Eton Properties Philippines Inc. expects revenues to improve by at least 20 percent this year as it prepares to launch eight new projects in 2010, up from the five launched in 2009.

In a press briefing Wednesday, Eton president Danilo Ignacio said sales continue to rise as the firm offers more products amid a recovery in the market and less reliance on overseas Filipino buyers.
Ignacio said revenue growth was already evident late last year and this boosted 2009 sales by at least 10 percent from 2008.

He added that profits this year will also be much higher as they are now able to recognize more earnings “because our projects are in the advanced stages as construction goes full blast.”

Ignacio noted that profits in 2009 were also on track noting that they already posted a turnaround in the first three quarters of last year with a net income of P66 million for the period also due to rising completion rates.

He noted that “2010 is seen to be a very good year for the real estate industry with the holding of national elections that is, hopefully, peaceful and orderly.”

Ignacio explained that “history has shown that economic growth immediately followed all post-martial law national elections. This plus continuously growing OFW remittances and the recovering global economy all point to a very positive outlook for the industry.”

Eton plans to launch four residential projects, three commercial projects and one office project for the year, said Ignacio.

The company's new residential line-up includes its fourth Makati project – Eton Tower Makati. A 40-storey mixed-use condominium featuring residential, Soho and serviced apartment units.

Featuring studio and 1-bedroom units, pricing would start at VAt-free P2.3 million.

Next in Eton's residential line-up is the company's first condominium offering in its 12-hectare Eton Centris development at the corner of Edsa and Quezon Ave. which will be introduced by the third quarter of the year.

Fully-owned subsidiary Belton Communities' third phase of the North Belton Communities project called West Wing Villas will also be launched. Tapping the upper middle-income segment of the affordable market, the 5.2 hectare project in Quezon City will feature 3 to 6 bedroom house-and-lot units.

Rounding up the residential lineup is a mini-enclave in South Lake Village in Eton City called River Grove, a 5.7 hectare project geared for the upper middle market and features lot cuts averaging 500 square meters.