Eton mid-year sales equal 2009 performance

MANILA, Philippines - Eton Properties Philippines Inc., the real estate development arm of tycoon Lucio Tan, said yesterday its year-to-date reservation sales have already matched the recorded level for the whole of 2009.

In a press briefing for the launch of the company’s affordable housing brand, First Homes, Eton president Danilo Ignacio said robust demand for its projects resulted in record-breaking sales in the first half of the year.

Ignacio didn’t provide figures but said bulk of sales came from fast-selling projects such as Eton Tower Makati, Eton City, North Belton Communities, 68 Roces and 8 Adriatico.

Sales take-up of Eton’s three residential projects in Eton City, a masterplanned township project in Sta. Rosa, Laguna, have also been strong with the near completion of the 35-hectare man-made lake in South Lake Village.

Ignacio said 68 Roces, Eton’s premier high-end townhouse project in Quezon City, continues to be helped by the opening of its model units, while 8 Adriatico, a 40-story condominium, has enjoyed brisk sales due to its strategic location and affordability.

The company’s first project under First Homes, Aurora Heights, will offer twin towers offering a total of 1,256 units or 626 units each, with the first building slated for completion in December 2013. It will rise on a 4,820-square meter property near the intersection of Katipunan Ave. and Aurora Blvd. in Quezon City.

A two-bedroom unit with a size of 18 square meters is priced at P1.5 million while a three-bedroom unit, measuring 28 square meters, costs P2.2 million.

The Eton official said they expects 2010 to be a much even better year with the expected launch of 10 new projects. Encouraged by its strong first quarter results which showed its net earnings grow more than 10 times to P185 million from only P18 million, Eton is eyeing a net income of P700 million by yearend or more than double the P294 million reported in 2009.

Ignacio said reservation sales surged 98 percent in the first four months of the year with March sales seeing the highest growth, mainly coming from various residential projects such as The Eton Residences Greenbelt, Eton Baypark Manila, One Archers Place, South Lake Village at Eton City, The Manors at North Belton Communities, Eton Parkview Greenbelt, Belton Place and the Eton Emerald Lofts.

Leasing income from the company’s newly-opened commercial centers and office projects — Centris Station and Cyberpod Centris in Quezon City and Cyberpod Corinthian in Ortigas – are also expected to boost Eton’s top line.

The company has launched 29 projects in the first three years of its operations and is expected to end 2010 with a total of 36.

Aside from Eton Tower Makati, other residential projects scheduled for launch this year are West Wing Villas, River Grove and the first condominium building within the 12-hectare Eton Centris at the corner of EDSA and Quezon Ave.

West Wing Villas is the third phase of North Belton Communities, the group’s first foray into the middle-income market through wholly-owned unit Belton Communities. Situated on a 5.2-hectare property, the project will make available three to six bedroom house-and-lot units.