Eton to spend P3 B for development of 12-ha QC mixed-use complex

Eton Properties Philippines Inc. (EPPI), a member of the Lucio Tan Group of Companies, is spending more than P3 billion for the development of a 12-hectare mass transit-oriented self-contained community in northern Metro Manila, dubbed Centris.

Located in the prime and only remaining large and undeveloped land along Edsa and Quezon Avenue, Centris is intended to be a mixed-use and fully integrated community with a high-end shopping and dining district, office buildings catering to the business process outsourcing (BPO) industry, upscale residential condominium buildings and a businessman’s hotel.

Centris is a major component of the 250-hectare Triangle Park, which will be developed in line with Quezon City Mayor Sonny Belmonte’s plan to transform the city into a new central business and commercial district.

The project, which will be funded through internally-generated cash, is connected to two mass transit systems with direct link to Quezon Avenue and EDSA.

In a briefing with reporters yesterday, EPPI president Danilo Ignacio said the first of seven office buildings in Centris – One Cyberpod Centris – will offer 18,000 square meters of leasable space, 12,000 sqm of which are reserved for office space.

Slated for completion in December this year, One Cyberpod Centris is expected to address the shortage in office buildings.

Ignacio said the company is now in talks with several BPO companies that have signified interest to locate in Centris but no agreement has yet been reached with any one of them. Locators, he said, will be entitled to government incentives as Centris has been granted special economic zone status.

The second phase development – Centris Walk – will feature upscale restaurants and bars as well as top brands and retail shops and over 900 parking slots, targeted for completion by the third quarter of 2009.

Ignacio said SM Hypermarket will be Centris’ anchor tenant for the main shopping district called Centris Station. The two-level hypermart is scheduled to be completed in the fourth quarter of 2009.

“We are quite bullish about our partnership with the SM Group. You see two taipans working together on areas where they have synergies,” Ignacio said.

He said the company has forged a 15-year contract with SM to run the supermarket whose construction will start anytime soon. 

The residential component of the project, on the other hand, will comprise 10 residential condominium buildings featuring a work-play-live concept. The first building will be launched next year.

Ignacio said the company is also allocating 1.3 hectares out of the 12-hectare property for the development of access roads and possibly a retail component. 

Since its inception, EPPI has become one of the active players in the country’s booming real estate industry launching 10 major projects in less than a year.   Among these include The Eton Residences Geenbelt, Eton Baypark Manila, Eton Emerald Lofts, Eton Parkview Greenbelt, Belton Place, One Archers Place Eton Cyberpod Corinthian, North Belton Communities, and South Lake Village.