Allied Banking, Eton Properties formalize join venture
abs-cbnNEWS.com | 01/07/2009 5:09 PM
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Two Lucio Tan-controlled companies, Allied Banking Corp. and Eton Properties Philippines, Inc. (EPPI), have formalized their joint venture agreement for the development of two properties in Manila and Makati Cities into residential areas.
Both lots are owned by the bank.
The one in Manila will house the Eton Baypark Manila, a single-tower residential project at the corner of Roxas Blvd and Kalaw St. Construction of the 25-storey condominium started early 2008 and up for turnover by 2010.
"Since the project was launched in 2007, we have been getting a lot of interest from the Chinese community as well as from businessmen and entrepreneurs," said EPPI president Danilo Ignacio in an interview.
The unit at Eton Baypark is priced from P2.5 million to P8 million.
On the other hand, the Makati property with an area of 890 square meters, will have the Eton Parkview Greenbelt. Situated along Gamboa and Soria Streets, Legaspi Village, the project will consist of 230 units priced at over P3 million. The units are ready for delivery by December 2011.
"Just like Eton Baypark, Eton Parkview is substantially sold out," said Ignacio.
EPPI specializes in high-end and mid-income luxury residences, information technology and BPO office developments and township projects.
Earlier, it said it may delay the launching of new developments because of the impact of the global financial crisis but remains committed to deliver projects on their targeted dates.
Ignacio said what will keep them busy this year is the simultaneous construction of all the 17 projects EPPI had launched. Among these undertakings are Eton Residences Greenbelt, Eton Cyberpod Corinthian in Ortigas, The Eton City in Laguna, Eton Emerald in Ortigas, Eton Cyberpod Centris and the North Belton Communities in Novaliches, Quezon City.
"We are committed to deliver the projects on their promised delivery dates. The next project we hope to launch by early this year is a mid-income housing project in Eton City," he said.
The company is also considering the transformation of its 2-hectare property in Katipunan Ave., Quezon City into a mixed-use development.
"Our priority right now is to finish all the projects and sell our inventories," Ignacio said. Despite the crisis, he believes the real estate market will continue to grow, although at a slower pace than 2007.
"Residential housing continues to be a growth driver for real estate given that there is a housing backlog of an estimated 3 million units. The BPO industry is expected to remain a growth sector as US firms may most probably increase its outsourcing activities to be more cost efficient within an environment of uncertain financial markets and global demand. Meanwhile, OFW remittances continue to spur consumption growth in our domestic economy," he said.
