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Eton Properties eyes net income of P300M for 2012

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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