Eton launches all-loft residential building project in Ortigas

Following the success of its two initial projects, Eton Properties Philippines Inc. unveiled yesterday its latest offering — the 41-story Eton Emeralds Lofts –- the first all-loft residential project in Ortigas.

Eton Philippines president Danilo Ignacio said the twin-tower residential project, located at the heart of the Ortigas business and commercial district, forms part of the P10 billion capital budget earmarked by the company for its seven priority projects.

Each building will have 500 units, priced at P2.2 million to P6 million each. A one-bedroom unit, with a floor area of 35-40 square meters, sells for P2.3 million to P3 million while a two-bedroom unit occupying 56-83 square meters of space, would cost between P3.5 million and P6 million.

Development of the project will commence in September 2008 with a target completion date of December 2011.

“We’re very optimistic on this project. The timing is just right because two of the biggest projects in the area had been sold out,” Ignacio said.

Ignacio said the group is targeting Filipino-Americans for its latest project given its proximity to the biggest shopping malls like SM Megamall, Robinsons Galleria and Shangri-La Mall along with luxurious hotels, restaurants and night spots.

He said the first floor of Eton Emeralds Loft will house a retail component which includes fastfood restaurants.

Ignacio said its first two projects – Eton Residences Greenbelt and Eton Baypark Manila at the corner of T.M. Kalaw and Roxas Boulevard, are now 90 percent and 70 percent sold, respectively.

Ignacio said the company will also build the Eton IT center, a 17-story building that will provide 30,000 square meters of space for business process outsourcing (BPO) companies.

He said the company is also planning to develop a 2.7 hectare property fronting Manila Bay into a residential and commercial project. The property used to be owned by the Tan Yu Group.

Ignacio said the group has also hired a multinational firm to do the masterplan for a property on Quezon Avenue. Plans include the establishment of a businessman’s hotel and a series of IT buildings to take advantage of the growing BPO business.

Other projects of the company include Eton Mactan (formerly Coral Reef Resort) and the multi-billion peso Eton Mega City, an integrated township in a sprawling 1,000 hectare property in Sta. Rosa, Laguna now being groomed as the Makati of the South.