Megaworld unit spending P25B for projects over next 5 years

Rappler.com

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Megaworld unit spending P25B for projects over next 5 years
The company is planning huge developments in Pasig, Quezon City and Manila

MANILA, Philippines – Empire East Land Holdings Inc., a unit of property giant Megaworld Corporation, is spending P25 billion over the next 5 years for huge developments in Pasig, Quezon City and Manila.

On the sidelines of the company’s annual stockholders’ meeting on Tuesday, June 10, Empire East president Anthony Charlemagne Yu said the company would acquire a 23-hectare factory in Pasig and transform it into a mixed-use township to be called Empire East City.

“We already shook hands with the owners to buy the property. We expect to complete the acquisition within the next few weeks,” Yu said, noting this would be their biggest mixed-used development.

The company is also looking to develop the 1.7-hectare Broadway Centrum, in Quezon City.

Yu said the development would have residential and retail components. Construction would start once all leases expire this year, he added.

As Empire East launches new projects, Yu expects the company’s reservation sales to hit P22 billion this year, up 10% from P20 billion in 2013.

Yu said the company eyed a net income increase of 10-20% and revenue growth of 15-30% from previous year’s levels.

“We see our performance continuing on an upward trajectory. We are confident that with the sustained positive economic trend, we are well-positioned to achieve revenue growth and to capitalize on opportunities that will allow us to further serve our customers,” Yu said. – Rappler.com

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