Eton bares latest Makati project

MANILA, Philippines - Eton Properties Philippines Inc., the local real estate arm of the Lucio Tan Group of Companies, has unveiled its latest development in Makati – the 41-story Eton Tower Makati.

Located at the corner of Rufino and Dela Rosa streets, Eton Tower Makati is the company’s fourth project in the bustling Makati business district and the second of 10 projects scheduled for launch this year.

In a press briefing yesterday, Eton president and chief operating officer Danilo Ignacio said Eton Tower Makati will offer a total of 980 residential and  SOHO (small office,home office)  units as well as serviced apartments.  Slated for turnover by December 2013, the units are priced at between P2.1 million and P7.4 million each.

Ignacio said 50 percent of the total units will comprise exclusive residential units, 25 percent serviced apartments and the remaining 25 percent, SOHO. A two-story retail mall will also be put up to service the needs of residents.

Eton is targeting budding entrepreneurs and self-employed individuals for the SOHO units. Measuring 22 square meters, these units support fast-paced businesses with minimum upkeep and are fully supported by a business center at the fifth level.

Ignacio said the  serviced apartment units, meanwhile, are seen to cater to the current demand and supply gap in the Makati CBD for long-staying guest accommodations, pointing out that occupancy rates for serviced apartments in the area are in the high 90 percent.

He said the company is now in talks with a foreign company for the management and operation of the serviced apartments. 

“Eton Tower Makati promises residents a well-rounded lifestyle in an exceptional location. The project answers continuing demand for a strategically located Makati address. The basement portion of the building up to the second level has already been constructed which allows us to easily schedule turnover by December 2013,” Ignacio said.

“We see 2010 as a very good year for the real estate industry. Factors that contribute to this very positive outlook include the advent of national elections that we hope are peaceful and orderly, increasing OFW remittances, low interest rates and stable exchange rates”, he added.

As of end-December last year, Eton had 28 projects in its portfolio and is expected to end 2010 with a total of 36.

Aside from Eton Tower Makati, other residential projects scheduled for launch this year are West Wing Villas, River Grove and the first condominium building within the 12-hectare Eton Centris at the corner of EDSA and Quezon Avenue.

West Wing Villas is the third phase of North Belton Communities, the group’s first foray into the middle-income market through wholly-owned unit Belton Communities. Situated on a 5.2-hectare property, the project will make available three to six-bedroom house and lot units.

River Grove, on the other hand, will rise on a 5.7-hectare lot within Eton City - the company’s 1,000-hectare township development in Sta. Rosa, Laguna. The project, which will feature lot cuts averaging 500 square meters, is targeting the upper middle market.

On the commercial center side, Eton will begin selling commercial lots in Eton City and development of a lifestyle and commercial strip in the company’s 68 Roces townhouse project in Quezon City. Also in the pipeline is an events venue in Eton Centris.