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Property firm set to develop bigger mixed-use project in Pasig

Posted on June 10, 2014 10:41:04 PM

EMPIRE EAST Land Holdings, Inc. is preparing the ground for a new mixed-use project that will be bigger than its 18.5-hectare Eastwood City in Quezon City, the property developer’s top executive told reporters yesterday.

Empire East President Anthony Charlemagne C. Yu said after the company’s annual stockholders’ meeting yesterday at Eastwood Richmonde Hotel in Quezon City that the developer is set to acquire a 23-hectare land in Pasig City which used to have a factory on which the planned new Empire East City -- the firm’s “biggest” project to date -- will rise.

Asked for a timetable for the project, Mr. Yu replied: “It depends; we will time it with the market and launch it phase by phase.”

He also said the firm expects 10-15% growth in revenue this year. “At the minimum, we hope to get P22 billion [in sales reservations]. We are very bullish about the market,” Mr. Yu said.

The company has a total land bank of 454 hectares worth P4.09 billion, he added, and is on the lookout for possible sites for mixed-use developments outside Metro Manila.

“We see our performance continuing on an upward trajectory. We are confident that with the sustained positive economic trend, we are well positioned to achieve revenue growth,” Mr. Yu said in a statement yesterday.

Empire East is involved in building, developing and selling residential properties consisting of mid- to high-rise condominiums in prime locations in Metro Manila, as well as single-detached homes in key suburban areas.

The company’s projects cater to the middle class, with units priced P3-15 million.

Empire East saw first-quarter net income rise 47.5% to P74.23 million year on year, while gross revenue increased 9.55% to P864.99 million. Its shares gained two centavos or 2.08% to end 98 centavos yesterday. -- DJM           
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