Vol. XXI, No. 214 [ Business World Online ]
Monday, June 2, 2008 | MANILA, PHILIPPINES
REAL ESTATE developer Eton Properties, Inc. maintains a bullish outlook this year amid a US-led global economic slowdown.
Eton President Danilo E. Ignacio told stockholders on Friday the demand for its core business would remain resilient.
"Your company remains confident that its current inventory, as well as its lineup of new projects, is expected to receive favorable market reception," he said.
This will be amid a backdrop of increased dollar remittances from Filipinos working abroad, low interest rates, higher tourist arrivals and an upsurge in the office requirements of business process outsourcing companies.
Mr. Ignacio added that steady remittance inflows continue to encourage housing demand.
"We will continue to address this need by allocating resources in diverse geographic locations like Australia, Asia, Canada and Europe," he said, while noting that less than 10% of total sales come from the US.
Mr. Ignacio said Eton Properties, a member of the Lucio Tan group, would spend P10 billion in the next five years to finance priority projects located in key cities nationwide.
"Our 10 projects provide sufficient inventory amounting to P10 billion, most of which are expected to be substantially sold out within two years’ time," he said.
A major project is Eton City, a 1,000-hectare development in Sta. Rosa, Laguna that is expected to become a central business district in the south. — Lovely Nica P. Lee
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