Balabac in talks to develop PAL property

Balabac Resources & Holdings Co Inc said it will become a property developer and is in talks to develop a Makati City property of sister company Philippine Airlines (PAL) into a residential condominium. The holding company, owned by PAL chairman Lucio Tan, told the Philippine Stock Exchange its board approved the new corporate purpose and change in name to Eton Properties Inc. Eton Properties is looking into the possibility of developing residential condominiums, residential housing, office buildings, condotel, commecial centers and leisure/retirement projects. -GMANews.TV