Empire East has further acquisitions in its sights for future development projects

PUBLICLY LISTED Empire East Land Holdings, Inc. said it is open to acquiring additional properties for development to strengthen its already significant land holdings of 426 hectares.

“We own 426 hectares of land and are open to acquiring more properties for development, ensuring sufficient projects for the next five to seven years,” said Empire East President and Chief Executive Officer Anthony Charlemagne C. Yu during the virtual annual shareholders meeting of the company. on Tuesday.

“The company will build 11 towers from December 31, 2023 and will commence construction of four more towers, a total of 15 towers under simultaneous construction,” he added.

He said the company’s expected capital expenditures of at least P25 billion over the next four to five years underscore its confidence in the Philippine market, which is “rich in expansion opportunities.”

He also advised consumers to consider purchasing real estate, highlighting its ability to protect against inflation through benefits such as increasing property values.

“While inflation is present, it is relatively under control compared to previous years, allowing optimism about economic stability. Real estate is a very good protection against inflation. It really is time to buy,” he said.

“By continuing to respond to changing market demands, we maintain our competitive advantage and drive sustainable value for the residential segment we serve,” he added.

The country’s inflation rose to 3.9% in May from 3.8% in April due to faster price increases for housing, water, electricity, gas, other fuels and transport.

For the first quarter, Empire East posted a 14.7% increase in consolidated net income to P236.1 million, while consolidated revenue rose 5.9% to P1.4 billion.

The company is engaged in the construction of mid-segment housing projects, including apartment buildings, residential and plot units and commercial real estate. To date, the construction of 118 condominium towers in Metro Manila and several subdivisions in Southern Luzon has been completed.

Some of the projects include San Lorenzo Place, The Paddington Place, Kasara Urban Resort Residences and Pioneer Woodlands.

Empire East shares were unchanged at P0.143 each on Tuesday. — Revin Mikhael D. Ochave