Lucio Tan-led Eton Properties sees 2009 as banner year

MANILA, Philippines - The real-estate company controlled by Lucio Tan said that 2009 will be a banner year for the firm as it begins to recognize revenue from residential projects and earn rent from its office developments. Most of the projects – a number of which are construction – have been “substantially sold out," Eton Properties Philippines said in a statement. Eton is expecting “recurring lease income" from office projects in Eton Cyberpod Centris and Eton Cyberpod Corinthian, said Danilo Ignacio, Eton president and chief operating officer. Commercial leasing operations of Centris Station and Centris Walk will also bring in lease income, he added. The construction of Eton Cyberpod Centris and Eton Cyberpod Corinthian increased the company's property assets by 1,031 percent to about P543 million, while real-estate inventories of residential projects under construction grew 176 percent to P311 million. Projects under construction include The Eton Residences Greenbelt, Eton Baypark Manila, Eton Emerald Lofts, Eton Parkview Greenbelt, Eton Baypark Manila, Eton Emerald Lofts, Eton Parkview Greenbelt, One Archers Place, Belton Place, South Lake Village at Eton City, and The Manors at North Belton Communities. In 2008, Eton posted a 270-percent increase in customer advances and deposits reflecting strong reservation sales for all residential projects. Consolidated revenues improved 334 percent to P89.89 million although it suffered a net loss of P125.76 million, 14-percent lower compared to the previous year. Eton began Philippine operations in February 2007. - GMANews.TV