Eton Properties bares new Ermita dev’t

As published in Manila Bulletin on April 25, 2015

  Eton Properties Philippines, Inc., the listed property arm of the Lucio Tan Group of Companies, is now seeking investors for its 42­storey development in Manila, which, according to the group, guarantees an annual high rental yield.   Located at the corner of Padre Faura and Bocobo Streets in Manila, 8 Adriatico is one of Eton's Move­in Ready developments that was turned over late last year.   8 Adriatico's Move­In­Ready™ units range from residential studio, one­bedroom, and two­bedroom as well as SOHO (Small­Office­Home­Office) units.   "We are currently offering residential and SOHO studio units which range from P3 million to 3.4 million, the floor area of these units range from 25 to 26 square meters," Martha Herrera, Eton assistant vice president for Marketing, Public Relations, and Corporate Communications^ told Business Bulletin in an email.   "Other unit sizes that Eton will soon offer to the public include onebedroom units ranging from 34 to 58 square meters, and two­bedroom units ranging from 73 to 79 square meters," she added.   Over a statement, Herrera said that the location of 8 Adriatico guarantees a high rental yield all year round, making the development a lucrative investment. "Further, this is an opportune time to invest in 8 Adriatico because we expect our prices to increase later in the year when Eton officially launches its selling activities for all of its Move­in Ready™ developments," she further said.   For this project, she added that Eton maintains a 45­percent gross profit margin.   Last year, Eton Properties said it will allot P10 billion for its capital expenditures until 2016 to support its plans to focus more on generating recurring income rather than real estate sales.   Eton vice president for corporate planning and risk management Ma. Irma Tan said in a previous interview that the company is aiming to raise its recurring income to 40 percent of total revenues over the long term, adding that the company's recurring or leasing income accounted for only 12 percent of revenues in 2013.   Tan said the company's aim is to increase the ratio up to 40 percent by 2016 to 2017 when they complete six more office towers in Eton Centris in Quezon City. (MBM)