By Zinnia B. Dela Peña Updated April 27, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines - Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group of Companies, is planning to launch two more residential projects in the third quarter as it painted a rosy picture for the second half of the year on renewed investor confidence.
Danilo Ignacio, Eton president and chief operating officer said sales have stepped up since last January and are expected to maintain steady growth for the rest of the year.
“We’re seeing good sales. Our January to July 2008 performance was good but sales dropped in July because of the subprime crisis. Worst month was December but sales have started to pick up in January this year, prompting us to launch West Wing and the West Tower of the 31-storey One Archers Place,” Ignacio said.
Ignacio said the company has a strong local market, with customers willing to give a higher downpayment amid a tough business environment.
With the continued recovery of the property market, Eton is considering building a residential subdivision on an 8.6-hectare property located in Fairview, and the third residential component of The Eton City in Sta. Rosa, Laguna.
“We’ll be offering lots and house and lots. For the Fairview project, the units will cost between P2 million and P3 million.
Over the long-term, the company is also studying the possibility of venturing into the tourism-related business.
Ignacio said the group has properties in Mactan, Cebu which can be converted into a hotel and beach resort.
“This could materialize after two or three years. We’re still monitoring developments. Nothing has been finalized yet,” Ignacio said.
Ignacio said sales take-up of West Wing Residences have been good since its launch. West Wing Residences is a 2.2-hectare American-inspired residential enclave located in Quezon City.
West Wing Residences offers two and three-bedroom townhouses starting from P2.8 million. For larger families, a single attached unit with four bedrooms offers more space to grow. Units start at P4.1 million.
Eton entered the Philippine real estate market in 2007 with the launch of several residential projects which include its 1,000-hectare township project in Sta. Rosa, Laguna named Eton City.