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Megaworld consolidates finances of Empire East

[ tribune.net.ph ] June 6, 2011

Condominium builder Megaworld Corp. said Friday it will consolidate Empire East Land Holdings Inc. as a subsidiary. Megaworld and Empire East are both owned by business tycoon Andrew Tan.

Megaworld said in a disclosure to the stock exchange the consolidation of Empire East Land, its middle-income property unit, would start in the second quarter of this year.

“Pursuant to existing securities regulation, Megaworld, which owns 50.0238 percent of Empire East, is required to consolidate Empire East as a subsidiary in its consolidated financial statements,” Megaworld said.

The Megaworld group, which includes Empire East and Suntrust Properties, earlier said it would launch this year P60 billion worth of housing projects totaling 18,673 residential units.

Megaworld will account for the bulk or P41 billion worth of projects offering around 11,110 units with an aggregate floor area in excess of 372,000 square meters.

Megaworld’s new projects include One Eastwood Avenue in Eastwood City; 81 Newport Boulevard and 101 Newport Boulevard in Newport City; Viceroy Residences and two new towers of The Venice in McKinley Hill; and additional towers of Manhattan Heights and Manhattan Plaza at Manhattan Garden City.

Megaworld expects to complete more than 600,000 sq. m. of next generation office space for the business process outsourcing market and additional retail space at its ongoing McKinley Hill, Newport City and CityPlace projects as well as the upcoming Bonifacio Uptown and other projects in Iloilo and Cebu. Jenniffer B. Austria
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