SM Prime acquires 3-ha Eton property

MANILA, Philippines - The Lucio Tan Group has sold to Sy-led SM Prime Holdings Inc. a three-hectare property located within its mixed-use township project in Novaliches, Quezon City for an undisclosed price.

The property, owned by Philippine National Bank, forms part of the 13.8-hectare North Belton Communities residential enclave which is being developed by Eton Properties Philippines Inc.

North Belton is Eton ’s first project targeted towards the middle-income segment. Marketed under the Belton Communities brand, North Belton consists of three exclusive residential enclaves, namely The Manors, West Wing Residences and West Wing Villas, that would eventually be home to 1,600 families.

For its part, SM will build a shopping center within two years from the signing of the memorandum of agreement.

“Our partnership with SM in North Belton Communities is all part of the masterplan to give the best value to our homebuyers. The presence of a mall, within the project, brings in convenience and adds value to the community and its neighborhood,” said Danilo Ignacio, president and chief operating officer of Eton.

This agreement marks the second tie-up between Eton and the SM Group. The first one, sealed in 2009, involved the construction of an SM Hypermarket at Eton’s two-level commercial center, Centris Station, in Quezon City.

Eton Properties launched a total of 29 projects in its first three years of operations. Its property portfolio of launched and completed projects encompasses residential, commercial, office projects and township developments.

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

Eton entered the Philippine real estate scene in 2007 with the launch of several residential projects including its sprowling 1,000-hectare township project in Sta Rosa, Laguna dubbed Eton City.