Eton unveils new condominium project
By Zinnia B. Dela Peña (The Philippine Star)
Updated December 03, 2009 12:00 AMMANILA, Philippines
Eton Properties Philippines Inc., the real estate development
arm of the Lucio Tan Group of Companies,
unveiled yesterday its newest residential condominium project,
8 Adriatico, which is expected to generate sales of at least
P1.86 billion.Located on an 8,000-square meter property
at the corner of Adriatico and Padre Faura streets in Manila,
the 40-storey 8 Adriatico will house four towers offering studio,
one-bedroom and two-bedroom units at a price ranging from
P2.1 million to P7 million.Construction of the first tower will begin in 2011,
with the turnover of the units expected in December 2013.
In a press briefing yesterday, Eton president and chief operating officer
Danilo Ignacio said the project – the company’s fourth for the year
and third in the Manila district – is in response to the
“continuing demand by local buyers and overseas Filipinos for a
strategically located Manila residence.”
Ignacio said the first of four towers will make available a total of 888 units,
which are expected to be sold in a year’s time.
He said construction of the next three towers will depend
on the sales take-up of the units.He said the company
is confident the local real estate market will sustain its growth
for the rest of the year and the coming year given an improving
US economy and resilient domestic economy.
In the nine months ending September this year, Eton reported a
net income of P67 million, a reversal of the P120 million loss
incurred in the same period a year ago, as consolidated
revenues surged to P1.5 billion.Sales came from the
substantial construction of residential projects One Archers Place,
South Lake Village at Eton City, the first cluster of
The Manors at North Belton Communities,
The Eton Residences Greenbelt and Eton Baypark Manila.
“The strong sales take-up of all new projects that we launched
this year, from the West Wing Residences to 68 Roces,
gives us confidence that the Philippine real estate market
is already on the rebound,” Ignacio said.Eton will begin earning
leasing income from its office projects Eton Cyberpod Centris
and Eton Cyberpod Corinthian. Centris Station, a two-level
mall at the corner of EDSA and Quezon Avenue,
with SM Hypermarket as anchor tenant, opens today.
Centris Walk, an entertainment and dining strip, is slated
to open in the first quarter of 2010. For the residential
component of Centris, Eton is planning to put up 12 middle
to high-rise condominium buildings which will offer
studio and one-bedroom units.
8 Adriatico is perfectly located at the heart of Manila’s tourist hot spot.
Just across Robinson’s Place Manila and
within walking distance to the best of Manila’s entertainment
and tourist landmarks.
Centrally located around government offices from the
Supreme Court to the Court of Appeals to various embassies,
top universities and hospitals.
It is the perfect Manila home and an exciting real estate investment
as well given the year-round condo rental demand in the area.
Initial information pegs the project at 40-storeys. Studio,
1-Bedroom to 2-Bedroom units are available.
Prices range from VAT-free P2.1M Studio units to P7.0 for the 2-Bedroom units.
