Lack of infra turns off Eton Properties from tourism projects

The insufficient infrastructure in the country is keeping Lucio Tan-led real estate developer Eton Properties Philippines Inc. from venturing into tourism projects, company officials said Wednesday. Danilo Ignacio, Eton president and chief operating officer, said the company’s long-term plans include resort and hotel projects in Batangas, Laguna, Cebu, Bacolod and Zamboanga. “The government infrastructure projects are not sufficient to attract tourists in our country," said Ignacio. “We have enough landbank for tourism projects." The property sector will continue its recovery in 2009, Ignacio said, noting that although there is an oversupply in office or BPO (business process outsourcing) spaces, he remains upbeat on residential projects. “Easily there’s a backlog of two million to three million houses for the middle-income segment of the market," he added. Meanwhile, Eton Properties also launched its 18th project – the 8 Adriatico, a residential condominium development located at the corner of Adriatico and Padre Faura Sts., just beside Robinsons Manila. The four-tower project will sit in an 8,000 square meter lot. Construction for the first tower, with 40 storeys and 888 units, will begin in the first half of 2011 and turn over of the units will be in December 2013. Owing to its proximity to one of the country’s most popular tourist areas, Ignacio said the project’s market is a mixed of foreigners, those coming from the province and people who work or go to school in Padre Faura area. A studio unit with 25 square meters will cost about P2.1 million excluding VAT (value-added tax), while two-bedroom units with more than 39 square meters of space will be sold at about P7 billion. Eighty percent of the 888 units will be for studio units and the remainder for one and two-bedroom flats. “The project addresses continuing demand by local buyers and overseas Filipinos for a strategically located Manila residence," Ignacio said. “The strong sales take-up of all the new projects that we launched this year, from the West Wing residences to 68 Roces, gives us confidence that the Philippine real estate market is already on the rebound." Besides a Manila Bay view of the units, the ground floor of the project will be devoted to specialty shops which will compliment those in the nearby Robinsons mall. Eton Properties began its entry into the Philippine real estate scene in 2007 with the launch of several residential projects including its 1,000-hectare township project in Sta. Rosa, Laguna named Eton City. -Cheryl M. Arcibal, GMANews.TV