MANILA-based property developer Empire East Land Holdings Inc. opened its first satellite showroom in SM City Cebu to boost its presence in the Visayas-Mindanao area.
Anthony Charlemagne Yu, president and CEO of Empire East, yesterday said they hope to attract end-users and investors outside Luzon to own condominium properties of Empire East, which are all located in Manila.
He said it is practical for the company to expand its sales network in Cebu, given its booming economy and expanding middle class.
“There is a huge market here. This showroom should give access to Cebuanos to own our properties in Manila,” said Yu. “We hope to provide Cebuanos ‘luxury-affordable living’.”
He said the showroom will allow them to showcase their products to a wide and untapped Cebuano market that frequently visits Manila. Opening a showroom in a mall also enables them to reach out to potential buyers, even those that come from the neighboring provinces of Visayas and Mindanao.
“Cebu has been a bustling economy. Its growth is never far from Manila. The purchasing power here is high and that everywhere you go (within Cebu) is booming,” said Yu.
Empire East was once part of Megaworld Corp., specializing in the creation of residential communities for the middle-income segment.
In 1994, Empire East branched out as an independent company to focus on its target stable niche. It remained as a sister-company of Megaworld. The company is registered in the Philippine Stock Exchange.
The Empire East Elite showroom in SM City Cebu showcases the seven new condominium projects of the company, with over 5,000 condo units available, according to Chad Riobuya, the company’s training and resource development manager.
The company now has 100 condominium towers and two township projects in Luzon.
Currently, the company is focused on its transit-oriented condominium development, making it easier for condominium unit owners to access the metro’s main railway transit and thoroughfares. The company also has an urban resort residence concept.
The company’s current projects include San Lorenzo Place, Pioneer Woodlands and Little Baguio Terraces, The Rochester, The Sonoma, Kasara and The Renaissance.
Yu is confident that the property sector will remain robust amid the new leadership.
“Regardless of who will sit as the new president, the property sector will continue to grow,” said Yu.
He noted that presumptive president Rodrigo Duterte’s strong anti-corruption, anti-crime and drugs stance bodes well for business. “We are hopeful that the economic growth will continue,” he said.
According to Colliers International, the property market is expected to pick up six months after the next president is sworn into office.
Julius Guevara, Colliers International research and advisory services director, earlier said that the consultancy firm is expecting a market spike in the next six months.