Empire East to develop Broadway Centrum property

ABS-CBN News

Posted at Jun 10 2014 02:11 PM | Updated as of Jun 10 2014 10:11 PM

MANILA, Philippines - Empire East Land Holdings is allocating P25 billion over the next five years as it eyes new developments in Pasig, Quezon City and Manila.

The subsidiary of Megaworld Corp. is looking at developing the 1.7 hectare Broadway Centrum property in Quezon City into a mixed-use development.

Empire East president Anthony Charlemagne Yu said the company is planning to have residential towers and retail developments in the property.

He said the property will be developed once all the leases expire at the end of the year. Broadway Centrum is the location of two television studios, one of which is used by noontime TV show Eat Bulaga!

Yu said the company is also acquiring a 23-hectare property in Pasig, which will be turned into a mixed-use township project to be called Empire East City.

"We already shook hands with the owners to buy the property. We expect to complete the acquisition within the next few weeks," he said.

Empire East City is expected to become the company's largest mixed-use development so far.

With the launch of new residential projects, Yu said the company's reservation sales are expected to rise 10 percent to P22 billion this year.

Yu expects higher growth for profits and revenues this year. He sees revenues to increase 15-30 percent this year, while net income is targeted to rise between 10-20 percent.

"We see our performance continuing on an upward trajectory. We are confident that with the sustained positive economic trend, we are well-positioned to achieve revenue growth and to capitalize on opportunities that will allow us to further serve our customers," he said.