Megaworld unit Empire East to spend P25B to buy more land, fund projects 

Empire East Land Holdings Inc. on Tuesday said it will spend P25 billion to buy more land and fund various projects in Metro Manila in the next five years.

 

In the pipeline is the acquisition of a 23-hectare property, a factory now gathering dust in Pasig, which the developer said it intends to turn into Empire East City – a mixed-used township,  president Anthony Charlemagne Yu told reporters at the sidelines of Empire East's stockholders' meeting.

 

“We already shook hands with the owners to buy the property. We expect to complete the acquisition within the next few weeks,” he said, noting this development would be bigger than Eastwood City, the township of parent Megaworld Corp.

 

In Quezon City, Yu noted the company intends to transform the 1.7-hectare Broadway Centrum into a residential and retail development. Empire East is now waiting for all the lease contracts to expire this year, Yu said.

 

As the company is launching new residential developments, Yu noted the developer is looking at P22 billion in reservation sales this year from P20 billion last year. This will drive net income to grow by 10 to 20 percent on year and revenues by 15 to 30 percent. – VS, GMA News