By Zinnia B. Dela Peña Updated March 18, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines - Eton Properties Philippines Inc., the high-end real estate development unit of the Lucio Tan Group of Companies, is venturing into the development of townhouses with its initial project – 68 Roces – estimated to generate P2.56 billion in sales.
In a press briefing yesterday, Eton president and chief operating officer Danilo Ignacio said the project will rise on a 3.3-hectare property along Roces Avenue in Quezon City, offering 190 residential units and 30 retail outlets.
Ignacio said the units range from 158 square meters for a three-bedroom unit which costs at least P12 million, to 238 square meters for a four-bedroom unit costing P15 million. Each unit comes with a two-car garage.
He said this project reinforces the company’s bullishness on the property sector despite an increasingly tough business climate.
“Demand for housing is always there. There are specific markets that have proven resilient - even to the ongoing challenges facing the global economy. We are fortunate that we have a huge land bank from where we can choose projects to develop whenever we identify a market that we can serve,” Ignacio said.
Construction of the project will begin this year, with the first cluster of units expected to be turned over to residents by July 2011.
Ignacio said the company is targeting the high-end market for 68 Roces, which will have a grand launch on March 25.
The premier gated community features state-of-the-art security from close-circuit cameras at the entrance gate to electrified perimeter walls. All utilities for electricity, telephones and cable TV wirings will be installed underground for increased safety and to preserve a pristine skyline view for the residents.
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