Posted on 08:51 PM, December 20, 2009 [ BusinessWorld Online ]
TWO-YEAR-OLD Eton Properties Philippines, Inc. plans to launch five projects in 2010 to take advantage of continued strong demand in the housing market.
In a statement at the weekend, the Lucio Tan-led property said initial plans include introducing three residential projects and one commercial development, namely Eton Tower City in the Makati central business district, the Centris events venue and Centris condominium in Quezon City, and phase two of the West Wing Residences project at the North Belton Communities in Novaliches, Quezon City and 8 Adriatico in Manila’s Ermita district.
"This year, the company launched five projects. But depending on how the local economy will go, Eton might launch four to five projects next year," Eton Properties President Danilo E. Ignacio said.
Mr. Ignacio said Eton Tower City would be the company’s fourth high-rise project in Makati City, following the success of Eton Residences, Eton Belton, and Eton Parkview, which are already sold out.
The 40-storey project will rise on a 2,800-square-meter (sq. m.) lot behind Rufino Tower on Ayala Avenue, housing 1,200 units divided into 300 residential units, 300 small offices, and 300 "SoHo" or small office home office units. Mr. Ignacio said the selling point of the project is its "affordability," with the standard 22-sq.m. unit to be sold below P2.5 million.
Mr. Ignacio said Eton Properties would also focus on the development of its 12-hectare township project Eton Centris, which is already home to a call center building, Centris Station, a two-level commercial center, and Centris Walk, a strip mall featuring restaurants, bars and entertainment spots.
The listed property company also wants to put up a 1,000-sq.m. events venue ideal for weddings, parties, seminars and other activities. It is likewise finalizing plans for the first of several residential condominium projects that will rise in the area.
"We want to come up with a place similar to Fernwood. We think there is a market for that in the area and we want to tap them," Mr. Ignacio said, referring to the popular wedding venue in Quezon City.
Following the success of its residential projects, Eton Properties might launch phase two of 8 Adriatico and West Wing Residences at the North Belton Communities in Novaliches. The 8 Adriatico project, he said, is the company’s best-selling development so far.
"For the first two weeks [since we started selling it], we already earned P200 million. Based from how we are doing, we might launch its second tower next year," he said.
The 8 Adriatico four-tower residential development will rise on an 8,000-sq. m. lot at the corner of Adriatico and Padre Faura streets. It is the company’s third project in Manila.
"With the real estate industry on the rebound from last year’s economic crisis, the company is confident that the market will sustain its growth in the coming year," Mr. Ignacio said.
Eton Properties is the real estate brand of the Lucio Tan group of companies. Projects involve high-end and middle-income high-rise and horizontal residential developments, office buildings, commercial centers, and mixed-use townships.
Eton Properties posted a net income of P67 million from January to September, a turnaround from a loss of P120 million in the same period last year. Revenues, meanwhile, surged to P1.5 billion during the period with property companies start to book profits based on project completion under accounting rules.
Shares in the company dipped by 0.80% or two centavos to P2.48 apiece on Friday. -- Kristine Jane R. Liu
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