Eton Properties Philippine Inc., the domestic real estate arm of taipan Lucio Tan, is planning to launch two residential communities envisioned to be oases in an urban setting and introduce a new hotel brand in the next two to three years.
During the firm’s annual stockholders’ meeting, Eton President and CEO Kyle C. Tan said the two residential communities will boast low to medium density, emphasizing spaciousness and comfort for residents, to be located in the most prime locations within Metro Manila.
“Positioned strategically, these communities will be nestled in the most coveted and sought-after addresses, which could help leverage on market opportunities that could further drive sales revenue,” he said.
Tan remains keen on creating high-value and sustainable developments in its properties in Sta. Rosa, Laguna and Mactan, Cebu. “Looking ahead, we aim to evaluate opportunities in Eton City, explore joint ventures in real estate, and launch new projects in the Visayas region to sustain growth and create value for stakeholders,” he said.
Eton Properties is the real estate brand of the Lucio Tan Group. Its foreign counterpart, Eton Properties Ltd, is an established real estate brand in Hong Kong and mainland China.
With an extensive land bank in strategic locations all over the country, Eton Properties specializes in office projects, commercial centers, and mixed-use township developments, as well as, high-end and mid-income high-rise and horizontal residential developments.
Eton Philippines reported an 11 percent growth in total revenue from P2.5 billion in 2022 to P2.8 billion in last year. Net income experienced substantial growth of 152 percent to P746 million from P296 million in 2022.
Tan attributed this considerable increase in financial performance to operational efficiency, sound financial management, a diversified portfolio, and one-time gains.
“Eton Properties remains committed to sustainable growth and creating value for its shareholders. This has been reflected by our renewed and strategic focus on sales, a healthy leasing income and process streamlining,” he noted.
Eton’s leasing portfolio remains the primary growth driver with an 88 percent contribution to the total revenue, exhibiting a 16 percent increase, climbing from P2.1 billion to P2.5 billion.
Most of the leasing income was generated by office leasing comprising of 69 percent to the total contribution followed by commercial leasing at 22 percent, and residential and miscellaneous leasing portfolios at nine percent.
More stores were opened last year in the four-hectare commercial property, Eton City Square, inside the 600-hectare Eton City in Sta. Rosa, Laguna and now generating several inquiries and capturing strong interest from business locators.
“As the market regains confidence influenced by economic stability and strong consumer spending, we are expecting to open up more stores across all commercial properties and retail districts this year,” said Tan.