Empire East Land Holdings Inc. said Tuesday it expects reservation sales to exceed P14 billion this year as it remains confident about the prospects for the real estate industry.
Empire East president Charlemagne Yu said in an interview at the sidelines of the annual stockholders meeting the company was also poised to maintain its annual capital spending at P5 billion over the next five years.
Yu said the company had been posting monthly reservation sales of over P1 billion, which would enable it to surpass last year’s sales take-up of P13.88 billion.
Empire East said it launched four residential towers in Metro Manila this year. These are mostly transit-oriented developments that aim to make urban commute easier and more accessible to homeowners.
The property firm currently has P2.9 billion worth of properties in its land bank with an aggregate area of 404 hectares. He said to ensure continued stable project developments, the company was set to roll out new phases of existing real estate offerings.
“We are dedicated to staying strong, innovative and relevant. We are very excited to seize emerging opportunities in a time where customer behaviors are quickly evolving,” Yu said.
The company is now finalizing the development of two huge developments—the 23-hectare township in Pasig-Cainta area and the 1.7-hectare project in Broadway Centrum in Quezon City.
The 23-hectare lot in Pasig-Cainta area, which Empire East acquired from the Tiu family last year, will be master-planned as “city within a city”.
The property, to be called Empire East City, will contain several condominium projects, shopping center and possibly office buildings for business process outpouring companies.
Empire Eeast is master planning the Broadway Centrum project as a mixed-use development with residential and retail offerings.
A shopping mall, which will be managed by Megaworld, is expected to provide Empire East with recurring income.
Yu said the company would break ground for the Broadway Centrum development within the year and launch the Empire East City project next year.