Empire Land Holdings Inc., the housing subsidiary of tycoon Andrew Tan’s property firm Megaworld Corp., is allocating P25-billion capital expenditure for the next five years as it targets to roll out more units, acquire more land banks and develop more projects.
Empire East President Charlemagne Yu said during the company’s annual stockholders meeting that the company has earmarked a total five-year capex of P25 billion as it gears up with its expansion plans.
He added that the firm is involved in few ongoing acquisition talks for some land properties in Metro Manila and the south.
“As we acquire outside, we will acquire bigger,” the company official added.
He also said that the company plans to roll out more than 2,000 units this year after launching 12 new towers in 2012 across its six urban projects.
Moreover, Empire East is looking to spend about P4 billion to P4.5 billion for the development of new and current projects in 2013. This is higher compared to the P2.5 billion the company spent the previous year.
The company is also looking to posting a better financial performance this year.
Partnership with Okada Group
The discussion between Empire East and Japanese businessman Kazuo Okada’s group for a residential joint venture is still on going, Yu said.
He said that the company is actually still waiting for Okada Group to commit to the residential project that is being planned at the Entertainment City of the Philippine Amusement and Gaming Corp.
The $1-billion joint casino resort project of Robinsons Land Corp. (RLC) and Okada-led Universal Entertainment Corp. in Entertainment City was called off last month due to land ownership issues.
“[Partnership of Okada with] RLC is casino and residential and retail. The main purpose of the project is casino operations and there have been questions regarding that development, whether or not we’re still interested in residential. We are,” Yu said.