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Eton forms new subsidiary



Friday, 11 June 2010 00:00
[ manilatimes.net ]

Eton Properties Philippines Inc. said it will create a new subsidiary that would give it a firm foothold in the affordable housing segment. The Lucio Tan-led property firm, which has been developing upscale and middle-class housing projects, said the new brand called First Homes will be distinct from its high-end development arm Eton Residences, and its middle-income brand Belton Communities.
“There’s a very strong demand from this market. If you look at the property cycle, my prediction is there will be a real estate boom after every peaceful election,” Danilo Ignacio, Eton Properties president, said on the sidelines of the company’s annual stockholders’ meeting Thursday.
The executive said the company has already felt the effects of the demand early this year, when it recorded its highest reservation sales in March. Reservation sales for the first five months were up 98 percent.
Eton’s first project under First Homes is Aurora Heights Residences, a two-tower condominium project along Aurora Boulevard in Quezon City.
Located beside the Philippine School of Business Administration in Quezon City, the 20-story Aurora Heights will have relatively smaller units. The company is offering 18-square meter, two-bedroom units for P1.4 million and 28-square meter, three-bedroom units for P2.2 million.
“You’ll be surprised with how we have designed the units. It’s ‘move-in’ ready and custom-built with furniture,” Ignacio said.
Eton Properties shares rose from P3.40 to P3.45 on Thursday.
KRISTA ANGELA M. MONTEALEGRE
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