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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