Bullish Eton lines up more projects
Lucio Tan group-led Eton Properties Philippines Inc. has unveiled plans to expand its footprint in the local office, commercial and residential property leasing markets, with particular focus on leisure and lifestyle-oriented projects.
“Despite the prevailing climate of uncertainty in global markets and political noise in the past year, we were able to sustain our momentum by maximizing opportunities for growth and closely understanding our market’s needs,” Eton president Lucio Tan Jr. said in a press statement after the company’s stockholders meeting on Wednesday.
“We are highly optimistic that we will stay on the course of sustained growth as more opportunities are turned into more projects that bring shareholder value and returns.”
Last year, Eton broke ground for Eton WestEnd Square, a one-hectare, mixed-use project in West Makati. The property firm also began construction of three additional clusters on Centris Walk 2 in Eton Centris, as well as the 25-story Cyberpod Centris Five, the fifth business process outsourcing (BPO) facility in Eton Centris.
Eton Properties also opened two levels of retail shops at Eton Tower Makati.
Formalizing its entry in the hospitality market, Eton Properties launched The Mini Suites, a 368-unit serviced apartment development offering high-quality, affordable rooms in the city.
Eton also established a property management arm, a full-service entity offering a full range of services including leasing support, technical services and documentation assistance.
Eton reported its second year of stable growth in 2016, with net income growing by 24.3 percent to P389.52 million. Gross revenues reached P2.83 billion last year, 14 percent higher than the previous year’s level. Real estate sales and rental income equally contributed to Eton’s revenue stream in 2016, reflecting what the company deemed as a “more balanced portfolio.”
Real estate sales, which accounted for 54.84 percent of revenues, reached P1.55 billion.
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