Eton Properties Philippines Inc., the property development unit of the Lucio Tan Group, has spun off a new company to oversee the development of low-to-middle income residential projects.
The new firm, Belton Communities Inc., will build affordable, strategically-located and well-designed masterplanned residential communities.
For its maiden venture, Belton Communities will develop North Belton communities, a mixed-use residential and commercial building on a 13.8-hectare property along Quirino Highway in Novaliches, Quezon City.
The first residential phase called The Manors will comprise 14 five-storey mid-rise buildings with a total of 1,400 units. Each building will have 100 units or 20 units per floor, an elevator and two staircases.
The Manors will occupy 3.3 hectares of the total land devoted for the township component. About 60 percent of the land will be open space filled with gardens and playgrounds.
For as low as P1.2 million total cost and a monthly amortization of P8,600, one can own two-bedroom units sized at 30 square meters. Each unit will have dining and living areas, toilet and bath with two shower areas and a shared laundry area at the roofdeck.
Eton Properties president Danilo Ignacio said the first tower, Bianca Manor, will be ready for turnover in June 2009.
Ignacio said the company is targeting overseas Filipino workers for this project.
“If we’re successful with this, we plan to replicate this in other areas where the group has a huge landbank, like in Pasig, Quezon City and Paranaque, “ Ignacio said.
Eton has already began the construction of its information technology hubs in Quezon City and Ortigas to take advantage of the growing business process outsourcing industry. The two projects – Eton Cyberpod Corinthian and Eton Cyberpod Centris – are aimed at addressing the expected shortage in office buildings.
Located in the prime and only remaining large and undeveloped land along Edsa and Quezon Avenue, Centris will comprise the development of seven low-rise office buildings with a total floor area of 168,000 square meters. The first of the seven buildings to rise is a 12 storey-structure, offering 18,000 square meters of office space.
Centris forms part of a 12-hectare, mixed-use and fully integrated community which will include a shopping district, a luxury residential cluster and a businessman’s hotel.
Cyberpod Corinthian, on the other hand, will have three four-storey office buildings within a 1.1-hectare property at the corner of Ortigas Avenue and Edsa fronting Robinsons Galleria. Each building can accommodate 12,000 square meters of lease space. The first building is slated for completion by the second half of 2008.
Other projects recently launched by the company include Belton Square, a mixed-use development masterplanned for three residential condominiums, an office tower and businessman’s hotel; One Archers Place; and integrated township Eton Mega City in Sta. Rosa, Laguna.