Eton unveils new condominium project

MANILA, Philippines - Eton Properties Philippines Inc., the real estate development arm of the Lucio Tan Group of Companies, unveiled yesterday its newest residential condominium project, 8 Adriatico, which is expected to generate sales of at least P1.86 billion.

Located on an 8,000-square meter property at the corner of Adriatico and Padre Faura streets in Manila, the 40-storey 8 Adriatico will house four towers offering studio, one-bedroom and two-bedroom units at a price ranging from P2.1 million to P7 million.

Construction of the first tower will begin in 2011, with the turnover of the units expected in December 2013.

In a press briefing yesterday, Eton president and chief operating officer Danilo Ignacio said the project – the company’s fourth for the year and third in the Manila district – is in response to the “continuing demand by local buyers and overseas Filipinos for a strategically located Manila residence.”

Ignacio said the first of four towers will make available a total of 888 units, which are expected to be sold in a year’s time.

He said construction of the next three towers will depend on the sales take-up of the units.

He said the company is confident the local real estate market will sustain its growth for the rest of the year and the coming year given an improving US economy and resilient domestic economy. In the nine months ending September this year, Eton reported a net income of P67 million, a reversal of the P120 million loss incurred in the same period a year ago, as consolidated revenues surged to P1.5 billion.

Sales came from the substantial construction of residential projects One Archers Place, South Lake Village at Eton City, the first cluster of The Manors at North Belton Communities, The Eton Residences Greenbelt and Eton Baypark Manila.

 “The strong sales take-up of all new projects that we launched this year, from the West Wing Residences to 68 Roces, gives us confidence that the Philippine real estate market is already on the rebound,” Ignacio said.

Eton will begin earning leasing income from its office projects Eton Cyberpod Centris and Eton Cyberpod Corinthian. Centris Station, a two-level mall at the corner of EDSA and Quezon Avenue, with SM Hypermarket as anchor tenant, opens today. Centris Walk, an entertainment and dining strip, is slated to open in the first quarter of 2010. For the residential component of Centris, Eton is planning to put up 12 middle to high-rise condominium buildings which will offer studio and one-bedroom units.