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Empire East sets P12B capex for 5 years


[ Malaya.com.ph ] June 9, 2010
Listed realty firm Empire East Land Holdings, Inc., is eying to spend around P12 billion as capital expenditure for the next five years for its planned projects, as the company remains confident about its prospects in the real estate industry.
Company president Charlemagne Yu said prospects of the company remains good as interest rates remain low which bodes well for the Empire East’s target market of middle-income earners.
For the year, the company intends to start three to five new projects with three already set for unveiling --- Rochester in Pasig, Sonoma in Sta. Rosa, Laguna, and Central Park, a new phase in the company’s Cambridge Village project.
Sonoma is a 50-hectare Asian-inspired community in Sta. Rosa, Laguna which will offer 1,148 prime lots in three residential phases.
Rochester meanwhile will be a tropical-style project with 11 Asian-themed towers.
Central Park is an 8-hectare project consisting of 14 classic Mediterranean-style clusters and a self-enclosed park.
Yu said he hopes to replicate the company’s growth from last year when Empire East posted a 55 percent sales growth.
Sales reservations reached P7.3 billion, up from P4.7 billion the previous year, which was equivalent to 3,649 units sold.
"We hope to sustain our growth with the present environment favorable for our target market," he said.
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