Empire East allots up to P12 billion for capex

MANILA, Philippines - Empire East Land & Holdings Inc., the middle-income housing arm of retail tycoon Andrew Tan, has allotted up to P12 billion over a five-year period for the development of new projects and expansion of existing ones as part of a strategy to expand its reach and further boost sales.

On the sidelines of the company’s annual shareholders’ meeting yesterday, Empire East president Anthony Charlemagne Yu said the company is primed for further growth with the launch of up to five new projects this year and a  landbank of 455 hectares worth P3.2 billion as well.  Half of the total programmed five-year capital budget will  be sourced through internally-generated cash.

To be introduced this year are The Sonoma (a 50-hectare Asian-inspired community in Sta. Rosa, Laguna offering 1,148 prime lots in three phases), The Rochester (which will involve the construction 11 Asian-themed towers in Pasig),  and Central Park (an expansion phase of Cambridge Village in Cainta comprising 14 Meditteranean-style clusters on an eight-hectare property).

The 28-cluster Cambridge Village is currently 81 percent sold consisting of 2,808 units out of the total 3,476 units.

Yu said the company may do two more projects depending on the outcome of negotiations with concerned parties. 

He said the firm is optimistic reservation sales will continue to grow this year from P7.3 billion in 2009 .

“Your company is upbeat about the remainder of 2010.  It is optimistic that it will surpass last year’s gains to achieve its targets and deliver the best value to its customers, employees, business partners and shareholders,” Yu said.

Last year, Empire East spent P1.3 billion for its capital expenditures.

The company develops and sells residential units varying from high-rise condominiums in the central business districts, mid-rise developments in other parts of the metropolis to single-detached in the suburbs.

For several years, Empire East has pioneered breakthrough housing concepts such as, “live-work-play” communities and township developments. Its latest innovation that set a new trend in the Philippine real estate industry is its transit-oriented development (TOD) concept.