Empire East Land Holdings Inc., builder of high-rise but affordable housing, has set aside P25 billion as capital expenditures over the next five years.
Empire East president and CEO Anthony Charlemagne C. Yu said the company, a unit of Andrew Tan’s property development arm Megaworld Corp., has secured 426 hectares of prime property that boosted its land banking portfolio.
“Our portfolio is continuously expanding due to demand from Filipinos aspiring to own a home,” Yu said.
Empire East spent P3 billion in construction and development activities last year.
Empire East celebrates its 30 years in the real estate industry on 15 July this year.
The enterprise generated reservation sales totaling P17.03 billion last year from 23,446 homebuyers and achieved 169 percent of its sales target.
It turnover 1,300 units to new Empire East homeowners.
Empire East income rose 15 percent in the first quarter this year to P205.76 million from only P178.72 million last year.
Revenue grew 6 percent to P1.21 billion from P1.14 billion.
