Lucio Tan’s Eton sees return of POGOs

Taipan Lucio Tan’s Eton Properties Philippines Inc. sealed a deal with a top Philippine Offshore Gaming Operator (POGO) in Makati City as China-focused gambling firms return after a two-year slump.

The builder, part of Tan’s LT Group Inc., said the POGO company would occupy two floors spanning 6,000 square meters at its eWestPod building located inside the Eton WestEnd Square mixed-use project near the Makati Central Business District.

Eton did not name the POGO company, which was said to be one of the largest operators in Southeast Asia.

“With the perceived stability and confidence of a new administration and the market starting to normalize, Eton Properties gradually felt an increase in the demand for leasing spaces this second half of the year,” Eton Properties executive director Kyle Tan said in a statement on Wednesday.

“One of the primary effects we see is the confidence of POGOs to return to the Philippines. These operators are not just from China, but within our neighboring countries in Southeast Asia as well,” he added.

The local property sector witnessed an exodus in POGO operations during the latter part of the Duterte administration amid taxation uncertainties and amplified by travel bans during the COVID-19 pandemic.

Eton said the eWestPod is  one of the two office projects of the company within the mixed-use complex of Eton WestEnd Square.

“The building was developed to create a particular built-to-suit concept that allows the user or tenant to design and customize the space according to their unique preference,” it added.

The builder said it signed a separate three-year contract last month with a triple A construction firm for a whole floor or more than 1,000 square meters in another office project, Blakes Tower, in Makati