MANILA, Philippines — Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group, intends to explore new project formats to cater to emerging needs of the market.
In its project pipeline are pocket retail developments in Ortigas, Quezon City, and San Juan, as well as a mixed-use commercial development along Roxas Boulevard.
The company will also begin offering flexible co-working offices at the upcoming NXTower I in Ortgas CBD.
“Eton’s management expressed confidence that expanding the company’s footprint, streamlining its operations, and strengthening its commitment to exceptional customer service will sustain the market’s interest in its various projects and steer the company forward,” the company said.
Last year, the property firm spent P4 billion in capital expenditures, 14 percent higher than the P3.5 billion spent in 2016, as development of West End Square in Makati City, Centris Cyberpod Five, and expansion of Centris Walk in Quezon City went on full swing.
The company also broke ground on several projects, notably in Ortigas CBD in Pasig City with the construction of NXTower I, a 30-story office building, and Eton City Square, a commercial strip in Eton City in Sta. Rosa, Laguna designed to complement the residential communities in the area.
As it marked its 10th year of operations, Eton intensified its focus on its leasing business, a strategy aimed at increasing its recurring revenue stream.
Rental revenue accounted for 60 percent of Eton Properties’ total revenues in 2017, while real estate sales accounted for 36 percent, mostly from the ready-for-occupancy residential units across its various developments.