Posted on 09:05 PM, January 02, 2011 [ BusinessWorld Online ]
LUCIO C. TAN-led real estate firm Eton Properties Philippines, Inc. is lining up seven new projects across all business segments for this year.
New projects that will be launched or completed this year will allow the company to take advantage of the property boom and hit a record P1 billion in profits.
“Currently in the pipeline of its new projects are four residential projects, two commercial projects and one office project,” Eton Properties said in a statement yesterday.
The flagship project Eton City, a 1,000-hectare township development in Sta. Rosa, Laguna, will start selling commercial lots.
“The Eton City commercial district, future home to a varied mix of retail and business establishments, is seen to emerge as a major commercial hub in the south,” the firm said.
It earlier acquired a 35-hectare property adjacent to Eton City, which will be used for commercial development.
“Encouraged by the strong sales take-up of its first four Makati projects that include its best-selling Eton Tower Makati SOHO and residential condominium, the company is also studying its fifth Makati project,” the real estate firm said.
Eton Properties plans to launch a high-end residential condominium near the Greenbelt shopping complex.
Following strong sales of its first two projects, Aurora Heights Residences and First Homes Makati, economic housing unit First Homes, Inc. may launch two more residential projects in Metro Manila.
“First Homes is currently studying two strategically located high-rise condominium projects in Manila and Pasig,” Eton Properties said.
Danilo E. Ignacio, president and chief operating officer of Eton Properties, said in the statement: “The property industry is now in a boom period. Demand has been strong in all levels of the residential market: high-end, middle and lower-middle.”
“Investor confidence is very high. The conditions have improved significantly towards a robust real estate cycle,” Mr. Ignacio added.
Eton Properties said it expects continuous growth in remittances from Filipinos working abroad, a low interest rate environment, and healthy lending conditions in the banking sector.
The property firm is also banking on big projects at the 12-hectare Eton Centris in Quezon City. Up for launching is the first high-end residential condominium in Eton Centris.
The three-tower, 40-storey condominium project in Eton Centris will have about 300 units per tower.
“Coming from the strong take-up of the first building and continued interest from major business process outsourcing (BPO) companies, the company has likewise started the construction of a second BPO building in Centris dubbed Two Cyberpod Centris,” the property firm said. It will be completed in the fourth quarter of 2011.
A special events venue in Eton Centris, The Elements,will be operational in the first quarter. It will be a 1,000-square-meter venue for weddings, corporate events, various social and private functions, and other activities and can accommodate up to 800 persons.
Eton Properties is operating under three major brands, Eton for the high-end segment, Belton for the middle-income market, and First Homes for “economic” housing.
Since starting operations four years ago, Eton Properties has launched a total of 35 projects -- residential, commercial, office projects, and township developments.
Profits of Eton Properties jumped by almost seven times to P530 million in the nine months that ended in September due to higher revenues.
Shares in Eton Properties, which expects to earn P700 million and P1 billion in net income for 2010 and 2011, respectively, were last traded at P3.82 apiece on Dec. 29. -- Neil Jerome C. Morales