Published on 21 August 2012 [ manilatimes.net ]
Written by MADELAINE B. MIRAFLOR
Amid construction delays on some of
its developments, Eton Properties Philippines Inc., the real estate arm of the
Lucio Tan Group of Companies, is still expecting to end 2012 with a
P300-million net income.
Eton Properties posted a P31-million
net income in the first half of 2012 on revenues of P995 million, which slid by
about 60 percent from the P2.56 billion in the same period last year partly
from the non-recognition of sales of projects that have yet to commence
construction.
Despite construction delays, the
company said that it still expects to post a net income of about P300 million
for 2012.
Construction activities in Aurora
Heights Residences, First Homes Makati and West Wing Villas were moved back to
give way to design improvements and enhancements.
“We moved back construction timetables
of some projects for much-needed design improvements. These range from road
widths to building façade. The enhancements would definitely add value to these
projects in terms of quality and functionality. This is no different from what
we did in 2007 for The Eton Residences Greenbelt, when we commissioned a Hong
Kong-based architectural firm, Palmer and Turner, to redesign the building
facade. This was done even when we have already fully-sold the project,” said
Michael Tan, officer-in-charge of Eton Properties.
Tan said that he expects the
recognition of income for these projects once construction begins.
For the fully sold West Wing Villas,
construction is expected to start in September and the first quarter of 2013
for high-rises First Homes Makati and Aurora Heights Residences.
First Homes Makati is a 34-story
condominium project along Pasong Tamo, just steps away from Ayala Avenue.
Recently, the company launched Hanna
Manor, the 11th cluster of The Manors at North Belton Communities in Quezon
City, an enclave featuring 14 clusters of five-storey mid-rise buildings.
Eton Properties also plans to launch
within the year a Quezon City project featuring mid-rise and high-rise
condominiums, a residential condominium for the upper class market in Makati
and the second tower of First Homes Makati.
Eton Properties has launched a total
of 45 projects. Its portfolio of launched and completed projects encompass
residential, commercial, office projects and township developments.
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