Eton Properties Philippines recently opened its official residence and office in Salmiya and launched Kuwait Web site (www.etoncitykuwait.webs.com) Friday evening. Ambassador to Kuwait Ricardo Endaya officiated the ceremony in the presence of Head of the Philippine Consular Department Marival Adiong, Project Consultant Jeffrey Adiong and Eton Properties'' International Marketing Manager for the Middle East Kiko Baldonado.
In his opening remarks, Endaya stated that the presence of Eton Properties in Kuwait will be beneficial for Filipinos and Kuwaitis alike. He urged Filipinos to invest their hard earned income by purchasing real estate properties and not waste their savings in unsteady and uncertain business ventures. Furthermore the envoy added that Eton properties is backedـup by a strong financial company and owned by multiـbillionaire Lucio Tan who also owns Philippine Airlines, Air Philippines, University of the East and Allied Bank to name few. Endaya also mentioned that in the midst of world economic recovery, the Philippines has remained steadfast and the remittances of the overseas Filipino workers are vital source in aiding economic stability in the country. He also noted that Eton Properties provide an opportunity for Kuwait and foreign nationals to own their pieces of properties in the Philippines. Later he congratulated the new set sales and marketing team that will organize talks, seminars and full year monthly roadshows to accommodate interested buyers.
Baldonado stated that Eton properties consider sales and promotions of its real estate in the Middle East a priority, knowing that Kuwait has 160,000 Filipino overseas workers, 60 percent of which belong to the professional category. Baldonado added that take the opportunity to work abroad to be able to purchase their own pieces of land and build their homes. In his presentation, Baldonado explained that the real Estate business in the Philippines witnessed the upsurge in numbers of foreigners particularly from the Middle East that purchased properties and invested in several companies particularly in project developments and thus, Eton comprehensively intends to capture the Middle East market encompassing Filipino workers and Arab nationals.
"Many of the projects designed and developed by Eton Properties cater from the most affordable units for low and middle income overseas workers and highـend properties that will best suit the taste and budget of Middle Eastern nationals who prefer luxury and full amenities the properties offer and to top it all the privilege to own at very minimal requirements and low to nothing risk in investments," added Baldonado.
"Kuwait is considered by many business people as the gateway and key to the Middle East and Eton Properties offer the best among real estates in the country and clients are assured of security for one reason that Eton will always deliver what it promises to its clients," added Baldonado.
Ownership of land in the Philippines is highlyـregulated with land ownership reserved for persons or entities considered Philippine nationals or Filipino citizens. For this purpose, a corporation owned 60% by Filipino citizens is treated as a Philippine national. Foreign nationals or corporations may completely own a condominium or townhouse in the Philippines and to take ownership of a private land, residential house and lot, and commercial building and lot foreigners may set up a Philippine corporation in the Philippines. This means that the corporation owning the land has less than or up to 40 percent foreign equity and formed by 5ـ15 natural persons of legal age as incorporators, majority of whom are Philippine residents.
Press release by Eton Properties stated that Foreigners interested in acquiring land or real estate property is possible through the aggressive ownership structures yet must consider the provisions of the Philippines "AntiـDummy Law" to determine on how to proceed. A major restriction in the law includes restriction on the number of alien members on the Board of Directors of a landholding company which is limited to 40% alien participation. Another concern is the possible forfeiture of the property if the provisions of the law are breached.
Eton Properties Philippine promotes residential properties (Residence Greenbelt, Baypark Manila, Emerald Lofts, Parkview Greenbelt, Belton Place, One Archer''s Place and 68 Roces), Township (Eton City), Business Process Outsourcing (Cyberpod Centris and Cyberpod Corinthian, Commercial Centers (Centris Station, Centris Walk, E Life and Green Podium) and Communities (The Manors and West Wing Residences).
Baldonado added that majority of the buyers are Filipinos yet a huge percentage belongs to Kuwaiti and Western nationals who are either married to Filipino nationals and businessmen.
"One thing impressive about Eton is that it provides you a range of choices from as low as less than a million Philippine pesos (6000 Kuwaiti dinars) to high end projects worth twenty four million pesos (KD 150,000). For a businessman like me, I prefer to reside in financial districts and Eton gives you that option," stated Mishari AlـHumeidhi, Chief Executive Officer.

Alwatan Daily