Money likely to come from additional equity and shares sale.

Eton Properties Philippines Inc., the property arm of business tycoon Lucio Tan, is spending P10 billion over the next five years to fund seven priority development projects in key cities in Metro Manila and in southern Philippines.

In a press briefing Wednesday, Eton Properties president Danilo Ignacio said the capital expenditure would be raised from additional equity infusion and additional sale of shares.  Eton Properties is listed on Philippine Stock Exchange.  The company is a consequence of Balabac Resources & Holdings Corp. that changed its primary purpose from a holding company to a purely property development firm.

“We are currently doing studies on how to raise the capital,” Ignacio said.  “We would explore what’s the most efficient way for us.”

Eton Properties has lined priority projects for the next five years, including The Eton Residences Greenbelt (TERG) in Makati City, Eton IT Center (EIC) in the Ortigas district, a condominium project at the corner of Roxas Boulevard and TM Kalaw in Manila City, a mixed-use middle-income high-rise residential condominium development along Pasong Tamo in Makati City, a mixed-use development at the corner of E. de los Santos Avenue and Quezon Avenue, a leisure and retirement development on Mactan Island in cebu City and township projects in the province of Laguna.

The company already introduced TERG and EIC to the market.  Ignacio said both are getting positive responses from the public.

The 39-story Eton residences is an upscale residential condominium that will rise over the property of Philippine Airlines (PAL) in upscale Legaspi Village in Makati.  Eton Properties early this year said that it was finalizing details for a joint venture with PAL, the flag carrier majority owned by Tan.

Ignacio said the construction o TERG will start by the second quarter of 2008 while turn-over is expected by September 2011.

Marketing roadshows have been ran in Guam, Seattle and Vancouver to entice Filipinos there to invest in Eton Properties’ residential projects.

“We’re glad to report that reservations have already gone up to over 20 percent,” Ignacio said.

The EIC building, on the other had, was designed to serve the demanding technological requirements of BPO companies.  “We already have two BPO companies that have expressed interest in leasing space at the Ortigas BPO office building,” Ignacio said.  “We will start building by the next quarter while the turn-over is set in December 2008.”

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