MANILA (UPDATED) – Eton Properties Philippines Inc. is planning to launch a mixed-use development project in Makati this year as it sees growth opportunities driven by steady demand for housing units as well as commercial and office projects.
The real estate arm of the LT Group said the mixed-use development, dubbed Eton WestEnd Square, will be located in a one-hectare property in Malugay St.
The project involves the construction of a high-rise residential condominium, a business process outsourcing (BPO) office building, and a boutique mall.
Eton Properties deputy chief operating officer Josefino Lucas said the firm is also looking to expand its existing mixed-use development Eton Centris in Quezon City.
He said the company is planning to put up its fifth BPO office building in Eton Centris and expand Centris Walk, an upscale lifestyle, dining and entertainment destination in the 12-hectare mixed-use development at the corner of EDSA and Quezon Avenue.
Eton Properties is also planning to launch its sixth BPO office building in Ortigas Center.
“We are confident that our rental operations will remain strong in 2015. We are experiencing high occupancy rates in our office buildings given the strong demand from the outsourcing industry and we see this trend continuing,” said Lucas.
The firm is set to complete the re-master plan of Eton City in Sta. Rosa, Laguna and will re-conceptualize Aurora Heights Residences in Quezon City.
Eton Properties will be spending P28 billion in capital expenditures over the next five years for its residential and commercial projects.
For this year alone, the company will spend P9 billion in capital expenditures, more than double last year’s spending of P4.3 billion.
Eton Properties reported a net income of P119.86 million in 2014, 14 percent higher than the P105.07 million posted in 2013.
Gross revenues, however, were down 38 percent to P2.28 billion as the company focused primarily on the delivery of its projects and the completion of existing developments.
Real estate sales accounted for revenues of P1.54 billion, down 52 percent from the previous year as a direct result of the temporary halt in sales activities.
Eton Properties completed a prime residential project in Manila, 8 Adriatico, last year.
Eton Properties president Lucio Tan Jr. expressed confidence that the company will be able to sustain its growth in 2015.
“As the Philippine economy remains strong, we are confident that investor interest in our new and upcoming projects will be robust. We plan to introduce new concepts and formats to widen our client base. We will also continue to closely study the property landscape to ensure that our pricing strategies and offerings meet market needs,” Tan said.
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.