MANILA - Developments of taipan Lucio Tan's Eton Properties Philippines continue to enjoy strong demand, with the company's reservation sales likely to grow by up to 10% in 2009 from a year ago.

Eton President Danilo Ignacio told reporters that the company's reservation sales for the first 11 months of the year already exceeded the figure recorded for the whole of 2008.

"For this year, our reservation sales will be up by about 5-10%," he said.

He noted that Eton's strong sales take-up indicates that the Philippine real estate market is "already on the rebound."

The two-year old listed firm swung to profitability in the first 9 months of the year as its revenues increased dramatically despite the economic slowdown.

The strong revenue growth was supported by the substantial construction of its residential projects, including One Archers Place along Taft Avenue in Manila, South Lake Village at Eton City in Sta. Rosa, Laguna, and the first clusters of The Manors at North Belton Communities in Quezon City.

Accounting rules only allows the company to book revenues based on percentage completion of its residential developments.

Eton said it is set to recognize higher income from many other residential projects under construction. It will also start booking lease income from commercial and office projects.

Eton, meantime, launched its fourth residential project for this year.

Called 8 Adriatico, the condominium project is located at the corner of Adriatico and Padre Faura streets, and just beside Robinsons Place Manila, close to several universities.

The project will consist of four towers of studio, two- and three-bedroom units priced from P2.1 million to P7 million.

"The project addresses continuing demand by local buyers and overseas Filipinos for strategically located Manila residence," Ignacio said.

Eton began operations in February 2007 and has since expanded its portfolio to include mid-range to high-end residential projects, office and commercial buildings and township developments. It has also established its brand in Hong Kong, Shanghai, Beijing, Dalian and Xiamen.