Eton Properties launches two new projects

MANILA, Philippines - With the real estate market showing signs of renewed strength, Eton Properties Philippines Inc. is going full steam ahead with the launch of two more projects catering to the middle-income bracket.

The two new projects are West Wing Residences, a 2.2 hectare American-inspired residential enclave located in Quezon City; and the West Tower of the 31-story One Archers Place condominium beside De La Salle University along Taft Avenue in Manila.

“The second half of 2008 was a challenge for many developers who were grappling with the almost daily barrage of dire news about the world economy. The start of 2009, however, showed very good signs that the economy, and the irrational fear of investors besetting the market, has been reduced,” said Danilo Ignacio, president and chief operating officer of Eton.

“Local market demand has started to show strength, particularly with product offerings targeting a specific niche. This has always been a key strength of the company given its access to the huge land bank of the Lucio Tan group of companies. We can identify a market demand and quickly develop a particular project to meet that specific demand,” Ignacio added.

Ignacio said the company’s first quarter sales were encouraging with Eton diverting its efforts towards countries less affected by the economic crisis.

In particular, West Wing Residences is situated in the 13.8-hectare North Belton Communities which is less than 10 minutes away from SM North Edsa. 

North Belton Communities is a project of Eton’s middle-income unit Belton Communities Inc.

West Wing Residences offers two and three-bedroom townhouses starting from P2.8 million. For larger families, a single attached unit with 4-bedrooms offers more space to grow. Units start at P4.1 Million.

“The introduction of the West Wing Residences in the North Belton Communities development will further enhance the value of the community since it is one of the few townhouse developments in the area of this size. Most competing offerings are small pocket developments only. The project size allows us to develop amenities and lifestyle offerings for our West Wing buyers that smaller pocket developments will be hard-pressed to match”, Ignacio said.

On the other hand, the West Tower of One Archers Place offers studio and one-bedroom units priced at a minimum of P1.7 million.

One Archers Place is one of Eton’s fastest selling projects.  Construction of the East Tower has already reached the 10th floor with almost four floors being built every month.

Ignacio said the project was virtually sold-out a few months after launching with very little advertising. Buyers immediately saw the convenience and strategic value of the location and the rental investment potential of the project, driven by the year-round demand for residential space in the area by students and professionals.

“Long after we’ve sold out the first tower, we kept receiving inquiries and letters of intent for the second tower. We feel that the timing is just right for the introduction of the second tower and expect an even better sales take-up given that construction of the first tower is going full-swing”, Ignacio said.

Eton entered the Philippine real estate market in 2007 with the launch of several residential projects which include  its 1,000 hectare township project in Sta. Rosa, Laguna named Eton City.

“To date we have 12 project sites in full construction mode, with more sites to go into construction within the year. These are very busy times for the company as we continue our march into becoming a full-range developer in the Philippines “, Ignacio said.