ETON PROPERTIES Philippines, Inc. (EPPI) is looking to introduce pocket retail developments and co-working spaces, as the real estate arm of the Lucio Tan Group aims to boost its recurring income from commercial and office developments.
In a statement, EPPI said it is planning pocket retail developments in Ortigas, Quezon City, and San Juan, as well as a mixed-use commercial development along Roxas Boulevard in Manila.
The property company will also start offering flexible co-working offices at the upcoming NXTower I in Ortigas central business district.
Last year, EPPI spent P4 billion in capital expenditures, up 14% from the P3.5 billion spent in the year prior. Among its projects were the West End Square in Makati City, Centris Cyberpod Five and expansion of Centris Walk in Quezon City.
It also broke ground for NXTower I, a 30-storey office building, and Eton City Square, a commercial strip in Eton City in Sta. Rosa, Laguna.
During its recent stockholders’ meeting, EPPI officials said that “expanding the company’s footprint, streamlining its operations, and strengthening its commitment to exceptional customer service will sustain the market’s interest in its various projects and steer the company forward.”
EPPI’s net income reached P348 million in 2017, slightly lower than the P390 million recorded in 2016 due to a drop in residential property sales.
However, rental revenues grew 9% to P1.4 billion last year, from P1.3 billion in 2016. Rental revenues accounted for 62.2% of EPPI’s total revenues, as the lease contracts were renewed at higher rates for the business process outsourcing offices.