Eton to launch 8 projects, eyes 20% sales hike

by Zinnia B. Dela Peña
The Philippine Star | March 10, 2010

MANILA, Philippines - Eton Properties Philippines Inc., the local real estate development unit of the Lucio Tan Group of Companies, is positioning itself for aggressive growth with the launch of eight new projects to boost sales by 20 percent this year.

At the launch of Eton Cyberpod Corinthian yesterday, company president and chief operating officer Danilo Ignacio said the firm has lined up more projects this year on the assumption that there would be peaceful elections.

“2010 is seen to be a very good year for the real estate industry with the holding of national elections that is, hopefully, peaceful and orderly. History has shown that economic growth immediately followed all post-martial law national elections. This, plus continuously growing OFW remittances and the recovering global economy, all point to a very positive outlook for the industry,” Ignacio said.

As of end-2009, Eton had 28 projects in its portfolio and is expected to end 2010 with a total of 36.

Four new residential projects are slated for launch this year -Eton Tower Makati, West Wing Villas, River Grove and the first condominium building within the 12-hectare Eton Centris at the corner of Edsa and Quezon Avenue.

Located at the corner of V.A. Rufino (formerly Herrera St.) and Dela Rosa St., the 40-storey Eton Tower Makati will feature a mix of residential, Soho and serviced apartment units that will have a direct connection to the elevated walkways of the Makati central business district. The units will be available in studio and one-bedroom units, priced at P2.3 million, VAT-free. The first two floors will comprise the retail component of the project.

West Wing Villas, on the other hand, is the third phase of North Belton Communities, the group’s first foray into the middle-income market through wholly-owned unit Belton Communities. Situated on a 5.2- hectare property, the project will make available three to six bedroom house-and-lot units.

River Grove meanwhile, will rise on a 5.7-hectare lot within Eton City -the company’s nearly 1,000-hectare township development in Sta. Rosa, Laguna. The project, which will feature lot cuts averaging 500 square meters, is targeting the upper middle market.

Ignacio said construction of the planned condominium building in Eton Centris will start in the third quarter this year.

On the commercial center side, Eton will begin selling commercial lots in Eton City and development of a lifestyle and commercial strip in the company’s 68 Roces townhouse project in Quezon City. Also in the pipeline is an events venue in Eton Centris.

Following the strong take-up of the first building and continued interest from major business process outsourcing (BPO) companies, plans are in the works for the second BPO building in Centris.

Meanwhile, Eton Cyberpod Corinthian, a three-building four-storey BPO office campus at the corner of Edsa and Ortigas Avenue, opened yesterday with tenants getting a 50 percent discount for starting commercial operations. Among its tenants include Northgate Arinso and StarTek International Ltd.