Eton Properties Philippines Inc., the property unit of tycoon Lucio Tan, will spend P30 billion in capital expenditures over the next five years to expand its business. Wilfredo Pineda, Eton Properties CFO, said the company would spend P7 billion for this year alone or double the P3.4 billion it spent in 2015.
Part of the capex will be used to expand its office space footprint, with the construction of the 25story Centris Cyberpod Five, its fifth BPO facility in Eton Centris, which commenced early 2016. Three new BPO buildings will also be built in the bustling Ortigas area.
Among the company’s other projects include Eton WestEnd Square in the Chino RocesMalugay area, and The Mini Suites in Makati. Eton WestEnd Square is a mixeduse development which includes a boutique mall, an office tower, and a highrise residential condominium. Patterned after Hong Kong’s trendsetting chain, The Mini Suites is set to open its doors this year. The Mini Suites is the first of Eton Properties’ planned serviced residences and is seen to benefit from the enormous demand for highquality, affordable rooms among local businessmen and tourists.
Eton Properties will also pursue plans to expand its footprint beyond Luzon to capitalize on the booming tourism outside Metro Manila. “Moving forward, we will continue to seek out opportunities to offer valueladen projects that will consistently increase shareholder value. In the days ahead, you will see a better, bigger, and stronger Eton Properties ready to deliver on the goals we have set out for ourselves,” said Eton Properties president Lucio Tan Jr.
Josefino Lucas, Eton deputy COO, said the company’s net earnings jumped 161 percent to P313.25 million last year. Revenues rose nine percent to P2.48 billion, driven by strong rental income from office spaces.
ETON BREAKS GROUND ON NEW MAKATI PROJECT: Lucio Tan led Eton Properties Philippines Inc. broke ground recently on its onehectare mixeduse project in West Makati, Eton WestEnd Square. Shown in photo during the event are (from left): Sam Santos of Arknet; Jojo Tolentino, AIDEA chief executive officer; Josefino Lucas, Eton Properties deputy chief operating officer; Joseph Chua, chief operating officer; Wilfredo Pineda, chief finance officer; Karlu Say, group head; Marie Angeli Samala, first vice president for property management and purchasing; Engr. Cecille Torres of BK Asia; Julie May Abalos, officerincharge for business development; and Carlos Carlos, vice president for technical services.
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.