Eton unveils 4th project in Laguna

MANILA, Philippines - Encouraged by the fast take-up of its projects, Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group of Companies, unveiled yesterday its fourth new project for the year – a middle-income residential project within its 1,000 hectare township in Sta. Rosa, Laguna.

In a press briefing, Eton president and chief operating officer Danilo Ignacio said the company is developing 100 hectares of the property for housing units catering to the affordable and middle income markets. This project will be called the West Wing Residences at Eton City.   

The first phase of West Wing Residences, covering 20 hectares, will be undertaken by Eton’s wholly-owned unit Belton Communities Inc. House and lot packages consisting of two, three and four-bedroom units will be sold at a price ranging from P2.3 million to P4.9 million, with lot sizes of 80 to 130 square meters.

Ignacio said the company is targeting start-up families, overseas Filipino workers, retirees and families upgrading to a bigger home.

Construction of West Wing Residences is expected to begin this year or as soon as it secures a building permit. Development of the whole residential component could take 10 years.

Located along the South Luzon Expressway, Eton City will be a master-planned community that will consist of several high-end to mid-range residential enclaves, a world-class business district and various commercial and resort-type recreational facilities.

Ignacio disclosed that the company has received offers from several foreign entities to purchase a 30-hectare property within Eton City, whose zonal value now stands at P10,000 per square meter.

He said the company’s sales have dramatically picked up beginning June, reaching a record high in August this year. “Investor confidence has fully recovered. Sales remain strong even during the ghost month. We’re looking to sustain this strong performance for the rest of the year as more and more people are turning to real estate as a haven for investments,” Ignacio said.

In fact, he said Eton effected in August across-the-board price increases for its products, ranging from one to 15 percent.

In the next six months, Eton is poised to launch three more projects to take advantage of the strong demand for residential and office space. It is looking at building another high-rise residential building in Manila given the strong market response to its One Archers Place in Taft Avenue.