Three-year old Eton Properties Philippines, Inc, the real estate arm of the Lucio Tan Group of Companies, eyes the doubling of its net income in 2010, confident of continuing bullishness in the property industry.
The company registered a first quarter net income of P185 million which is ten times more than the net income of P18 million for the same period last year. Total revenues amounted to P974 million, an increase of 277% over the P352 million generated during the first quarter of 2009. Total assets grew by 344 % to P11.7 billion from P3.4 billion a year ago.
The significant surge in revenues resulted from the ongoing construction of various residential projects such as The Eton Residences Greenbelt, Eton Baypark Manila, One Archers Place, South Lake Village at Eton City, The Manors at North Belton Communities, Eton Parkview Greenbelt, Belton Place and the Eton Emerald Lofts. Leasing income also came from the company’s newly-opened commercial centers and office projects. These include Centris Station and Cyberpod Centris in Quezon City and Cyberpod Corinthian in Ortigas.
“We have reasons to be bullish in 2010. Growth will be driven by the strong results of the real estate
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business, boosted by the country’s successful first automated national elections. The company’s total reservation sales from January to April this year posted a 98% increase for the same period last year. Our reservation sales from the start of the year have been very strong with March 2010 sales being the highest in Eton ’s history. We didn’t see any wait-and-see attitude on the part of our buyers and investors prior to the election. With the relatively peaceful elections over, we foresee that this boom will continue and strong numbers will keep pouring in. Just recently, we launched Eton Tower Makati, our 4th Makati residential condominium with a SOHO (small office home office) component and sales take up has been very strong due to the strong investment potential of the project. It is so far our fastest-selling high rise project”, says Danilo Ignacio, President and COO of Eton Properties Philippines, Inc.
Ignacio also reported the strong leasing take-up of its commercial and office projects with the company’s first four BPO buildings already fully leased out. “We have a happy problem of several BPO tenants vying for the same space compared to just several months ago when demand was slow. The outsourcing industry sees increased growth prospects in
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2010 and these results in increased demand for office space. Right now we are already in the planning stage for the second BPO office in Eton Centris”, Ignacio added.
Based on the financial results for the first quarter, Eton ’s net income for 2010 is expected to hit P700 million which will be more than double the 2009 net income of P294 million.
The company earlier announced the launch of 10 new projects for 2010, 2 of which were already launched early in the year.
Eton Properties launched a total of 29 projects in its first three years of operations. Its property portfolio of launched and completed projects encompasses residential, commercial, office projects and township developments. It entered the Philippine real estate scene in 2007 with the launch of several residential projects including its almost 1,000 hectare township project in Sta Rosa, Laguna, dubbed Eton City.
Eton Properties Philippines, Inc. is a member of the Lucio Tan Group of Companies, one of the biggest and well-established business conglomerates in the Philippines . Its foreign counterparts, Eton Properties Group of China and Eton Properties Limited of Hong Kong , are highly-recognized real estate brands. |
