CAVITE, Philippines — EEI Corp. is purchasing the company that owns the former Island Cove resort property in Cavite for P2.8 billion, marking the construction firm’s largest acquisition and its strategic shift into real estate development.
The deal gives EEI control of 49 hectares in Cavite, which the company plans to develop into residential communities.
The Yuchengco family-backed firm announced the acquisition represents its full transition from construction services to property development.
EEI Corp., founded in 1936, is one of the Philippines’ oldest engineering and construction companies.
The firm has built major infrastructure projects including power plants, rail systems and industrial facilities.
The Yuchengco family, through House of Investments Inc., holds a controlling stake in the publicly traded company.
The company’s major shareholders previously included the family of House Speaker Martin Romualdez, who divested his holdings earlier this year.
EEI said the acquisition will diversify its revenue streams and allow it to leverage its engineering expertise to develop sustainable communities.
The move positions the 89-year-old construction firm as an emerging player in the Philippine real estate sector.
The former Island Cove property, once a popular resort destination, closed its operations recently.
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