Eton Properties not for sale — Tan Say

MANILA, Philippines — Eton Properties chief operating officer Karlu Tan Say, said her father Lucio Tan’s property company is not for sale.

Say, who succeeded her late brother Lucio “Bong” Tan Jr. as COO of Eton, said the company posted strong sales last year and is expected to maintain its upward momentum.

“With its strong results coming off 2019 and its continued momentum, any speculations regarding Eton Properties disposing of assets, or the company itself being offered to interested parties are unfounded and baseless,” Say said.

She said Eton’s healthy margins and portfolio mix allow the company to manage risks, while giving the opportunity to gain from the appreciation of land values in the future.

“As the Philippine economy grows, it is imperative that we continue strengthening Eton Properties as an organization” Say said.

Over the past two weeks, the property industry grapevine has been abuzz with talks that the taipan is selling Eton land assets or the company itself.

Say said Eton would even be unlocking land values of existing assets.

The company is offering its land bank assets for lease starting with Eton City in Sta. Rosa, Laguna. The sprawling 600-hectare property is ideal for office and commercial land lease with its ready market of existing residential villages within the property and techno parks and industrial estates that herald seamless business operations in the south of Manila.

Eton Properties also aims to partner with hotel and leisure locators for its 36-hectare beach front property in Mactan, Cebu. 

“The asset is envisioned to be converted into an integrated mixed-use resort township through the site’s long beach front, crystal clear waters and a wide nine-hectare natural lagoon,” Eton said.

In the third quarter of 2019, net income grew 99 percent on the back of the  strong performance of its leasing business and higher real estate sales.

“Eton Properties has its eye on the future as it is poised to deliver more projects that will contribute positively to its growth as a company,” Say said.

To date, Eton Properties has 35 projects. These include two townships, one nano township, eight commercial centers, six BPO hubs, one events venue, one hotel, one serviced residences, eight high-rise condominiums, one mid-rise development, and six residential subdivisions.

Its leasing portfolio comprises 181,000 square meters of office space and over 39,000 sqm of retail space.