The aerial view of the 78-hectare South Lake Village in Sta. Rosa, Laguna.
Eton Properties Philippines, Inc. (EPPI), the real estate arm of the Lucio Tan Group, reported P3.1 billion in revenues for 2024—a 12% rise from P2.8 billion in 2023—defying industry turbulence brought on by the exit of Philippine Offshore Gaming Operators (POGOs) and the non-renewal of several retail leases.
“2024 showed our ability to stay steady in a shifting market. We stayed focused on delivering long-term value, adapting where needed, and investing where it mattered most,” said EPPI president and CEO Kyle C. Tan.
Despite the revenue growth, net income fell to Php213 million from Php746 million the previous year. The decline was largely due to the absence of a one-off Php503 million inventory revaluation gain recorded in 2023. Higher expenses tied to development projects, maintenance, taxes, and staffing also pressured profits.
The company’s EBITDA margin contracted to 41% from 66%, reflecting reinvestments in infrastructure upgrades, new developments, and sustainability initiatives.
Centris Cyberpod One, part of the Cyberpod series within the Eton Centris township, is now 100% fully leased.
Still, Eton emphasized that its core operations remain strong, with strategic moves in 2024 laying the foundation for sustained profitability.
The company’s leasing business proved resilient. Office leasing continued to be a pillar of stability, with 134,844 square meters leased—70% of total office Gross Leasable Area (GLA). Key buildings like Centris Cyberpod One reached full occupancy, while Centris Cyberpod Three and Eton Cyberpod Corinthian maintained healthy rates of 92% and 81%, respectively.
Commercial leasing followed suit, with 72% of retail GLA (44,364 square meters) leased out. Meanwhile, residential leasing was refined to support inventory optimization and accelerate conversion to sales.
Residential sales surged, generating Php501 million in revenue—up 266% from Php137 million in 2023. The rebound was led by Eton City developments in Sta. Rosa, Laguna, and ready-for-occupancy units in Metro Manila.
Eton City Square is the bustling commercial area of Eton City township in Sta. Rosa, Laguna.
Looking ahead, Eton has allocated Php900 million in capital expenditures for 2025 to support property upgrades, township redevelopment, and master plan enhancements—moves designed to boost long-term asset value and improve customer experience.
“We’re staying focused on what matters: building better spaces, improving the way people live and work, and responding to what our markets need,” Tan said. “We’re not just building structures—we’re building the future of Eton with clarity and purpose.”