Thursday, October 8, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
LISTED ETON Properties Philippines, Inc. has purchased a 12-hectare Quezon City property for P4 billion, and announced yesterday plans to develop it into a "mixed-use township."
Company president Danilo E. Ignacio said the acquisition of the land from sister firm Paramount LandEquities, Inc. would strengthen the firm’s balance sheet, allowing it to access bank financing for expansion.
In a disclosure, the Lucio C. Tan-led Eton Properties said it would issue to Paramount LandEquities 1.6 billion shares worth P2.50 each — P0.17 and P1.50 higher than the three-month weighted average of its trading price and par value, respectively.
Paramount LandEquities will become a controlling stockholder, with a 55% stake.
The property on corner of EDSA and Quezon Avenue will be turned into the "fully integrated mixed-use township" Eton Centris, which will have condominiums, business process outsourcing offices, and commercial spaces. The first structure on the site is the 12-storey Eton Cyberpod Centris, which houses Unisys, Bluestream and India’s Wipro.
The University of the East, which is also owned by Mr. Tan, wants to open its graduate school for public and business administration there, executives said.
Mr. Ignacio said that aside from Eton Centris, the company also plans to develop a property in Makati into a 40-storey residential condominium. It also intends to build four towers on an 8,000-square-meter lot in Manila. — Don Gil K. Carreon
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