Eton Properties Philippines Inc. posted improved growth in 2018, thanks to strong real estate sales and a robust leasing business.
The company reported a 2018 net income after tax of Php 479 million, 38% higher than the Php 348 million recorded in 2017.
With a stable economy as a backdrop, real estate sales jumped by 102% to Php 1.7 billion, on the back of accelerated sales velocity and increased prices for its Ready-for-Occupancy units. These include 8 Adriatico in Manila, 68 Roces in Quezon City, The Manors at North Belton Communities in Caloocan City, and West Wing Residences at Eton City in Sta. Rosa, Laguna.
Rental income also climbed by 8% to Php 1.5 billion as BPOs continued to renew their leases at higher rental rates, leading to a stable occupancy of office spaces. Eton Properties’ income from serviced apartments and property management services also contributed to the net increase in revenue for 2018. Overall, the company’s gross revenues grew by 42% to Php 3.3 billion from Php 2.3 billion. Eton Properties’ consolidated assets stood at Php 31.4 billion, 6% higher than the Php 29.7 billion consolidated assets as of 2017.
“Evidently, the global companies that have made our offices the site of their Philippine operations have seen how the strategic location of Eton Properties’ developments, combined with the well-thought-out facilities in each of these buildings, have contributed to their operational productivity,” said Eton Properties President Lucio K. Tan, Jr.
Mr. Tan said Eton Properties will continue to maintain an optimal portfolio mix that balances recurring income and real estate sales.
In 2018, Eton Properties completed the construction of Eton Square Ortigas in San Juan City. The company also carried out construction activities for Cyberpod Five in Eton Centris in Quezon City, Eton WestEnd Square in Makati City, and Eton City Square in Sta. Rosa, Laguna. In the years ahead, the company expects to continue the development of new projects in the mixed-use communities it has developed in Sta. Rosa, Makati, and Quezon City in formats that will address evolving customer needs.
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.