Lucio Tan's Eton to spend RMB20.35-B in China projects

By Judith Balea, abs-cbnNEWS.com

Posted at Jan 24 2011 11:15 AM | Updated as of Jan 25 2011 12:12 AM

SHANGHAI, China – Lucio Tan-led Eton Properties Group is pouring a total of RMB20.35 billion (almost P140 billion) into upscale mixed-use projects in the world's second largest economy.

The company has three major projects under construction, and four more in preparation stage, according to its executive vice president and general manager for China Patrick Wong.

Two of the ongoing projects – Eton Place Dalian and Eton Place Shenyang – represent its biggest investments to date.

Designed to be "iconic," Eton Place Dalian contains three 43-storey luxury apartment buildings, and two super towers of 81 floors and 62 floors that are integrating a 7-star hotel, a 5-star hotel, offices, serviced apartments, and a commercial podium.

The project, which will be completed by 2013, is estimated to cost RMB6 billion.

Eton Place Shenyang, on the other hand, is an urban complex featuring office, retail and high-end residential developments, as well as a 5-star hotel. It requires an investment of around RMB8 billion.

Also under construction is the RMB1 billion Eton Garden Zibo, a high-end ecological township development.

In the pipeline are the RMB2.8 billion Eton Place-Xiamen, RMB600 million Eton International City-Xiamen, the RMB450 million Eton Courts in Shanghai, and the RMB500 million Eton Finance and Trade Center in Beijing.

Wong said Eton owns the land where the projects will be built while development costs will be funded using bank loans, internal cash, and money from pre-selling activities.
 
The new projects come after the success of three upscale developments in Xiamen and one each in Beijing and Shanghai, including The Eton Hotel, which will be used as a model for the other hotels that the company will put up.

Currently, Eton has a land reserve of around 2 million square meters in China.