Eton expands office, retail portfolio in Centris

As published in Malaya on June 9, 2016

ETON Properties Philippines Inc., (EPPI) broke ground for its fifth office building at Eton Centris as it expands its office and retail space portfolio in this business district in Quezon City.

Eton said it will also expand Centris Walk, its open air commercial strip in the development. Eton Centris at the corner of Quezon avenue and EDSA, has a total of four buildings, providing 24/7 office solutions to business process outsourcing and information technology companies, a lifestyle and commercial strip, a two­level transit­oriented mall, and an events venue.

"The new office building will provide an ideal working environment to outsourcing professionals. Its retail facility at the ground floor will cater to the needs of office workers and residents in surrounding communities," Eton said in a statement. "We are expanding our footprint in the business process outsourcing industry, with Cyberpod Five providing another 43,200 square meters of leasable area. The expansion of Centris Walk will likewise enhance the existing promenade of dining choices, specialty shops, fitness studios, and fun family activities to offer more lifestyle options for everyone", said Josefino Lucas, Eton Properties deputy chief operating officer.

Eton eyes a capital spending of P7 billion for the year, double of its 2015 actual spending. The amount is part of a P30 billion capital spending seen happening in the next five years.

Eton is adding four new office buildings in its portfolio, the first one now on primary ground works in Eton Centris. Three are in the pipeline, all in Ortigas. Wilfredo Pineda, Eton chief finance officer, said the current pipeline projects will boost Eton's 115,000 sq.m., office space portfolio by another 200,000 in the next five years.

Another pipeline project is Eton West End Square on Chino Roces­Malugay area in Makati. It is a mixed­use development which includes a boutique mall, an office tower and a high­rise residential condominium. Rental income, which accounted for 47 percent of Eton Properties' 2015 revenues, largely from the Eton Properties' seven fully leased out BPO buildings. Adding the retail component, Eton's leasable space increases to 125,000 sq.m.

Eton Properties' retail properties include the expanded lifestyle and entertainment cluster Eton Centris Walk, events venue Elements at Centris, and commercial center Centris Station