Empire East earmarks P25-B capex
EMPIRE East Land Holdings, Inc. said on Tuesday that it plans to invest P25 billion in capital expenditure (capex) projects in the next five years in line with its portfolio expansion.
In a media release, the listed housing developer said the capex infusion was driven by its efforts to “further solidify its commitment to meeting all project timelines.”
It added that the company acquired 426 hectares of prime properties adding to its land bank for future developments.
“Our portfolio is continuously expanding due to the progressing demands of Filipinos aspiring to own a home,” said Empire East President and Chief Executive Officer Anthony Charlemagne C. Yu in a statement.
The company said that it had spent P3 billion last year on construction and development activities.
Meanwhile, during the first quarter, the company reported a 15.1% jump in attributable net income to P205.78 million from P178.72 million in the same period last year.
The company’s consolidated revenues amounted to P1.31 billion in the three-month period, up 7.4% from P1.22 billion the previous year.
Its real estate sales for the period increased by 4.6% to P1.14 billion from P1.09 billion in the same quarter last year.
Sales growth was mainly driven by its various projects, which include San Lorenzo Place, The Paddington Place, Kasara Urban Resort Residences, Pioneer Woodlands, The Rochester Garden, Covent Garden, The Cambridge Village, The Sonoma, Mango Tree Residences, and Little Baguio Terraces.
Empire East is engaged in the development of mid-cost housing projects such as condominiums, subdivision lots, house and lot units, and commercial units.
Its subsidiaries include Eastwood Property Holdings, Inc.; Valle Verde Properties, Inc.; Sherman Oak Holdings, Inc.; Empire East Communities, Inc.; and 20th Century Nylon Shirt Co., Inc.
It also has ownership interests in companies such as Laguna BelAir Science School, Inc.; Sonoma Premier Land, Inc.; and Pacific Coast Megacity, Inc.
On Tuesday, Empire East shares fell by 2.98% or a centavo to P0.16 apiece. — Adrian H. Halili
