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| An artist's rendition of the mixed-used development project at the corner of EDSA and Quezon Avenue. |
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| Eton Cyberpod Centris |
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The real-estate arm of the Lucio Tan group launched on Thursday its latest development project in the proposed Quezon City Triangle Park central business district (CBD) with Henry Sy’s SM Hypermart as its anchor retail locator.
According to Danilo Ignacio, Eton Philippines Inc. president, the SM group has expressed interest in being Eton’s first choice as retail locator for its development projects. The two firms signed a 15-year lease agreement last month wherein Eton would build the shell for the supermarket.
Ignacio said that this may lead to a long-tern partnership with the SM group with the two companies working together to create a synergy in developing properties.
Besides the hypermarket, the P3 billion, 12 –hectare mixed-use development called Eton Centris along EDSA corner Quezon Avenue will have seven build-to-suit office buildings for business process outsourcing (BPO) companies. It will also have a central park, mixed use and pure residential buildings, and a hotel.
The first phase of the project consists of the Cyberpod Centris, the 18,000 square meter office building block that will be finished by December this year. About 12,000 square meters of the floor space will be devoted to BPO companies, a dozen of which are already negotiating contracts with the property developer.
The first phase of construction will also include the Centris Walk, a lifestyle and entertainment center where restaurants, entertainment hubs and shops will be located. A parking area for 1,000 vehicles will also be located. A parking area for 1,000 vehicles will also be provided for the Walk that will be finished by the third quarter next year.
The two-story Centris Station shopping center is also included in the first phase, the first level of which has 6,500 square meters of floor space reserved for SM Hypermart. The retail component of Eton Centris will be constructed during the first quarter next year, for delivery by the fourth quarter in time for the Christmas season.
The construction of 10 residential buildings will be launched during the third quarter next year. Eton is studying whether these would cater to middle-income or high-end markets. “Hopefully the economy has recovered by that time,” Ignacio said.
The Eton executive said the company us now open to building medium-rise buildings that would target middle-income to lower middle-income buyers given strong demand in these markets. |
