BY ALBERT CASTRO
[ Malaya.com.ph ] December 14, 2011
ETON Properties Philippines Inc., citing the continued improvement in the property development sector in the country, is eyeing to launch nine new projects by next year.
"Eton develops an average of nine new projects every year. We think we can sustain that number. In fact, we have even identified most of the nine," said Danilo Ignacio, Eton president.
Eton announced plans to boost its office space portfolio as it sees growth of the offshore and outsourcing industry driving demand for business process outsourcing spaces in the Philippines.
With this, the company is already eyeing four BPO buildings, two of which will be in the mixed-use development Eton Centris in Quezon City.
Ignacio said they are also boosting the developments in the 1,000-hectare Eton City in Sta. Rosa Laguna, with the launch of a commercial center.
By late next year, Eton is targeting to start its second residential tower in Centris. The company is likewise set to start construction for the second tower of First Home Makati in Makati.
"We are also thinking of another project in Manila," said Ignacio.
Eton has One Archers’ Place condominium project along Taft Ave.
Ignacio said that to complete the nine, Eton is thinking of doing another township project of anywhere between 8 to 35 hectares in development.
Ignacio, meanwhile, expressed confidence that Eton will hit at least P800 million in profit for the year, based on finance people’s pronouncement.
Eton, however, is eyeing P1 billion as profit for the year, if taken from the past statements of company officials.
Ignacio said the P800 million figure is just a conservative statement though Eton may report better figures at the end of the year.
"The P800 million is easily achieved since we were already at P600 million as of end-September," he added.
Last year, Eton reported a P732 million profit.
Ignacio said the prospect of the property market in the Philippine remains strong against the backdrop of demand from the middle-income market for the residential segment.
"If we could address the affordable issue, then it could be good," he said.
Despite the euro zone problem, meanwhile, the market has not yet shown any slowdown, according to Ignacio.