BY DWIGHT SARGA
[ Malaya.com.ph ] March 10, 2010
Listed Eton Properties Philippines Inc. (Eton) will launch eight projects this year due to the expected growth in the real estate industry on the back of economic recovery, rise in overseas remittances and the national elections.
Danilo Ignacio, Eton president, said this will be composed of four residential projects, three commercial projects and one office project. The company did not disclose the cost of the eight projects and its capital expenditure this year.
"2010 is seen to be a very good year for the real estate industry with the holding of national elections, that is, hopefully, peaceful and orderly. History has shown that economic growth immediately followed all post martial law national elections. This plus continuously growing OFW (overseas Filipino workers) remittances and the recovering global economy all point to a very positive outlook for the industry," Ignacio said.
He said there is a real demand for housing units now due to a housing backlog of three million, while the low interest rate environment is favorable to the real estate sector.
The first residential project is Eton’s fourth Makati project, Eton Tower Makati at V.V Rufino and De la Rosa st.
It is a 40-storey mixed use condominium featuring residential, SOHO and service apartments. It has studio and one bedroom units and would have elevated walkways to the Makati Central Business District. Pricing starts at value-added-tax free P2.3 million.
Second is Eton’s first condominium project in its 12-hectare Eton Centris development at the corner of EDSA and Quezon Avenue.
"The company sees the project introduction by the third quarter of the year," Eton said.
Third is the West Wing Villas, a 5.7 hectare residential project in Quezon City near SM Hypermarket in Novaliches and SM City North and Trinoma. It features three to six bedroom house and lot units.
Fourth is the mini-enclave River Grove in South Lake Village in Eton City--the company’s 1,000 hectare township development in Sta. Rosa, Laguna.
It is a 5.7 hectare project targeting the upper middle income market and has lot cuts averaging 500 square meters.