Eton Properties to Build Condo in Otani Hotel Site
The Manila Starndard Today
Eton properties Philippines, Inc., the property unit of tobacco and airline tycoon Lucio Tan, yesterday launched its second high-end residential condominium project near rizal Park in Manila.
Eton president and chief operating officer Danilo Ignacio told reporters in a briefing that the project, called Eton Baypark manila, was the company’s response to the needs of Manila-based businessmen and entrepreneurs for a high-end residential condominium.
“We are getting a lot of inquiries from businessmen from Chinatown area and we are also getting strong interests from Fil-Americans for this project,” Ignacio said.
The project is located at the corner of Roxas Boulevard and T.M. Kalaw Street, the site of the landmark Otani Hotel, which was foreclosed by Allied Bank from deceased property magnate Tan Yu.
The project is a 25-story condominium offering studio to two-bedroom units with price ranging from P2.5 million to P8 million per unit.
Construction will start early next year for completion by December 2010.
Ignacio said Eton Baypark Manila was part of the seven priority projects that the company planned to develop over the next five years.
He said the management could go back to the board to ask for additional funds for future projects after earlier allocating P10 billion in capital expenditure for the seven projects.
The company in April launched The Eton Residences Greenbelt in Makati. Ignacio said the project had been sold out two months after launching.
Eton Properties is also set to launch Eton IT Center, an office development to lease primarily to business process outsourcing companies. Two BPO companies have expressed interest in leasing a space in the area.
Construction of the Eton IT Center will begin in the third quarter of the year for completion by December 2008. |