 

Megaworld earlier said it will spend P20 billion over the next 10 years to develop Empire East Highland City with ELI. The first phase of the township will involve the Highland Mall, which will have a gross floor area of 58,000 square meters (sq.m.) and is scheduled to open by the end of 2020.

 

The township will also include mixed-use towers, retail areas, an 8,000-sq.m. green and open park, and a 500-seating capacity church.

 

Megaworld earlier said that it is banking on the large population in Cainta to boost the demand for the residential units to be launched in the township.

 

In 2018, ELI said it sold projects covering almost 184,000 sq.m. of floor area. At the same time, the company completed the construction of about 95,000 sq.m. of living space and turned over more than 2,700 condominium units across nine residential towers.

 

Since its establishment in 1994, the company said it has completed 110 towers with about 17,000 condominium units. This is in addition to 7,700 residential lots at its horizontal developments.

 

The listed firm’s net income attributable to the parent grew eight percent to P215.76 million in the first quarter of 2019, on the back of a five percent increase in gross revenues to P1.23 billion.

 

ELI is part of the property business of tycoon Andrew L. Tan. His holding firm Alliance Global Group, Inc. also has core investments in liquor through Emperador, Inc., gaming through Travellers International Hotels Group, Inc., quick-service restaurant through Golden Arches Development Corp., and infrastructure through Infracorp Development, Inc.

 

Shares in ELI stood at 47 centavos each on Tuesday, 1.05% lower compared to the previous session.

 

As published by BusinessWorld Online on June 13, 2019

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