June 03, 2013

Eton Properties sets P10-B spending program this year

The real estate unit of tycoon Lucio Tan has outlined a P10-B expansion program this year to take advantage of the property boom. The P10-B spending will  bankroll theconstruction of two residential towers of the upscale One Centris Place worth P3.5 B and Eton Towers Makati worth P3 B.

The remainder will be for the West Wing Villas in the Belton Community in Makati which still has to complete three to four buildings and the 68 Roces upscale subdivision and high-rise building 8 Adriatico in Manila which willbe delivered in the next two years.

To date, around 20% of Eton Properties’ earnings come from leasing operations, which the company targets to pick up to 50%. Profits of the property firm surged to P127.5 M in the first quarter from P19 M last year as revenues almost doubled to P1.16 B from P560  M.

The increase in revenues is mainly attributed to higher percentage of completion of Eton’s residential and condominium units as well as higher leasing revenues from commercial projects.  Eton Properties operates three major brands – Eton for the high-end segment, Belton for the middle-income market and First Homes for “economic” housing. - WealthSec