Eton to spend P140 billion on 8 upscale projects in China

SHANGHAI, China — Eton Properties Group, the China-based real estate firm of Taipan Lucio C. Tan, is aggressively expanding its footprint in mainland China by investing RMB 20.35 billion (roughly P140 billion) in eight upscale mixed-use development projects as part of a major push into the fast-growing Chinese economy.

Eton general manager Patrick Wong told reporters that the company is looking to further boost its growth in China with its huge line-up of high-class projects, a move that is seen to further solidify its strong presence in the world’s most populous nation and reinforces its position as the biggest Filipino-owned property firm overseas.

Wong said the bulk of the programmed capital budget or about RMB 8 billion will go to the construction of its most promising and exciting project to date, Eton Place Shenyang, which will rise on an 84,000- square meter lot. The project entails the construction of a high-end residential, commercial and entertainment complex integrating a super 5-star hotel, 5A grade A office, and retail space.

Another RMB 6 billion has been earmarked for the development of Eton Place Dalian, a world-class urban complex featuring three 43-floor luxury apartment buildings, two superior towers of 81 floors and 62 floors, integrating a super 5-star hotel, office and service apartment functions, a podium and large scale underground parks.

Slated for completion in 2013, Eton Place Dalian will make available 135,000 sqm of retail space with one floor underground and five floors aboveground.

The luxury apartments which shall have a total gross floor area of 230,000 suare meters, will house 2,177 units while the 7-star hotel shall have a total of 150 rooms . The 5-star hotel, on the other hand, shall offer 586 units.

The company is also spending RMB 1 billion to build Eton Garden Zibo, situated at Zichuan Economic & Development Zone. The project will feature high end detached vaillas, and townhouses to construct a large scale and high end community of ecological lifestyle.

In the pipeline are Eton Place Xiamen,, Eton International City Xiamen, Eton Courts Shanghai, Eton Finance & Trade Center.

Wong said Eton Place Xiamen will require a capital outlay of RMB 2.8 billion and is envisioned to become the largest commercial complex in Xiamen’s central business district.

About RMB 600 million will be chanelled to Eton International City Xiamen while RMB 450 million will go to Eton Courts Xiamen, located in Nanhui Xinchang Town, Pudong New District, Shanghai.

The Eton Finance and Trade Center, on the other hand, would need RMB 500

The company also provides resources to unit Dynamic Holdings Ltd. which is undertaking a RMB 1 billion mixed-use project to be tentatively called Dongjiaotou , which will be a new landmark in Shekou area integrating villa, residential pier, hotel, yacht club, retail and amenities functions.

In Hong Kong, Eton boasts of its HKD 20 billion completed projects which include Queen’s Garden, Dragon Centre, King’s Court and Eton Tower.

In China, Eton holds seven property development companies with total investments of RMB 40 billion. It has more room for growth given its landbank of around 2 million square meters,

The 76-year old Tan was listed as the second richest man by Forbes magazine last year with his wealth rising to $2.1 billion from only $1.7 billion in 2009. He owns a bevy of businesses which include flag carrier Philippine Airlines, Fortune Tobacco, Air Philippines, Allied Bank, Philippine National Bank, A sia Brewery, MacroAsia Corp., Tanduay Distillers Inc. Century Park Hotel, Lucky Travel Corp. and University of the East.