Lucio Tan's Eton to spend P10B for flagship projects

Eton Properties Philippines Inc., alcohol magnate Lucio Tan's property firm, will be spending around P10 billion over the next five years for the development of its first seven projects. The company's first two projects are The Eton Residences Greenbelt- an all-loft luxury condominium in Makati and the Eton IT Center- a 30,000 square meter, 17-storey business process outsourcing office building in the Ortigas Central Business District. Danilo Ignacio, Eton Properties president, told reporters on Wednesday that all seven flagship projects will be launched within two years. The firm's other projects include residential condominium developments along Roxas Boulevard and Ortigas Ave., and a hotel in a 34-hectare property in Mactan, Cebu. "These seven projects will be launched within two years, two of these projects have been launched already," Ignacio said. The official also said the company is studying several options to fund its capital requirements. Among these options are equity infusion from a new investor and even a future offering of shares. Eton Properties was formerly Balabac Resources & Holdings Co Inc until it changed its primary purpose to property development.-Cheryl Arcibal, GMANews.TV