Empire East sets aside P1-B for housing projects

Empire East Land & Holdings Inc., the middle-income housing subsidiary of Megaworld Properties & Holdings Inc., has earmarked P1 billion for its capital expenditures this year

In documents submitted to the Securities and Exchange Commission, Empire East said funding for its projects will come from internally-generated funds.

Empire East is now preparing for the launching of its Laguna Bel Air 4 project, a 25-hectare property located right beside Laguna BelAir 1 & 2.

The firm is currently marketing The Cambridge Village, consisting of clusters of residential buildings envisioned to become the next urban residential destination in the East. The Cambridge Village will comprise of 50 towers with a total of 4,500 condominium units to be completed by 2007 in the Pasig-Cainta area.

Last year, Empire East spent around P902 million for its construction and development activities. The most recent project to be completed is Greenhills Garden Square in Quezon City, a residential building with 778 condominium units.

In the South, the company has fully completed the amenities of Laguna BelAir 1 and 2, a township development located in Sta. Rosa, Laguna. It has sold out its third project in the area which is the Laguna Bel Air 3 – a 62-hectare property with 2,327 units expected to be completed by 2005.

Empire East has chosen to stay focused on the middle-income housing segment by providing various housing options within Metro Manila and nearby growth areas.

It develops and markets affordable housing projects, either condominium communities or house and lot packages. It also offers commercial and office space, mixed-use complexes and sells land and leases out commercial and industrial properties.

In the first quarter this year, Empire East reported a 27.7 percent drop in earnings to P25.55 million from P35.13 million the same period a year ago. This was attributed to the decrease in total revenues from P157.36 million to P145.64 million, largely as a result of the competitive atmosphere in the market in terms of price and payment scheme.