Tycoon Lucio Tan-led Eton Properties is breaking into the country’s fast-growing tourism sector beginning with the launch of the 368-room serviced apartments in Makati called Mini Suites.
This is part of Eton Properties’ expansion program. For this year, Eton has earmarked P7 billion for capital spending, more than double the level spent last year. Around P30 billion has been set aside for the next five years.
The first foray in tourism, Mini Suites, is patterned after Hong Kong’s trendsetting chain.
“Opening this year, Mini Suites answers the great demand for high-quality, affordable rooms among local businessmen and tourists,” Eton president Lucio Tan Jr. said during the company’s stockholders’ meeting Tuesday.
The Mini Suites is the first of Eton Properties’ planned serviced residences. Capitalizing on the tourism boom outside Metro Manila, Eton also plans to expand its footprint beyond Luzon as they add leisure and hospitality development in their portfolio.
Eton deputy chief operating officer Josefino Lucas said Mini Suites would offer rooms at an introductory price of P2,500 to P3,000. He added that the company was only waiting for the occupancy permit to launch the new product.
The serviced residences are part of the units in Eton Tower Makati along Dela Rosa St., which will also have residential and Soho (small office, home office) units. There are 500 residential units and 280 Soho units in the tower.
Apart from diversifying into the hospitality business, Eton also plans to add leisure as well as bigger district and mixed-use developments to its portfolio.
“We were able to take advantage of opportunities for greater growth in 2015 as we implemented our long-term strategy,” Tan said. “We are confident that we can expand our footprint in the next five years to further optimize our gains. With economic prospects remaining bright, and with demand for business space still strong from business process outsourcing (BPO), we will continue to build and expand our market. Our goal is to not just expand Eton Properties’ footprint, but to make it more visible and more entrenched in the markets that truly count.”
Eton has seven fully leased out BPO buildings. Located in strategic locations near transportation and commercial hubs, these include four buildings in Eton Centris, Quezon City, and three at Eton Cyberpod Corinthian in Pasig City. Covering more than 125,000 square meters in floor space, Eton’s BPO office buildings are leased to top global outsourcing companies. The target is to reach 350,000 sqm of BPO space by 2020, Lucas said.
Eton has announced the construction of the 25-storey Centris Cyberpod Five, its fifth BPO facility in Eton Centris, which started in early 2016. Its retail component, Centris Walk, will also be expanded to accommodate more retail and dining spaces as it grows into a total entertainment destination. Three new BPO buildings will also be built in the bustling Ortigas area.
Plans are also underway to develop mixed-use developments in the peripheries of key business districts.