Empire East to spend P8B for new projects
By ZINNIA B. DELA PEÑA
The Philippine Star
http://services.inquirer.net/print/print.php?article_id=71207
Empire East Land Holdings Inc., the middle-income housing unit of Megaworld Corp., is setting aside up to P8 billion over the next five years for the construction of new and ongoing projects.
Following the company’s stockholders’ meeting Wednesday, Empire East president Anthony Charlemagne Yu said the company is spending P1.5 billion this year for the development of new residential towers in Metro Manila.
To be launched this year are the nine-tower Pioneer Woodlands along Pioneer Avenue in Mandaluyong City and the six-tower Little Baguio Terraces on the Greenhills side of San Juan.
Yu said Pioneer Woodlands will be linked directly to the Boni station of the MRT-3 along EDSA. It will have a total of 3,000 units.
Empire East, he said, is now negotiating with the landowners of the Mandaluyong property.
With Little Baguio Terraces, the company hopes to replicate the success of Xavier Hills, Greenhills Garden Square and San Francisco Gardens.
Yu said the company will continue efforts to acquire raw land for development in the most strategic locations. It intends to do this through outright purchases or joint venture agreements with landowners.
Yu said the company will also make available to its clients Homelite, an affordable home financing product developed by Megaworld and Security Bank to offer the lowest fixed interest rates in the market plus extended payment terms of up to 25 years.
Yu reported that Xavier Hills in the San Juan-New Manila area is fully taken up even as homeowners continue to move into its four towers.
Laguna Bel Air, on the other hand, continues to build on its impressive sales record. Nearly sold out are Laguna Bel Air 1 and 2’s five phases, now home to some 2,116 families. The residential lots and house-and-lot units at Laguna Bel Air 3 and 4, comprising seven phases, are 94 percent taken up.
Meanwhile, Cambridge Village in Cainta, comprising 28 clusters in four phases, is 85 percent sold. Six clusters are on the market and are enjoying brisk sales.
Empire East is eyeing a 15 percent hike in net income this year from P246.8 million in 2006. Gross profit rose 11 percent to P174.7 million from P157.9 million while interest income increased 12 percent to P598 million as a result of increased sales under in-house financing.
By ZINNIA B. DELA PEÑA
The Philippine Star
http://services.inquirer.net/print/print.php?article_id=71207
Empire East Land Holdings Inc., the middle-income housing unit of Megaworld Corp., is setting aside up to P8 billion over the next five years for the construction of new and ongoing projects.
Following the company’s stockholders’ meeting Wednesday, Empire East president Anthony Charlemagne Yu said the company is spending P1.5 billion this year for the development of new residential towers in Metro Manila.
To be launched this year are the nine-tower Pioneer Woodlands along Pioneer Avenue in Mandaluyong City and the six-tower Little Baguio Terraces on the Greenhills side of San Juan.
Yu said Pioneer Woodlands will be linked directly to the Boni station of the MRT-3 along EDSA. It will have a total of 3,000 units.
Empire East, he said, is now negotiating with the landowners of the Mandaluyong property.
With Little Baguio Terraces, the company hopes to replicate the success of Xavier Hills, Greenhills Garden Square and San Francisco Gardens.
Yu said the company will continue efforts to acquire raw land for development in the most strategic locations. It intends to do this through outright purchases or joint venture agreements with landowners.
Yu said the company will also make available to its clients Homelite, an affordable home financing product developed by Megaworld and Security Bank to offer the lowest fixed interest rates in the market plus extended payment terms of up to 25 years.
Yu reported that Xavier Hills in the San Juan-New Manila area is fully taken up even as homeowners continue to move into its four towers.
Laguna Bel Air, on the other hand, continues to build on its impressive sales record. Nearly sold out are Laguna Bel Air 1 and 2’s five phases, now home to some 2,116 families. The residential lots and house-and-lot units at Laguna Bel Air 3 and 4, comprising seven phases, are 94 percent taken up.
Meanwhile, Cambridge Village in Cainta, comprising 28 clusters in four phases, is 85 percent sold. Six clusters are on the market and are enjoying brisk sales.
Empire East is eyeing a 15 percent hike in net income this year from P246.8 million in 2006. Gross profit rose 11 percent to P174.7 million from P157.9 million while interest income increased 12 percent to P598 million as a result of increased sales under in-house financing.