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Empire East eyes further acquisitions for future development projects

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LISTED Empire East Land Holdings, Inc. said it is open to acquiring additional properties for development to bolster its already substantial 426 hectares of land holdings.

“We possess 426 hectares of land and remain open to acquiring more properties for development, ensuring sufficient projects for the next five to seven years,” Empire East President and Chief Executive Officer Anthony Charlemagne C. Yu said during the company’s virtual annual stockholders’ meeting on Tuesday.

 “The company is constructing 11 towers as of Dec. 31, 2023, and will commence construction on four more, totaling 15 towers in simultaneous construction,” he added.

He said the company’s projected capital expenditure of at least P25 billion over the next four to five years underscores its confidence in the Philippine market, which is “rich with opportunities for expansion.”

He also advised consumers to consider buying real estate, highlighting its ability to protect against inflation through benefits like increasing property values.

“While inflation is present, it is relatively controlled compared to previous years, allowing for optimism about economic stability. Real estate property is a very good hedge against inflation. It is really time to buy,” he said.

 “By staying responsive to evolving market demands, we sustain our competitive edge and drive sustainable value for the residential segment we cater,” he added.

The country’s inflation rate rose to 3.9% in May from 3.8% in April due to faster price increases of housing, water, electricity, gas, other fuels, and transport.

For the first quarter, Empire East recorded a 14.7% increase in consolidated net income to P236.1 million as consolidated revenue rose by 5.9% to P1.4 billion.

The company is engaged in building mid-cost housing developments, including condominiums, house and lot units, and commercial properties. So far, it has finished constructing 118 condominium towers in Metro Manila and multiple subdivisions in South Luzon.

Some of its projects include San Lorenzo Place, The Paddington Place, Kasara Urban Resort Residences, and Pioneer Woodlands.

Empire East shares were unchanged at P0.143 apiece on Tuesday. — Revin Mikhael D. Ochave

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