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| Eton still soaring high |
by Mary Ann LL. Reyes
The Philippine Star | July 30, 2010 |
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| 8 Adriatico |
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MANILA, Philippines - Eton Properties Philippines, Inc., the property development arm of the Lucio Tan Group of Companies in the country, has had a very good year so far, and expects the trend to continue.
The company has caught the attention of the property industry, with its meteoric rise and fast-pace activity in a sector characterized by stiff competition. From the inception of the company in the early part of 2007, Eton has already launched a total of 30 projects, consisting of nine high-rise residential condominiums, six mid-rise condominiums, six horizontal developments, two office projects and seven commercial developments.
Eton Philippines’ foreign counterparts include Eton Properties Group of China and Eton Properties Limited of Hongkong, both highly recognized real estate brands.
In its latest report, the company said that year-to-date reservation sales have already matched the company’s total annual reservation sales in 2009.
Eton Philippines president Danilo Ignacio told The STAR that the first half of 2010 was very good for company. “Within the first seven months of the year we’ve already surpassed the total reservation sales that we posted for the whole of 2009. Our year-to-date reservation sales is already double for the same period last year,” he said.
Ignacio revealed that taking off from their end of 2009 turnaround in net income, Eton expects to double its net income to P700 million this year from P297 million in 2009. First quarter 2010 net income was at P185 million. |
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“We expect to have a very good year in 2010. Not only in terms of reservation sales but in realized revenue as well since we have several ongoing projects that will reach an advance state of construction by year-end and our realized revenue is computed based on percent completion,” he added.
Ignacio said they view 2010 as the start of a boom cycle for the real estate industry. “Going by historical experience, the inauguration of a new president/administration always precedes a boom in real estate. Going by our own experience for the first seven months of the year, all the indications are there that we are already in a boom period for the industry. Demand has been strong in all levels of the residential market: high-end, middle and lower-middle. We also see high demand from the BPO office building sector,” he noted.
Strong demand for the company’s projects have resulted in record-breaking sales in the first half of the year. Bulk of the sales came from fast-selling projects such as Eton Tower Makati, Eton City, North Belton Communities, 68 Roces and 8 Adriatico, with Eton Tower Makati being the best selling project in Eton’s young history. “The project’s location, just a few meters from Ayala Avenue, and affordability make it a top choice for executives looking for a home or small office in the Makati CBD,” Ignacio emphasized. |
Company officials noted that sales take-up of Eton’s three residential projects in Eton City (South Lake Village, Riverbend, and West Wing Residences), the company’s township project in Sta. Rosa, have also been very strong with the near completion of the huge 35-hectare man-made lake in South Lake Village, the high-end lakeside community within the development. “With the advanced stage of construction works, particularly with the 35-hectare man-made lake, sales velocity has increased significantly,” Ignacio said.
The company’s luxury residences in 68 Roces, Eton’s premier high-end project in Quezon City, continues to be strong helped by the opening of its model units. 8 Adriatico, a 40-storey condominium next to Robinsons Manila, also enjoyed strong sales due to its advantageous location and affordability, they said.
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| 68 Roces model unit |
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Meanwhile, the company’s North Belton Communities project also in Quezon City continues to enjoy strong sales take-up with demand for two and three-bedroom house and lot units in West Wing Villas at record levels.
Ignacio said that for the next half of 2010 they expect to launch the first residential condominiums in Eton Centris, the company’s 12-hectare township at the corner of EDSA and Quezon Avenue.
Eton recently opened Centris Walk, a high-end lifestyle, dining and retail center in Eton Centris. Together with Centris Station, which opened in December last year, both commercial centers cater to the transit-oriented and upscale QC market, respectively.
“Very soon we will open the Green Podium at One Archers Place. This dining and retail destination will serve the requirements of the residents of the condominium as well as the students and neighboring communities of De La Salle University,” Ignacio said.
Buoyed by strong market demand, the company recently launched a new brand that will cater to the broader lower affordable market segment. Called First Homes, the brand aims to address the in-city housing needs of Filipinos in strategic areas at the periphery of the country’s major central business districts.
Ignacio explained that First Homes taps a specific segment of the lower affordable market. “Our projects are specifically designed for people who are first time home buyers who want a home inside the city or very near the major central business districts. For this market, cost would be a major consideration so we looked at innovations in design & space planning to maximize the space for our customers. With ready PagIBIG financing, a monthly amortization of around P10,000 a month, making it cheaper to own a condo than rent, First Homes aims to offer the best mix in terms of price, location and project features.” he said.
He revealed that the initial First Homes projects would be located in areas near major transportation hubs like the MRT and LRT. |
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“Given the extensive land bank of the Lucio Tan group of companies, we have several major tracks of land that we can develop for this market in Makati and Manila, for starters. With a 3.7 million backlog in housing, even if we pool the current inventory of all developers in the country, the backlog will not be met. So there is still room to serve the market,” Ignacio said.
First Homes’ initial development, Aurora Heights Residences is a transit-oriented development of two 20-storey mid-rise buildings. Featuring fully furnished and move-in ready condo units, innovative space planning with custom-built furniture fits two bedrooms in an 18 square meter unit and three bedrooms in a 28-sq.m. space. Amortization starts at P10,000 a month. Located just five minutes from the LRT Santolan station, major shopping complexes such as SM City Marikina, Robinsons Mall and Araneta Center are minutes away via the LRT and MRT. Schools such as Miriam College and Ateneo are also nearby.
But aside from residential-commercial projects, Ignacio revealed that their planning and development efforts in support of the outsourcing industry are continuous. |
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| South Lake Village at Eton City |
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“Our first two BPO buildings have already been fully leased. We are due to construct another BPO-oriented building in Eton Centris that is slated for delivery by late 2011. Eton Centris is masterplanned to have at least seven BPO buildings. Likewise we are studying the feasibility of low-rise BPO facilities in Eton City, Sta. Rosa. Eton has always been sensitive to the requirements of the outsourcing industry so we have more built-to-suit arrangements with BPO tenants to ensure that they get what they really need in terms of space and building features,” he said.
But as a full-range developer, Eton does not focus on a specific-type of development, Ignacio said. “Because of the extensive land bank of the group, we can develop both vertical and horizontal developments. Market demand would dictate what projects we will get into,” Eton’s chief executive explained.
The leisure market is also something that Eton is seriously looking into. Ignacio revealed that they are currently studying resort-type developments in Eton City, Calatagan and Mactan where the group has prime land holdings. “As the market continues to improve and grow we will look at the best timing to expand into the leisure market,” he said.
Meanwhile, contrary to rumors, Ignacio stressed that company is not selling its Eton City project to the Ayala group.
“These rumors are not true at all. Eton City is the flagship project of the company and would be one of the crown jewels in its roster of properties. Eton City will become the Makati of the South. These conjectures probably arose from the joint-venture agreement between Eton and Ayala’s Amaia subsidiary. That agreement was for a property owned by the LT Group in Canlubang and not in Eton City,” he said. |
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