Empire East, Asia Pacific tie up for Makati project

Empire East Land Holdings Inc. has signed a deal with Asia Pacific Consolidated Land Holdings Inc. for the joint development of a high-rise mixed-use condominium project.

In a disclosure to the Philippine Stock Exchange, Empire East said the project will rise on a 13,359-square meter property along EDSA, at the corner of Pasong Tamo extension in Makati City.

Empire East, the middle-income housing unit of property developer Megaworld Corp., has set aside up to P8 billion over the next five years to fund new and ongoing projects.

For this year, Empire East is spending P1.5 billion for the development of new residential towers in Metro Manila.

Scheduled for launch this year are the nine-tower Pioneer Woodlands along Pioneer Ave. in Mandaluyong City, which will be linked directly to the Boni Ave. station of the MRT-3 along EDSA; and the six-tower Little Baguio Terraces on the Greenhills side of San Juan.

To further expand its presence, Empire East intends to acquire more properties in strategic areas through outright purchases or joint venture agreements with landowners.

Empire East expects to post a 15-percent rise in net earnings by the end of the year from P246.8 million in 2006.

In the nine months ending September this year, Empire East reported a 34-percent growth in net income on the back of higher interest income. Net earnings reached P140.67 million while interest income amounted to P115.26 million.

Revenues however, fell 10.7 percent to P598.54 million from P670.32 million a year earlier.

Sales were derived from Laguna Bel-Air 1 to 4, California Garden Square, Xavier Hills and The Cambridge Village.