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Eton Properties to turn over 2,000 housing units this year

Posted on February 14, 2012 10:30:18 PM [ BusinessWorld Online ]

ETON PROPERTIES Philippines, Inc. is looking to deliver over 2,000 residential units housed in five Metro Manila condominiums this year to take advantage of unmet demand, a statement released yesterday showed.

“The turnover of these units does not only mean new homes for our clients. For those who bought purely for investment purpose, this means a new steady source of income from those renting their units,” Danilo E. Ignacio, Eton Properties president and chief operating officer, said in the statement.

Last month, the Lucio C. Tan-owned company began the turnover of 674 units in Belton Place in Makati City and 665 units in the West Tower of One Archers Place beside De La Salle University in Manila.

This April, Eton Properties will turn over 303 units from The Eton Residences Greenbelt and 229 units from The Eton Parkview Greenbelt, both located in Makati City, as well as 480 units from The Eton Emerald Lofts, located in the Ortigas business district.

“In both cases -- whether for owner occupancy or for investment purposes -- this could only mean a good year for our unit owners. We at Eton Properties are proud of the delivery of these units...” Mr. Ignacio added.

At present, Eton Properties is currently developing two major mixed-use township projects: Eton City in Sta. Rosa, Laguna and Eton Centris in Quezon City.

Eton Properties is similarly ramping up its investments in business process outsourcing (BPO) office spaces.

The third and fourth office buildings in Eton Centris are expected to be completed this year as one was already was topped off last October and fully leased to a large firm.

Eton Properties was incorporated in 1971 under the name Balabac Oil Exploration & Drilling Co., Inc. to engage in oil exploration and mineral development projects in the Philippines.

It eventually changed its primary purpose to a holding company, with real estate development and oil exploration as among its secondary purposes.

The firm claims to have launched 43 projects since it entered real estate development in 2007 under three brands: high-end Eton, middle-income Belton, and the affordable First Homes.

Eton Properties realized a nine-month net income last year of P600.63 million, up 13.21% from P530.55 million in the same period in 2010, due to lower costs and expenses.

Total revenues similarly jumped by 20.12% to P3.76 billion in the January to September period last year from P3.13 billion in year-ago levels.

Expenses in the first nine months of 2011 also rose by 18.21% to P2.966 billion.

Eton Properties shares surged by 4.19% to P3.23 yesterday from its previous close.

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