Empire East Land Holdings Inc., a subsidiary of billionaire Andrew Tan’s Megaworld Corp., remains bullish on the local real estate market after posting higher reservation sales last year despite an inflationary environment.
Empire East president Anthony Charlemagne Yu on Tuesday said reservation sales last year expanded by 41 percent to P24 billion.
“Despite external difficulties, our company continues to thrive, driven by a vision of sustainable growth and dedication to our stakeholders,” Yu said during his company’s annual stockholders meeting.
“We remain open to acquiring more properties for development, ensuring sufficient projects for the next five to seven years,” he added.
Yu attributed the reservation sales growth to the completion of new projects last year, including additional towers for old condominium complexes.
Empire East, which caters to the middle income segment, currently has close to P50 billion in assets and 426 hectares of land. It has 118 condominium towers in Metro Manila alone.
According to Yu, the company is presently constructing 11 new towers for several projects. They plan to start building four more towers this year to serve growing demand in the middle income segment.
Despite faster inflation that was recently reported by the national government, Yu clarified it was still “relatively controlled compared to previous years, allowing for optimism about economic stability.”
“Real property is a very, very good hedge against inflation. So it is really time to buy [properties],“ he said.
Empire East is seeing P25 billion in capital outlays in the next four to five years that will be set aside mainly for the development of pipeline projects.