Eton to expand property footprint
Tycoon Lucio Tan group-led Eton Properties Philippines Inc. has unveiled plans to expand its footprint in the Philippine 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 which will house an office tower, a boutique mall and high-rise residential components. The property firm also began construction of three additional clusters at Centris Walk 2 in Eton Centris, as well as the 25-storey 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 which now houses brands such as Dean and Deluca, Moshi Koshi, Bo’s Coffee, Picnic, The Morning After, Fry and Bake Bistro, Motorino NY Slice, Coldstone, Karada, Anytime Fitness, Sarabia Style Optics, and Empire Salon.
Formalizing its entry in the hospitality market, Eton Properties launched The Mini Suites, a 368-unit serviced apartment development that fills the need for high-quality, affordable rooms in the city.
Eton also established its property management arm, a full-service entity that will offer a full range of services including leasing support, technical services and documentation assistance, among others.
“As we move forward, we will continue to expand our presence in growth markets by offering innovative projects and services that meet our client’s changing lifestyle needs. In so doing, we aim to further strengthen the Eton brand promise,” Tan said.
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 contributed almost equally to Eton’s revenue stream in 2016, reflecting what the company deems as a “more balanced portfolio.”
Real estate sales, which accounted for 54.84 percent of revenues, reached P1.55 billion. This level marked an 18.4-percent increase year-on-year, mainly from sale of units at Eton Tower Makati, 8 Adriatico in Manila; 68 Roces in Quezon City; North Belton Communities in Quezon City; and West Wing Residences in Eton City.
Rental income hit P1.28 billion last year, rising by 9 percent from the previous year’s level following strong demand for the company’s BPO office buildings in Quezon City and Pasig City alongside brisk demand for retail space in these developments.
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