Posted on December 04, 2011 11:37:28 PM [ BusinessWorld Online ]
REAL ESTATE firm Eton Properties Philippines, Inc. is likely to seek economic incentives from the Philippine Economic Zone Authority (PEZA) for future office buildings in a bid to boost tenant occupancy rates, an official said recently.
PEZA, created in 1995 under the Department of Trade and Industry, is primarily tasked to promote investments, extend assistance, register, grant incentives to and facilitate the business operations of investors in export-oriented manufacturing and service facilities in the country, including business process outsourcing (BPO).
“PEZA accreditation is a prerequisite of BPOs to avail of tax incentives.
Accrediting our office projects makes it more attractive for locators given the incentives provided to them,” said Erwin M. de Pedro, Eton Properties senior assistant vice-president, in a text message last Saturday.
The high-end property developer, owned by tycoon Lucio C. Tan, has built the 12-hectare Eton Cyberpod Centris, a mixed-use township project where two BPO buildings have already been built and fully leased, with two more expected to open in late 2012 and early 2013, respectively.
“The whole of Centris is PEZA-accredited so the second BPO will be covered as well as other upcoming BPO buildings,”
BPO spaces are also being planned in Eton Properties’ other township project, Eton City, in Sta. Rosa, Laguna, and within the Belton Place residential complex in Makati City.“Likewise, in Eton City, we will apply for PEZA accreditation for the areas where BPOs will be located. We will also apply for PEZA accreditation for the BPO in Belton,” Mr. de Pedro added.
In addition to Eton Centris and Eton City, the developer also built the one-hectare Eton Cyberpod Corinthian on Ortigas Avvenue, where a cluster of three fully leased, four-storey BPO office buildings with a total space of 25,589 square meters had been constructed.
This, as preliminary sales of One Centris Place-Eton Properties’ first residential project in Eton Centris expected to be completed in 2015 were deemed robust by company officials. “Initial sales were much more than we expected. This was helped by the vibrancy of the existing Eton Centris developments,” said Danilo E. Ignacio, Eton Properties president and chief operating officer, in a press briefing last Thursday.
One Centris Place’s 597-unit, 26-storey first tower will feature one and two-bedroom units ranging from P2.1 million to P3.6 million apiece.
With an amortization of P12,000 per month, One Centris Place will cater to young professionals, newlyweds, and early nesters, Eton Properties said.
Shares of Eton Properties shed 3.38% to close at P3.14 last Friday from P3.25 on Thursday. -- Franz Jonathan G. de la Fuente