[ Malaya.com.ph ] November 16, 2009
BY ALBERT CASTRO
Lucio Tan-led Eton Properties Philippines, Inc., yesterday said net income for the first nine months of the year reached P67 million, from a loss of P120 million during the same period last year, as the company begins to realize profit since shifting focus to real estate from being a holding company two years ago.
Consolidated revenues reached P1.5 billion.
"The strong reservation sales growth we have experienced in the past three quarters, a 35 percent increase in 3Q sales compared to 2Q volumes, for example, is a solid sign that the Philippine real estate market is starting to rebound. A large portion of our reservation sales comes from new projects that we launched in the second quarter of this year: 68 Roces, a high-end residential community; West Wing Residences at North Belton Communities; and the second tower of One Archers Place," said Eton Properties president and COO Danilo Ignacio.
Among the company’s current projects are One Archers Place, South Lake Village at Eton City, the first cluster of The Manors at North Belton Communities, The Eton Residences Greenbelt and Eton Baypark Manila.
The two-year old listed property developer projects increasing earnings growth by year-end as it continues to recognize income from residential projects under construction as well as the start of leasing operations for its commercial and office projects.
Eton said it will soon begin earning leasing income from its office projects Eton Cyberpod Centris and Eton Cyberpod Corinthian. Centris Station, a two-level mall at the corner of EDSA and Quezon avenue, with SM Hypermarket as anchor tenant, opens on November 25 and E-Life at Eton Cyberpod Corinthian opens in December.
Centris Walk, an entertainment and dining strip, opens in the first quarter of 2010.
Ignacio, in an earlier interview, that buyers’ interest in properties has started to improve after the slump last year brought about by high inflation and the global economic crisis.
In Eton’s case, sales continued to improve even on the lean months of August and September which happened to be "ghost" months.
Launched in 2007, Eton Properties has quickly established itself as a full-range property developer with various projects in residential, commercial and office developments. Eton Properties is the global real-estate brand of the Lucio Tan Group of Companies and is an established real estate brand in Hong Kong, Shanghai, Beijing, Dalian, Shenzhen, Shenyang and Xiamen.
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