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Lucio Tan’s property arm to sell ‘small office, home office’ condo units

Posted on 10:00 PM, August 23, 2010 [ BusinessWorld Online ]

LUCIO C. Tan-led Eton Properties Philippines, Inc. has launched the “small office, home office” or SOHO component of its third condominium project in Manila.

This should meet demand for small residential and office units in the area, an executive said yesterday.

“8 Adriatico is the first high-rise project in Manila to feature SOHO units that allow business owners to manage their businesses effectively in the comfort of their homes,” Eton Properties said in a statement yesterday.

“Master-planned for four towers, the SOHO component of the landmark project features studio, one- and two-bedroom units to address the growing demand for office space in the area,” the property developer added.

8 Adriatico, which will be built on an 8,000-square-meter (sq. m.) lot at the corner of Adriatico and Padre Faura streets in Manila’s tourist district, was launched last year.

The SOHO units are being sold for P2.1 million for the 25-square-meter (sq. m.) studio units, P3 million for one-bedroom units, and P7.6 million for two-bedroom units.

“There is demand from office locators in Manila that needs to be addressed,” said Danilo E. Ignacio, president and chief operating officer of the listed Eton Properties.

The property developer is aiming to sell units to small and medium enterprises and businesses in the health and wellness, beauty, and information technology sectors.

Eton Properties said it would support budding entrepreneurs and self-employed individuals through a business center at the ground floor of the 8 Adriatico project.

Since starting operations three years ago, Eton Properties has launched a total of 30 projects -- residential, commercial, and office buildings as well as “township” developments that started with the almost 1,000-hectare Eton City in the city of Sta. Rosa in Laguna.

Shares in Eton Properties -- whose profits surged by more than 10 times to P380.27 million in the first half due to a 280% rise in revenues to P1.92 billion -- shed P0.12 to close at P3.53 each yesterday. -- NJCM

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