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Empire East earmarks P25b for 5-year spending

Property developer Empire East Land Holdings Inc. on Tuesday unveiled a P25-billion capital spending plan over the next five years as condominium sales remain resilient amid the pandemic.

ELI president and chief executive Anthony Charlemagne Yu said during the annual stockholders’ meeting the P25-billion program would fund the construction and completion of existing projects and upcoming developments.

Yu said sales of the newly-launched 24-hectare Empire East Highland City—a high-rise township community along Pasig and Cainta, Rizal—and the four-tower premier residential development in Mandaluyong City, were strong last year and in the first quarter of 2021.

He said the first tower launched in Empire East Highland City was enjoying brisk sales and would soon be completely sold-out.

“We have proven that despite harsh conditions, your company has remained very proactive, while your company’s products have proven to be crisis-proof, and our communities continue to be among the most resilient,” Yu said.

He said the property firm was also expected to enter a new era of growth and was hoping to increase sales and net earnings moving forward.

Yu confirmed that the completion of some projects was delayed because of the prolonged lockdowns implemented by the government to curb the spread of the coronavirus.

Yu said the company remained committed to completing these projects while adhering to the safety protocols and ensuring the safety of workers.

ELI posted a net income of P219.2 million in the first quarter, nearly flat compared to the same period last year.

First-quarter revenues went down by 18.5 percent to P1.1 billion from P1.35 billion in the same period last year.

ELI said to adapt to the changed business environment, it leveraged on digital assets to make daily operations more seamless and efficient, while responding to the demands of the market for a safer and faster way of doing business.

Topics: Empire East Land Holdings Inc. , capital spending , condominium
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