PROPERTY developer Empire East Land Holdings, Inc. is adding 1,900 units to its residential portfolio this year, as it sees rising demand for its luxury projects.
“Our properties that carry the luxury brand of Empire East Elite cater to a more high-end market, and are designed to cater to the segment’s discriminating lifestyle requirements,” Empire East President and Chief Excutive Officer Anthony Charlemagne C. Yu said in a statement.
“While our leadership in the middle-income segment remains strong, we have always been receptive to new growth opportunities, allowing us to further expand our reach and capture a new breed of customers,” he added.
The new residential units are located in Kasara Urban Resort and The Paddington Palace, which are under the Empire East Elite brand.
Construction of the six-tower Kasara Urban Resort, located in Pasig City, and four-tower The Paddington Palace in Mandaluyong City, are currently underway.
The company said Kasara is now 74% sold, with Towers 1 and 2 of the resort-inspired residence are 90% and 80% completed, respectively. On the other hand, Tower 1 of The Paddington Palace is 71% sold.
Empire East currently has a land bank of 404 hectares worth P2.9 billion. Mr. Yu said the company has properties outside Metro Manila, but there are no plans to expand for now.
“We’ll wait for it to ripen, the price will be better, the developments will be better. There’s a lot of potential outside Manila. Hopefully we get the right price,” Mr. Yu told reporters after the company’s annual stockholders’ meeting.
Mr. Yu noted the Duterte administration’s massive infrastructure program is a big boost to developers looking to expand in provinces.
“If they just continue the ‘Build, Build, Build’ and really invest in infrastructure, it’s a big help to all of us, not only because the economy grows, but also because infrastructure in those remote areas give us opportunities,” Mr. Yu said.
Empire East, a subsidiary of the Andrew Tan-led Megaworld Corp., is set to complete and turn over around five to seven towers this year.
Its projects, Convent Garden in Sta. Mesa, Manila, and Mango Tree Residences in San Juan City, are 90% and 66% sold, respectively. The four-tower San Lorenzo Place in the Makati central business district is also nearly sold out.
Empire East’s attributable net income rose 5% to P631.65 million in 2017, from P599.96 million in the previous year. — Charmaine A. Tadalan