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Megaworld unit allots P12b in next five years


[ manilastandardtoday.com ] June 09, 2010

Empire East Land Holdings Inc., the low- to middle-income housing unit of Megaworld Corp., plans to spend P10 billion to P12 billion in capital expenditures over the next five years as it kept its bullish outlook on the property sector.
Empire East president Anthony Charlemagne Yu told reporters following the annual stockholders’ meeting Tuesday that the company would invest P2 billion this year to finance the construction of five projects. Empire East said it would finance the projects from company funds and pre-selling.
The first three projects are The Sonoma in Sta. Rosa, Laguna, The Rochester in Pasig and Central Park at Cambridge Village in the Pasig-Cainta area.
The Sonoma, a 50-hectare Asian-inspired community, offers 1,148 lots in three residential phases while The Rochester is an 11-tower development that will showcase tropical-style living. Central Park at Cambridge, meanwhile, is an eight-hectare development with 14-residential clusters and self-enclosed park.
Two more transit-oriented residential projects are also being lined up for launching this year. Yu did not disclose the locations of the projects, saying the company was in the process of either acquiring the land or forming joint ventures with the owners.
Yu said he expected the company to post a higher net income and revenues this year given the strong sales of Empire East’s projects.
Reservation sales in 2009 reached an all-time high of P7.3 billion from just P4.7 billion in 2008. Yu said the company would likely surpass last year’s reservation sales with the launching of new projects this year.
Empire East posted a net income of P155 million in 2009, down from P215 million in 2008. Revenues increased to P2.1 billion in 2009 from P1.9 billion a year ago.
Its current residential projects are the nine-tower Pioneer Woodlands in Edsa corner Pioneer Avenue in Mandaluyong, six-cluster Little Baguio Residences in Aurora Boulevard in Cubao, the four-tower San Lorenzo Place in Chino Roces Avenue in Makati and Cambridge Village in Pasig-Cainta area. Jenniffer B. Austria
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