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| Tan property arm embarks on compact condo project |
by Doris Dumlao
Philippine Daily Inquirer | July 25, 2010 |
MANILA, Philippines—Tycoon Lucio Tan-led Eton Properties Philippines Inc. has rolled out a new high-rise property business that offers affordable compact residential units specially designed for students and startup families.
The new business, to be administered by new Eton subsidiary First Homes Inc., offers fully-furnished condominium units with innovative space planning. It fits a two-bedroom residential unit in an 18-square-meter space and three bedrooms in a 28-sq.m. space, Eton president Danilo Ignacio said in a briefing on Friday.
First Homes’ maiden project is Aurora Heights Residences, a property development located five minutes away from the LRT (Light Railway Transit) Santolan station. There will be two towers offering 627 units each, priced at P1.5 million for the two-bedroom units and P2.2 million for the three-bedroom units.
Because the residential units are worth below P2.5 million, they are exempt from the value added tax.
Eton requires buyers to put up a 25-percent downpayment while long-term financing can |
be offered by banks and the state-owned Pag-IBIG. Monthly amortization will be about P10,000.
Turnover of the first tower is slated for December 2013.
Ignacio said this development was ideal for students as it was near major schools such as Miriam College and Ateneo de Manila University.
If successful, Ignacio said Eton would replicate this project in Makati, near the growing university belt in Buendia, as well as in Taft Ave., Manila.
The new brand aims to address the in-city housing needs of Filipinos in strategic areas at the periphery of major central business districts. It caters to the broader lower affordable market segment.
Because of the limited space, Eton is selling the units along with custom-built furnishing.
Each unit comes with beds and built-in bedroom closets, sofa set, kitchen storage cabinets, cooking stoves, dining set and curtains.
The project features a large clubhouse with receiving areas for guests, an adult and kiddie pool, landscaped gardens and a set of retail outlets at the ground floor.
In the meantime, Ignacio also reported that Eton’s year-to-date reservation sales had already matched the total level in 2009, indicating the robust growth of the property market.
The bulk of the sales came from fast-selling projects such as Eton Tower Makati, Eton City, North Belton Communities, 68 Roces and 8 Adriatico. |
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