Often listed as the Philippines’ richest businessman, billionaire Lucio Tan has announced his entry into the real estate arena by changing the name and purpose of Balabac Resources and Holdings Co. Inc. into Eton Properties Philippines, Inc. (EPPI). From oil and mineral exploration, Tan moves into property development, serving up a 39-storey high end residential condominium as the first of seven possible projects following necessary feasibility studies.

Eton Greenbelt Residences will rise on the site of Philippine Airlines’(PAL) head office in Legaspi St., as discussed in Eton Properties’ joint venture with the airline.

Aside from Balabac Inc.and PAL, Tan owns cigarette maker Fortune Tobacco Corp., Asia Brewery Inc., Allied Banking Corp., Philippine National Bank, University of the East and liquor maker Tanduay Holdings. He has interests in livestock, chemical trading, mining beverage and bottled water and has extensive investments in China, Hong Kong and Guam.

Eton is poised to become one of the country’s largest property companies, with plans to concentrate on residential condominiums and housing, office buildings, condotels, commercial centers and leisure and retirement projects.

Danilo E. Ignacio, Eton Properties’ president said it is this synergy between Eton and the other members of the Lucio Tan Group of Companies which will put them at a competitive advantage. He also named the company’s financial power and reputable name as primary strengths, adding that the market is large enough for an additional player, particularly an aggressive one like Eton.

Although no estimates for project costs have been declared, the company has already released a list of properties to be developed, all of which fall under the “extensive land bank” owned by different Lucio Tan companies.

Ignacio, who recognizes the significance of the Fil-Am and OFW sector in the real estate upsurge, said their biggest advantage over other developers selling in the U.S. is their strategic location. “I cannot see any other property that is better located than the Eton Greenbelt Residences. It is in the heart of the Central Business District and it is right in front of the Greenbelt mall. Based on my experience, a development that is beside the mall sells very well.”

The condominium will feature one-bedroom, two-bedroom, and three-bedroom units. A one-bedroom unit is expected to cost P4 million. They hope to formally launch the project in the next couple of months.