Eton expects 2011 to be another solid year

MANILA, Philippines - Eton Properties Philippines Inc., the local real estate arm of the Lucio Tan Group of Companies, expects 2011 to be another solid year with revenues and net income seen reaching record highs.

In a statement, Eton said it remains bullish on the property sector driven by strong demand for housing units, commercial and office projects.

“2011 will be an exciting year of record highs for Eton as we see very good opportunities for market expansion”, said Danilo Ignacio, president and chief operating officer of Eton Properties Philippines Inc.

Eton is eyeing a net income of P1 billion this year from a projected profit of P700 million in 2010. The company is looking at posting higher revenues with the delivery of over 3,600 residential units covering The Eton Residences Greenbelt, Eton Parkview Greenbelt and Belton Place, Eton Baypark Manila, and tower 2 of One Archers Place in Taft Avenue.

Eton Emerald Lofts in Ortigas Center, Pasig, the island lots in South Lake Village and lots in Riverbend, both in Eton City in Sta. Rosa, Laguna, and additional clusters of The Manors of subsidiary Belton Communities’ North Belton Communities project, are also slated for delivery to customers.

The company said it was on track to meet its 2010 earnings forecast, pointing out that it had already booked P530 million in profit in the first nine months of that year, almost seven times the figure reported the previous level.

Ignacio said the continued growth in remittances from Filipinos working abroad, the low interest rate environment and healthy lending conditions in the banking sector augur well for the company.

This year will also see Eton’s foray into growing medical tourism sector with the planned development of a health and medical facility which will offer simple to complex medical services such as dental and cosmetic surgeries.

Eton also disclosed that Eton Centris, the company’s 12-hectare township development at the corner of EDSA and Quezon Avenue in Quezon City, will see the launch of its first residential condominium offering. Master planned for three towers, the project will cater to the high-end market segment.

Another project that will soon rise in Centris is The Elements at Centris, a special events venue that can accommodate up to 800 people.

Eton has has likewise started construction of a second BPO building in Centris dubbed Two Cyberpod Centris, which is set for completion by the fourth quarter of 2011.

Eton City, the company’s flagship almost-1,000 hectare township development in Sta. Rosa, Laguna, will see the start of its commercial lot sales with the purchase of an additional 35-hectare property which will soon be developed as a mixed-used complex.

Encouraged by the strong sales takeup of its first four Makati projects that include its best-selling Eton Tower Makati SOHO and residential condominium, the company is also studying its fifth Makati project, a high end residential condominium located very near the Greenbelt shopping complex.

FirstHomes Inc. , the affordable housing subsidiary of Eton, is planning to build two high-rise condominum projects in Manila and Pasig.

Eton Properties launched a total of 35 projects in its first four years of operations. Its property portfolio of launched and completed projects encompasses residential, commercial, office projects and township developments.