Vol. XXII, No. 176 [ BusinessWorld Online ]
Wednesday, April 8, 2009 | MANILA, PHILIPPINES
LUCIO C. TAN-LED Eton Properties Philippines, Inc. has received funds from parent Saturn Holdings, Inc. for the latter’s controlling stake in the property developer.
Eton Properties said it would use the money to finance projects this year.
In a disclosure, Eton Properties said Saturn Holdings paid P350 million out of the total P923 million for the holding firm’s subscription of 1.23 billion shares.
"The company will use the said funds received from Saturn in making various deposits for its land purchases for new development projects in the pipeline," Eton Properties said.
Saturn is Mr. Tan’s holding company for real estate businesses. It owns 99.84% of Eton Properties.
Last month, Eton launched its first project for the year, dubbed 68 Roces. The 3.3-hectare high-end townhouse project is the company’s first such venture.
The development, which will rise on Roces Avenue in Quezon City, will have 190 units of three-to four-bedroom townhouses, with parking slots. Unit sizes range from 158 square meters (sq.m.), priced at P12 million each, to 238 sq.m. which will be sold at P15 million each.
Overseas workers are not the target market, but couples who want to start their own families.
The residential townhouse, which will have a clubhouse, a 28-meter swimming pool, and a playground, will occupy 2.8 hectares. The remaining space will be allotted for a retail strip.
Earlier, Eton Properties said it would open three commercial centers this year.
The company expects to open the 14,000-sq.m. Centris Walk and the 15,000-sq.m. Centris Station by the last quarter.
Centris Station will be a two-level commercial center near the SM Hypermarket. Located at the corner of EDSA and Quezon Ave. and linked to an 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.
Eton Properties also plans to open its one-stop digital hub E-life at its new business process outsourcing campus Eton Cyberpod in Ortigas by the third quarter.
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