Posted on July 16, 2012 10:52:18 PM [
BuinessWorld Online ]
EMPIRE EAST Land Holdings, Inc., an
Andrew L. Tan-controlled developer, has forged a joint venture with Japan’s
Okada group for a P45-billion condominium project in a state-planned casino
complex along Manila Bay, a disclosure to the local bourse yesterday showed.
Empire East will assume the majority stake in its partnership with
Okada-owned Tiger Resort Leisure and Entertainment, Inc. and Eagle 1
Landholdings, Inc. for the development of a 12.95-hectare luxury resort
condominium in the Bagong Nayong Pilipino Entertainment City in Parañaque City,
the disclosure read.
The high-end project, which will fall
under the Empire East Elite brand, will consist of over 25 towers to be built
in several phases.
Tiger Entertainment is the local unit
of gaming giant Universal Entertainment Corp., owned by businessman Kazuo
Okada, and is one of four groups authorized by the Philippine Amusement and
Gaming Corp. to build in Entertainment City.
The project, which forms part of Tiger
Entertainment’s $2-billion casino resort, will be up for launching this year,
Empire East President Anthony Charlemagne C. Yu said in a text message to
BusinessWorld.
“Plans are being discussed by the
partners and we will have a firm timetable very soon. We are ready to commit a
minimum of P10 billion as initial [capital],” Mr. Yu said
Before this, Mr. Tan’s Alliance Global
Group, Inc. had partnered with Genting Hong Kong Ltd. for the $1.1-billion
Resorts World Bayshore casino resort complex.
The Okada Group, for its part, has
also been partnering with local firms of late.
Last Friday, Gokongwei-led Robinsons
Land Corp. revealed it was in talks with the Okada Group for the possible
management of the latter’s retail and gaming businesses in Entertainment City.
Moving forward, Empire East said it is
expected to benefit from the residential demand to be generated from
Entertainment City’s completion.
“We foresee that [Entertainment City]
will attract one million tourists yearly, and will be a big draw for foreign
investors and retirees. Many of these visitors may opt to buy properties for a
longer stay or retirement,” Mr. Yu said in the disclosure.
“The [real estate] market is very
active now, and Empire East wants to have a piece of the high-end market as
well,” Mr. Yu explained.
For 2012, Empire East expects to
complete two projects, namely tower one of Pioneer Woodlands, a six-tower,
transit-oriented project on the corner of Pioneer Street and EDSA in
Mandaluyong City, and tower one of Little Baguio Terraces, a four-tower
development on Aurora Boulevard in San Juan City.
The developer is also one of many
firms interested in the 120-hectare, state-owned Food Terminal, Inc.
agri-indsutrial complex in Taguig City that is slated for bidding next month.
Its shares surged by 11.25% to 89
centavos yesterday. -- Franz Jonathan G. de la Fuente
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