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SM now one of the tenants in Lucio Tan-controlled property firm

October 2, 2008 7:07pm
MANILA, Philippines - SM Hypermarket is now one of the tenants of a large-scale, mixed-use development owned by Eton Properties Philippines Inc., a company controlled by liquor and tobacco magnate Lucio Tan.

Danilo Ignacio, Eton president and chief operating officer, told reporters on Thursday that SM Hypermarket will be the main shopping area for the 12-hectare development project to be called “Centris."

Estimated to cost at least P3 billion, Centris is a major component of the World Bank-conceptualized Triangle Park central business district.

SM Hypermart will be located in the “Centris Station," which is part of the first phase of the project’s development covering five hectares of the total area.

The SM Hypermarket Centris will be completed in the fourth quarter of 2009.

Also included in the first phase is the construction of buildings for business process outsourcing companies.

Cyberprod Centris, a 12-storey building with a gross floor area of 18,000 square meter will be completed by December 2008.

Phase 2 is Centris Walk, slated for completion by 3rd quarter of 2009. Centris Walk is a high-end dining and retail strip featuring upscale restaurants, bars, and retail shops.

Residential condominiums will be also introduced in 2009.

“There will be seven office buildings and 10 residential condominiums that will cater to high-end market," Ignacio said.

Eton Centris is the second major township development of Eton properties after the launching of its 1,000-hectare Eton City project in Laguna.

Other projects of the company include the Eton Residences Greenbelt, Eton Baypark Manila, Eton Emerald Lofts in Ortigas, Eton Parkview Greenbelt, Belton Place in Quezon City and One Archers Place in Manila.

Ignacio added that despite the turmoil in US owing to the subprime mortgage crisis, Ignacio said the company has foreseen the impact on the property sector and moved to focus on other overseas Filipino markets such as Italy, Australia, United Kingdom and Qatar. - GMANews.TV