MANILA, Philippines — Empire East Land Holdings Inc., a listed property company chaired by tycoon Andrew Tan, is gearing up for growth in the coming years with plans to start development of new condominium towers and expand its land bank.
During the company’s annual stockholders’ meeting yesterday, Empire East president and chief executive officer Anthony Charlemagne Yu reiterated the company’s commitment to grow amid challenges, with plans to invest at least P25 billion in capital expenditures over the next five years.
“Our projected capital expenditure of at least P25 billion over the next four to five years underscores our confidence in the Philippine market, rich with opportunities for expansion,” he said.
Yu said Empire East currently has 426 hectares of land and the company remains open to acquiring more properties for development to ensure sufficient projects for the next five to seven years.
On top of 11 towers under construction as of end-2023, he said the company will also commence construction on four more which will total to 15 towers in simultaneous construction.
“Empire East remains committed to excellence and innovation. Despite external difficulties, our company continues to thrive, driven by a vision of sustainable growth and dedication to our stakeholders,” Yu said.
“As we traverse uncertain waters, rest assured we remain committed to delivering value and driving sustainable growth. Together, we will weather the storms and emerge stronger, fortified by our collective resilience and determination,” he said.
To date, Empire East has completed 118 condominium towers in Metro Manila and several subdivisions in South Luzon.
Last year, the company’s reservation sales amounted to nearly P24 billion, a 41 percent year-on-year jump.
“This remarkable achievement reflects the trust you place in our brand and in our ability to deliver on our promises,” Yu said.
Yu said the completion of the Rochester’s Bridgeview Tower and Kasara Urban Resort Residences Tower 3, meanwhile, underscores the company’s commitment in delivering quality homes to Filipinos.
As part of its dedication to sustainable growth, the company has likewise introduced groundbreaking initiatives such as the “Highland Forest” and “Scouts Zone” which help in upgrading the communities and lessening negative impacts on the environment.
“Looking ahead, we are excited about the opportunities in the future as we continue to expand our offerings and uphold our promise to deliver exceptional products and services to our homebuyers,” Yu said.