Eton bankrolls P30 B for 5­year capex

As published in The Philippine Star on June 2, 2016
 

Eton Properties Philippines Inc., the property unit of tycoon Lucio Tan, will spend P30 billion in capital expenditures over the next five years to expand its business. Wilfredo Pineda, Eton Properties CFO, said the company would spend P7 billion for this year alone or double the P3.4 billion it spent in 2015.

 

Part of the capex will be used to expand its office space footprint, with the construction of the 25­story Centris Cyberpod Five, its fifth BPO facility in Eton Centris, which commenced early 2016. Three new BPO buildings will also be built in the bustling Ortigas area.

 

Among the company’s other projects include Eton WestEnd Square in the Chino Roces­Malugay area, and The Mini Suites in Makati. Eton WestEnd Square is a mixed­use development which includes a boutique mall, an office tower, and a high­rise residential condominium. Patterned after Hong Kong’s trendsetting chain, The Mini Suites is set to open its doors this year. The Mini Suites is the first of Eton Properties’ planned serviced residences and is seen to benefit from the enormous demand for high­quality, affordable rooms among local businessmen and tourists.

 

Eton Properties will also pursue plans to expand its footprint beyond Luzon to capitalize on the booming tourism outside Metro Manila. “Moving forward, we will continue to seek out opportunities to offer value­laden projects that will consistently increase shareholder value. In the days ahead, you will see a better, bigger, and stronger Eton Properties ready to deliver on the goals we have set out for ourselves,” said Eton Properties president Lucio Tan Jr.

 

Josefino Lucas, Eton deputy COO, said the company’s net earnings jumped 161 percent to P313.25 million last year. Revenues rose nine percent to P2.48 billion, driven by strong rental income from office spaces.

 


ground breaking ceremony

ETON BREAKS GROUND ON NEW MAKATI PROJECT: Lucio­ Tan led Eton Properties Philippines Inc. broke ground recently on its  one­hectare mixed­use project in West Makati, Eton WestEnd Square. Shown in photo during the event are (from left): Sam Santos of Arknet; Jojo Tolentino, AIDEA chief executive officer; Josefino Lucas, Eton Properties deputy chief operating officer; Joseph Chua, chief operating officer; Wilfredo Pineda, chief finance officer; Karlu Say, group head; Marie Angeli Samala, first vice president for property management and purchasing; Engr. Cecille Torres of BK Asia; Julie May Abalos, officer­in­charge for business development; and Carlos Carlos, vice president for technical services.

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