MANILA – Eton Properties Philippines, the property development arm of the LT Group Inc., is more than doubling its capital expenditures (capex) to P7 billion this year, largely to fund its office and retail projects.
The company is also looking at increasing its capex to P30 billion over the next five years to support plans to diversify its property portfolio to include hospitality, leisure, and larger district and mixed-use developments.
“We are confident that we can expand our footprint in the next five years to further optimize our gains. With economic prospects remaining bright, and with demand for business space still strong from BPOs (business process outsourcing), we will continue to build and expand our market,” said Eton Properties president Lucio Tan, Jr.
The company recently launched Eton WestEnd Square in Makati, a mixed-use development which includes a boutique mall, an office tower, and a high-rise residential condominium.
It will introduce to the market the 25-storey Centris Cyberpod Five, its fifth BPO facility in Eton Centris, this June 6.
Eton Properties also bared plans to construct four BPO buildings at a cost of P9 billion over the next five years.
It will also make this year its first foray into the fast-growing tourism sector via The Mini Suites in Makati, a serviced residences project and is seen to benefit from the enormous demand for high-quality, affordable rooms among local businessmen and tourists.
Capitalizing on the tourism boom outside Metro Manila, Eton Properties also announced that the company would pursue plans to expand its footprint beyond Luzon, as they add leisure and hospitality developments in their portfolio.
Deputy chief operating officer Josefino Lucas said they aimed to develop a 35-hectare land in Mactan, Cebu into a hotel and entertainment project.
“The company has not really expanded so we are looking at other opportunities. Tourism will grow in this country… We have lower tourist arrivals compared to our neighbors, we are lagging behind actually. You have to do your part to contribute to the national development,” he said.