MANILA, Philippines - Lucio Tan-led Eton Properties Philippines Inc. is partnering with Ayala Land Inc. to develop a 4-hectare property in Calamba, Laguna.

In a disclosure to the Philippine Stock Exchange, Eton said it has executed a memorandum of understanding (MOU) with Amaia Land Corp., the low-end housing arm of Ayala, for the development of the Laguna property owned by affiliate companies of the Lucio Tan group.

Under the plan, Amaia will to develop the property, under a joint venture arrangement, as part of its residential subdivision project called Amaia Scapes Laguna. Eton, on the other hand, will be development manager of the property representing the landowners.

"Eton and Amaia undertake to execute within 6 months from the date of execution of the MOU, the Joint Development Agreement subject to the final terms and conditions that may be agreed upon by the parties," Eton said.

Eton recently reported that its net income reached P294 million in 2009, a reversal from the net loss of P130.7 million the previous year.

The company plans to launch at least 10 new projects this year.