MANILA, Philippines - Listed real estate firm Eton Properties Philippines Inc. is considering the acquisition and development of a 35-hectare beach property known as Coral Reef in Mactan Island, Cebu into a high-end mixed-used project inspired by Sentosa Island in Singapore.
In an interview with reporters, Eton president Danilo Ignacio tagged the plan as a “priority” project. The move comes as Eton sets to launch new projects, most recently its first luxury condominium in Eton Centris in Quezon City called Ascent.
Eton’s plan to develop the Mactan property also marks its first concrete step to diversify into tourism.
Based on earlier news reports, Coral Reef is owned by Eton affiliate Philippine National Bank (PNB). Both companies are controlled by billionaire Lucio C. Tan.
The said property is about three times the size of the nearby Shangri-La Mactan Resort & Spa, in terms of land area.
“We want to make this into a very high-end development,” Ignacio said. Eton, he noted, has been approached by international firms, including a Singapore-based group, for possible management contracts.
“It will be inspired by Sentosa Island,” Ignacio added, referring to the popular island resort in Singapore featuring high-end hotels, a theme park, casinos and shopping outlets.
International investors in several instances had expressed their interest to develop the Coral Reef property, but no deal materialized, according to previous reports. The said property was foreclosed by PNB in 2005 after its original owners were unable to meet their obligations, according to reports.
Ignacio, meanwhile, said Eton expects to comply with the Philippine Stock Exchange’s minimum public ownership requirement of 10 percent by the deadline set at the end of this year. Eton has public float of 5.6 percent.
The company is also continuing the development of its 12-hectare Eton Centris mixed-use project in Quezon City with the construction of Ascent. The three-tower condominium units will be sold from P2.9 million to P11 million.
Eton recently reported that first quarter net income rose 7.4 percent to P199 million on revenues that grew to P946 million, up 2.6 percent.
Eton shares were unchanged at P3.30 each on Tuesday’s close
