Eton eyes P1-billion profit in 2011

MANILA, Philippines - Eton Properties Philippines, the local property arm of tobacco and airline tycoon Lucio Tan, is eyeing a net income of P1 billion next year from the projected P700 million profit in 2010 on the back of new product launches, which include its foray into the growing medical tourism sector.

Danilo Ignacio, president of Eton Philippines, said the company is building a health and medical facility which will serve as a “one-stop shop”, offering simple to complex medical services such as dental and cosmetic surgeries.

Ignacio said the facility is expected to provide a new revenue stream that will augment Eton’s earnings.

“Next year should be another good year for us as we continue to roll out more residential condominium projects and beef up our commercial and retail operations,” said Eton president Danilo Ignacio.

Ignacio said the company has programmed to turn over more than 3,600 residential units in 2011 covering units in The Eton Residences Greenbelt, Eton Parkview Greenbelt and Belton Place, all in Makati, as well as Manila projects, Eton Baypark Manila, and tower 2 of One Archers Place in Taft Avenue.

Eton Emerald Lofts in Ortigas Center, Pasig, the island lots in South Lake Village and lots in Riverbend, both in Eton City in Sta. Rosa, Laguna, and additional clusters of The Manors of subsidiary Belton Communities’ North Belton Communities project, are also slated for delivery to customers.

Ignacio said the company is building a new residential subdivision in its flagship masterplanned community in Sta. Rosa, Laguna called Eton City. A residential condominium will also rise within the 12-hectare Eton Centris at corner of Quezon Avenue and Edsa.

Eton recently broke ground on Two Cyberpod Centris, the second BPO building at Centris. A special events venue, The Elements, is expected to be completed by the second quarter of 2011. The events place can accommodate as much as 700 to 750 million people.

The company likewise broke ground on its two other residential projects, 8 Adriatico, a 40-storey SOHO and residential condominium at the corner of Padre Faura and Bocobo Streets in Manila and 68 Roces, its high-end luxury residences project in Roces Avenue in Quezon City.

FirstHomes, Inc., a subsidiary of Eton catering to the broad affordable market segment, recently launched First Homes Makati, an affordable Makati residential condominium located at the corner of Chino Roces Avenue and Malugay Street, just a few steps away from Ayala Avenue.

Since its inception in 2007, Eton has launched more than 30 projects.