Eton’s new condo seen posting P2B in sales

by Daxim Lucas
Philippine Daily Inquirer | March 24, 2010

LUCIO TAN-OWNED ETON PROPERTIES Philippines Inc. stands to earn at least P2 billion from the sale of units at its latest high-rise project which was launched Wednesday, the Eton Tower Makati.

Computations based on data provided by the firm showed that the building would have a gross floor area of 44,500 square meters spread over 41 storeys, of which about 70 percent would be commercially available.

The company plans to sell 65 percent of the commercially available area, while keeping 35 percent for its own use, said Eton president Danilo Ignacio in a briefing Wednesday.

“The project answers continuing demand for a strategically located Makati address,” he said. “The basement portion of the building up to the second level had already been constructed, allowing us to easily schedule turnover by December 2013.”

At the same time, Ignacio predicted that the rest of the year would be conducive to a strong property market as thecountry shakes off the effects of the global financial crisis of the last two years.

“We see 2010 as a very good year for the real estate industry,” he said. “Factors that contribute to this very positive outlook include the advent of national elections that we hope are peaceful and orderly, increasing OFW remittances, low interest rates and stable exchange rates.”

Depending on the response of the market, Ignacio said Eton had at least seven more properties within a one-kilometer radius of the Makati central business district—with a combined total land area of four hectares—that the firm can develop.

For the Eton Tower Makati, the company will build the project on a 2,784-square meter lot at the corner of V.A. Rufino and Dela Rosa Streets in Makati City.

The company said Eton Tower Makati was the “most centrally located” among current offerings in the area, being just a few meters from Ayala Avenue.