By Daxim Lucas Philippine Daily Inquirer FINANCIAL losses of the tobacco tycoon Lucio Tan’s Eton Properties Philippines Inc. widened significantly at the end of last year as the company embarked on an aggressive spending program to get its first projects off the ground. But its total assets were close to hitting the P1-billion mark a year after it was founded, Eton said. In a statement, Eton said its net loss at the end of 2007 reached P146.7 million, 664-percent bigger than the P19.1-million loss it reported in April last year. It said it expected to start earning sales revenues this year. Eton said its assets had reached P980 million at the end of 2007, up 165 percent from the asset base it disclosed in its last reporting period. It said there was brisk take-up of its projects, two of which -- The Eton Residences Greenbelt and Eton Baypark Manila -- had been fully reserved from launch date. Cash and near-cash assets rose to P395.1 million as of the latest reckoning, up 324 percent from a year earlier, Eton said. It said its growth trend was expected to continue especially since deposits made by early buyers had reached P701.5 million, up 2,308 percent from April 30, 2007. It said the increase in deposits was due to “record reservations of its four other projects launched within the year.” The company’s projects include Eton Emerald Lofts in the Ortigas business district, Belton Place and Eton Parkview Greenbelt in the Makati business district, and One Archers Place in Manila. Edited by INQUIRER.net
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By Elizabeth Sanchez-Lacson Inquirer MANILA, Philippines--Eton Properties Phils. Inc., the property arm of the Lucio Tan Group, launched on Monday its second condominium project in Greenbelt, Makati City, which targets professionals working in the central business district. Eton president Danilo Ignacio said during the launch that the 34-story Eton Parkview Residences is on Gamboa Street behind the Asian Institute of Management. The project will offer 230 all-loft units. A one-bedroom unit ranges from 40 to 57 square meters, and will sell at about P3.6 million. A two-bedroom unit on the other hand, which is about 70 sqm, costs about P6.5 million. Parkview follows Eton's first project in Greenbelt -- The Greenbelt Residences -- which as of July is 90-percent sold. Eton Parkview is in front of two parks -- the Washington SyCip Park and Legaspi Park -- and is close to the Greenbelt Mall. It is a foreclosed asset of Allied Bank. The turnover for completed Eton Parkview units is scheduled for December 2011. Eton also unveiled Monday a partnership with sister company Allied Banking Corp. to offer home mortgage financing rates at 5.5 percent to 8.38 percent for a fixed period, lower than the industry average of 8.5 percent. Allied Bank president Reynaldo Maclang said the housing loan will offer 5-,10-, 15- and 20-year terms to interested home buyers at fixed interest rates. Initially, the home loan financing will be offered exclusively to buyers of Eton's twin tower residential project in Ortigas dubbed the Eton Emerald Lofts .