Wednesday, March 18, 2009
[ manilatimes.net ]
ETON Properties Philippines Inc. said it registered higher cancelations last year amid a global financial crisis.
Danilo Ignacio, president of the property unit of the Lucio Tan group, also said the real estate firm is deferring at least one project, even as it aims to complete those already in the pipeline since two years back.
Put on the back-burner is a 5- to 7-story medium rise residential building adjacent to the Philippine School of Business Administration located at Aurora Boulevard and Katipunan Avenue. “Right now we are temporarily deferring it,” Ignacio said.
Given the economic crisis, the company plans to complete ongoing projects. “First and foremost, we have to complete what we already launched in the last two years. The important thing is to turn over to the customers at the time that we promised them.” Ignacio said.
These projects include Belton Place, Eton Baypark Manila, Eton Emerald Lofts, Eton Parkview Greenbelt, One Archers Place, The Eton Residences Greenbelt, North Belton Communities, among others.
As for subsequent projects for this year, Ignacio said, “It depends on the market. We are closely monitoring the economy, if there’s an opportunity and the need [to do another project] we will go for it.”
Despite the cancelations, the executive said the company’s 2008 performance is better than in 2007 when it started. “We’re strong in the middle income and high end market. In 2007 and first half of 2008 the residential condominium market was very strong,” he said.
“There’s a real demand [for the end-user type] and we will be more confident in successfully selling them because it addresses the need of the market. We won’t go anymore to the more speculative type of development,” he added.
The company on Tuesday launched its first venture this year, the 68 Roces, a high-end townhouse community situated at Roces Avenue in Quezon City.
The 3.3-hectare city block has 190 residential townhouses with 30 commercial units. Ninety-five units will be allotted to three-bedroom townhouses while the others are for four-bedroom units.
The selling price for the three-bedroom unit starts at P12 million while that for the four bedroom unit starts at P15 million.-- Johanna M. Sampan
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