EMPIRE East Land Holdings Inc. is looking at P25 billion in capital expenditures (capex) over the next five years as it continues its expansion in the mid-cost housing market following a robust performance in 2023.
Anthony Charlemagne Yu, president and chief executive officer of Empire East, told stockholders on Tuesday that reservation sales rose 41 percent year on year to nearly P24 billion in 2023.
Majority owned by Megaworld Corp., the company currently has 11 towers under construction and plans to commence construction on four more as part of its strategy to provide increased housing options in urban areas.
It has a land bank of 426 hectares and is considering acquiring more properties for the next five to seven years, which is where the planned P25-billion five-year capex comes in.
"Our projected capital expenditure underscores our confidence in the Philippine market, rich with opportunities for expansion," Yu said, underscoring a focus on diversification and financial prudence.
"To manage risks and uncertainties, it is crucial to diversify investments across various property types and geographic locations. Maintaining a strong financial foundation with adequate liquidity ensures we are well-prepared to handle unexpected events."
To integrate environmental sustainability in its new projects, the company will be introducing initiatives to enhance community living while minimizing environmental impact in line with their environmental, social and governance policies.
The company will also take advantage of digital transformation to enhance marketing and sales, noting that social media platforms have proven effective in showcasing properties through high-quality images, videos and virtual tours.
Its recently completed projects are The Rochester's Bridgeview Tower and Kasara Urban Resort Residences Tower 3.
"As we embark on our 30th year in the industry, our commitment to our stakeholders, employees and customers remains very strong. Together, we will weather the storms and continue to deliver value and drive sustainable growth," Yu said.
Empire East's shares on Tuesday were unchanged at 14.3 centavos.
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