Vol. XXII, No. 142 [ BusinessWorld Online ]
Thursday, February 19, 2009 | MANILA, PHILIPPINES
LUCIO TAN-LED Eton Properties Philippines, Inc. will open three commercial centers this year in line with a strategy to tap retail shops.
"This launch marks the shift of Eton from a residential developer to a full-range property developer with an interest in high-rise and horizontal developments, office projects and commercial developments," Eton President Danilo Ignacio told a briefing yesterday.
He said the three commercial centers and another project next year would give the company an additional P300 million in yearly revenues.
But this is just a small part of Eton’s total revenues, much of which will still come from residential projects. "Business process outsourcing and commercial centers will just have a minor contribution to our income," Mr. Ignacio said. He added that they had received inquiries from a number of prospective tenants and locators.
Eton expects to open the 14,000-square meter (sqm) Centris Walk and 15,000-sqm Centris Station by the last quarter this year. Centris Station is a two-level commercial center anchored by SM Hypermarket. Located at the corner of EDSA and Quezon Ave. and linked to the MRT station, it will house specialty food outlets and other stores.
Centris Walk will be an open-spaced dining and entertainment strip in Quezon City targeting food enthusiasts and bar hoppers, Mr. Ignacio said. "We plan to target those [who frequent] the Timog and Morato area. Their usual problem is parking and security and we will address those," he added. — Kristine Jane R. Liu