Eton Properties Philippines, Inc., the listed property arm of the Lucio Tan Group of Companies, is now seeking investors for its 42storey development in Manila, which, according to the group, guarantees an annual high rental yield.
Located at the corner of Padre Faura and Bocobo Streets in Manila, 8 Adriatico is one of Eton’s Movein Ready developments that was turned over late last year.
8 Adriatico’s MoveInReady™ units range from residential studio, onebedroom, and twobedroom as well as SOHO (SmallOfficeHomeOffice) units.
“We are currently offering residential and SOHO studio units which range from P3 million to 3.4 million, the floor area of these units range from 25 to 26 square meters,” Martha Herrera, Eton assistant vice president for Marketing, Public Relations, and Corporate Communications^ told Business Bulletin in an email.
“Other unit sizes that Eton will soon offer to the public include onebedroom units ranging from 34 to 58 square meters, and twobedroom units ranging from 73 to 79 square meters,” she added.
Over a statement, Herrera said that the location of 8 Adriatico guarantees a high rental yield all year round, making the development a lucrative investment. “Further, this is an opportune time to invest in 8 Adriatico because we expect our prices to increase later in the year when Eton officially launches its selling activities for all of its Movein Ready™ developments,” she further said.
For this project, she added that Eton maintains a 45percent gross profit margin.
Last year, Eton Properties said it will allot P10 billion for its capital expenditures until 2016 to support its plans to focus more on generating recurring income rather than real estate sales.
Eton vice president for corporate planning and risk management Ma. Irma Tan said in a previous interview that the company is aiming to raise its recurring income to 40 percent of total revenues over the long term, adding that the company’s recurring or leasing income accounted for only 12 percent of revenues in 2013.
Tan said the company’s aim is to increase the ratio up to 40 percent by 2016 to 2017 when they
complete six more office towers in Eton Centris in Quezon City. (MBM)
Eton Properties is the real estate brand of the Lucio Tan Group, one of the biggest business conglomerates in the Philippines. Its foreign counterpart, Eton Properties Ltd, is an established real estate brand in Hong Kong and mainland China. With an extensive land bank in strategic locations all over the country, Eton specializes in high-end and mid-income high-rise and horizontal residential developments, office projects, commercial centers and mixed-use township developments.