Empire East in talks with Korea's Daewoo

Empire East Land Holdings Inc., the low to medium-cost housing subsidiary of Megaworld Corp., is in talks with South Korea-based Daewoo Construction Corp. for the development of a residential condominium project in Cainta, Rizal.

In a disclosure to the Philippine Stock Exchange, Empire East said it is currently negotiating an agreement with Daewoo for the establishment of a joint venture corporation which will undertake the development of "The Cambridge Village."

The Cambridge Village, which will consist of clusters of residential buildings, is envisioned to become the next urban residential destination in the eastern part of Manila. It will comprise of 50 towers with a total of 4,500 condominium units to be completed by 2007.

Land improvement started last year with the clubhouse already completed. Marketing efforts are also in full swing.

Empire East said it is also in the initial stages of negotiations with various landowners for the development via joint venture of certain properties into residential condominiumm projects.

For this year, the company has earmarked P1 billion for its capital expenditures which include the development of Laguna BelAir 4, which sits on a 25-hectare property located right beside Laguna BelAir 1 & 2.

Last year, Empire East spent around P902 million for its construction and development activities. The most recent project to be completed is Greenhills Garden Square, a residential building composed of 778 condominium units located in Quezon City. – Zinnia dela Peña