Empire East posts P22 billion in reservation sales in 2014
MANILA, Philippines – Top property developer Empire East Land Holdings Inc. marked its 20 years in the real estate industry in 2014 with a strong financial performance. Reservation sales for Empire East projects and Empire East managed condominium projects hit P22 billion, one of the highest in the industry in 2014. The net income of the company and its subsidiaries increased by 61.3 percent to reach P484.5 million from P300.4 million in 2013. Real estate sales jumped 104 percent to P3.48 billion from P1.71 billion in the previous year.
The company also announced an increase of 86 percent in income in the first quarter of 2015, at P138.1 million, from the same period in 2014. As it fortifies its marketing network in newly affluent economies in Asia, it expects to expand the reach of the Empire East brand and continue its upward trajectory.
“Throughout our history, Empire East has successfully tapped the pulse of the market while leveraging on unique growth opportunities in order to deliver on commitments,” said Empire East President Anthony Charlemagne Yu. “Our strong and strategic orientation toward customer value has reinforced our leadership over our peers.”
Empire East introduced two new residential projects in 2014: Mango Tree Residences in San Juan City and Covent Garden in Sta. Mesa, Manila. Both projects have received unprecedented number of inquiries from the public.
The transit-oriented developments and urban resort developments in the company’sportfolio continue to enjoy robust takeup. Empire East is currently turning over towers in Little Baguio Terraces in San Juan City and Pioneer Woodlands in Mandaluyong City. Handover is ongoing for all four residential phases of The Sonoma in Sta. Rosa, Laguna. The Rochester’s Garden Villa 1 and 2 in Pasig City are also being turned over.
Empire East spent P3.45 billion for its construction and development activities in 2014. This year, it expects to pour P25 billion into the same activities to deliver projects within the commitment timetable in the next five years. For its land bank, it has secured properties with an aggregate area of 403 hectares.
Going forward, the company is set to launch a new mixed-use project in Broadway Centrum, Quezon City and a master-planned “city-within-a-city” development spanning 23 hectares in the Pasig-Cainta area.
“Our accomplishments, against the backdrop of a bullish economy, have allowed us to funnel our resources into lucrative growth opportunities and tap a variety of profitable segments in the market,” said Yu. “We are confident that in the next 20 years and beyond, we will be able to improve on Empire East’s value proposition, create investment-worthy communities, upgrade the client experience, and innovate in the name of growth.” ADVT
