Eton eyes P300-M revenues from commercial centers

By Judith Balea,

Posted at Feb 18 2009 07:23 PM | Updated as of Feb 19 2009 03:23 AM

Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group, has launched four commercial center projects that are expected to rake in combined revenues of P300 million annually upon start of operations.

Already, Eton president Danilo Ignacio said they have a number of potential tenants looking to locate in the centers.

"We expect a 60-70 percent occupancy rates for all the commercial centers at opening," he told reporters.

Three of the commercial projects are slated for completion this year.

One of them is a two-level electronics hub called E-Life, which would open in the third quarter within the Eton Cyberpod Corinthian in the Ortigas business district. With 9,000 square meters of space, E-Life would be fully dedicated to shops selling computers, electronics products and other gadgets.

By the fourth quarter, Eton will open Centris Station and Centris Walk, two of the commercial projects to rise in the 12-hectare township development in Quezon City, Eton Centris.

Centris Station is a two-storey mall that has SM Hypermarket as anchor tenant. It would connect directly to the Quezon Avenue MRT station.

Centris Walk, on the other hand, is an upscale dining and retail strip with a mix of high-end restaurants and specialty shops.

Next year, Eton will finish Green Podium at One Archers Place, its fast-selling high-rise condominium project situated right next to the De La Salle University along Taft Avenue.

Despite its simultaneous commercial developments, Ignacio said Eton remains focused on the residential property segment.

"We're still predominantly into residential projects. Bulk of our revenues will still come from the residential. Other contributor would be our BPO (business process outsourcing) and commercial projects, but these would account for a small percentage of our total revenues," he noted.

Eton marked its entry in the Philippine real estate scene three years ago with the launch of several residential projects, including its 1,000-hectare township project in Sta. Rosa, Laguna. The company initially earmarked P10 billion for capital expenditures.