Eton Properties Philippines Inc., the real estate brand of the Lucio Tan Group, said all of its office spaces made a healthy outlook last year, closing approximately 136,429 square meters across key developments.
These include eWestPod, Blakes Tower at Eton WestEnd Square in Makati City; and Centris Cyberpod One inside the 12-hectare Eton Centris in Quezon City. Centris Cyberpods Two and Three maintained high occupancy rates of 78 percent and 100 percent, respectively.
Eton Properties also said more stores were opened last year in the four-hectare commercial property, Eton City Square, inside the 600-hectare Eton City in Sta. Rosa, Laguna and now generating several inquiries and capturing strong interest from business locators.
“As the market regains confidence influenced by economic stability and strong consumer spending, we are expecting to open up more stores across all commercial properties and retail districts this year,” said Kyle Tan, president and chief executive officer of Eton Properties.
Tan told stockholders recently Eton Properties remains committed to sustainable growth and creating value for its shareholders.
“This has been reflected by our renewed and strategic focus on sales, a healthy leasing income and process streamlining,” he said.
Eton Properties reported an 11 percent growth in total revenue in 2023 to P2.8 billion from P2.5 billion in 2022. Net income surged 152 percent to P746 million from P296 million in 2022. In his President’s Report, Tan attributed this considerable increase in financial performance to operational efficiency, sound financial management, a diversified portfolio, and one-time gains.
Eton also posted an increased income ratio from 12 percent to 27 percent in 2023, while the debt-to-equity ratio slightly improved from .58 to .45. The leasing portfolio, on the other hand, remains the primary growth driver with an 88 percent contribution to the total revenue, exhibiting a 16 percent increase, climbing from P2.1 billion to P2.5 billion. Most of the leasing income was generated by office leasing comprising of 69 percent to the total contribution followed by commercial leasing at 22 percent and residential and miscellaneous leasing portfolios at 9 percent.
