MANILA, Philippines - Empire East Land
& Holdings Inc., a member of the Megaworld Group of Companies, has
earmarked P3 billion for its capital expenditure program this year to complete
ongoing projects.
The planned capital budget, which is
higher than the P2.3 billion alloted in 2011, will be funded by collections,
borrowings and equity financing.
Empire East, the low-to-middle income
housing arm of real estate tycoon Andrew Tan, has approved a pre-emptive rights
off ering to beef up its landbank and fund projects.
The shares to be issued will come from
the P10-billion increase in the company’s authorized capital.
Empire East plans to issue one new
share for every four existing shares at P1 apiece. The record date for the
rights off er shall be on the 15th trading day after approval by the stock
exchange of the listing application.
The company rolled out three new
residential phases in its transit-oriented developments – Maple Heights in
Pioneer Woodlands, Green Club Towers in Little Baguio Terraces in San Juan, and
Madison Plaza Towers in San Lorenzo Place.
Aside from these, Empire East is
building Rochester, a combination of 10 mid-rise and high- rise buildings in
Pasig City with a total of 2,100 residential units; and Kasara, a resort
inspired residential community near C-5 road in Pasig.
With Kasara, the company hopes to tap
an underserved market of Filipinos moving toward healthy, green and stress-free
living. The project features 2,000 studios and one-to-three bedroom homes.
Empire East reported a net income of
P186.12 million last year, down 26 percent from P250.26 million in 2010.
Revenues likewise declined 13 percent to P1.95 billion.
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