MANILA, Philippines -- Eton Properties Philippines Inc., the recently launched real estate vehicle of tobacco tycoon Lucio Tan, is embarking on its most ambitious township project outside Manila, the “Eton Mega City,” on a 1,000-hectare property of the Tan group in Santa Elena town in the province of Laguna, company president Danilo Ignacio said.

The project, expected to start next year, will have residential, commercial and leisure components, a four-star hotel, and a school, Ignacio said.

The Tan group owns Manila-based the University of the East.

Ignacio declined to say how much the project would cost and the expected revenues, pending completion of a market study.

Eton will also start next year a 34-hectare beach resort project on Mactan Island in Cebu City, Ignacio said. The project includes a five-star hotel, a condominium-hotel, residential condominiums and luxury villas, he said.

Stockholders of the Tan group’s publicly listed Balabac Resources and Holdings Co. Inc. on Wednesday approved Wednesday a change in name and business purpose to Eton Properties Philippines Inc.

Eton earlier said it would spend P10 billion on residential, office and leisure projects in less than five years, aiming to become one of the top five property companies in the country. With INQUIRER.net

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