Eton earmarks P900 million for property upgrades

MANILA, Philippines — Eton Properties Philippines Inc., the real estate arm of Lucio Tan’s LT Group Inc., is allocating P900 million in capital expenditures this year to fund property enhancement programs and township redevelopment.

Eton Properties said the investments would include upgrades in master planning, zoning strategies as well as amenities designed to improve long-term asset value and customer experience.

“We’re staying focused on what matters: building better spaces, improving the way people live and work and responding to what our markets need. We’re not just building structures – we’re building the future of Eton with clarity and purpose,” Eton Properties president and CEO Kyle Tan said.

Eton Properties said that key investment decisions made in 2024 has positioned the company for long-term profitability and are expected to strengthen its market position in the years ahead.

Its portfolio includes residential communities, office developments, commercial centers and mixed-use townships across key locations nationwide.

Last year, the company generated revenues of P3.1 billion, up by 12 percent from the previous year’s P2.8 billion.

The company said its robust revenue performance in 2024 came amid broader industry challenges, including the exit of Philippine offshore gaming operators and the non-renewal of some retail tenancies.

“The year 2024 showed our ability to stay steady in a shifting market. We stayed focused on delivering long-term value, adapting where needed and investing where it mattered most,” Tan said.

Kyle Tan

The company’s net income last year, however, declined to P213 million from P746 million in 2023 as a result of a one-time P503-million inventory revaluation gain recorded the previous year.

Increased costs, particularly from vertical and horizontal development activities, maintenance and repair work, taxes and personnel, also contributed to the decline in profitability.

Across business segments, Eton Properties said its leasing portfolio showed resilience despite ongoing market pressures.

The office leasing segment was a strong contributor, with 134,844 square meters leased or 70 percent of total office gross leasable area (GLA).

Commercial leasing, likewise, delivered solid results, with 44,364 square meters leased or 72 percent of retail GLA.

The company’s residential business, meanwhile, posted a significant rebound last year, with revenue climbing to P501 million from P137 million in 2023.

Sales were led by projects in Eton City as well as ready-for-occupancy units in Metro Manila.