Vol. XXI, No. 227 [ BusinessWorld Online ]
Thursday, June 19, 2008 | MANILA, PHILIPPINES
LUCIO TAN-led Eton Properties Philippines has increased residential condominium prices across the board.
Danilo E. Lim, president and chief operating officer of Eton, told reporters yesterday the 5% increase imposed starting on June 2 was meant to cover rising construction costs.
"This is the first time we did an across-the-board price increase. Before, we only had periodic price increases," Mr. Lim said. "I understand that most of our [competitors] have likewise done the same thing."
He said the increase was meant to cover rising cement and steel prices, as well as the peso’s continued depreciation against the dollar. Steel has doubled to P66 per kilo this year from a year ago, he pointed out.
Construction costs have also gone up by 20%, which translates to a 10% increase in the selling price of the buildings.
"Despite the price increase, we still have strong sales," Mr. Lim said. Yesterday, Eton opened the model units of its 34-story Eton Parkview Greenbelt, half of which has been sold. — Kristine Jane R. Liu
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