MANILA – The real estate arm of Lucio Tan-led conglomerate LT Group Inc. expects its profit growth in 2015 to surpass last year’s on the back of strong take-up of its commercial and office projects.
Eton Properties Philippines, Inc. deputy chief operating officer Josefino Lucas expressed optimism for 2015 after the company posted a whopping 77-percent increase in profit in the first quarter on higher rental income.
Total revenues also surged by 20 percent to P644.46 million from P539.14 million.
“The first quarter of 2015 went well for Eton Properties. Our first-quarter results provide a good indicator that we are on track towards reaching our targets for 2015,” Lucas said.
Lucas said the business process outsourcing (BPO) office buildings are fully leased out.
“The company is strengthening its property portfolio with more office and retail projects to serve the growing BPO market,” he said.
The company earlier announced the launch of five new projects for 2015 that include a high-rise residential condominium project, three office towers and a boutique mall.
Eton is looking at putting up two more BPO office buildings in Eton Centris and Ortigas Center. It will also start the expansion of Centris Walk, an upscale lifestyle, dining and entertainment destination in Eton Centris.
Eton undertakes high-end and mid-income high-rise projects, horizontal residential developments, BPO offices, commercial centers and mixed-use township developments.
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.