MANILA, Philippines -- Eton Properties Philippines Inc., the real-estate arm of tycoon Lucio Tan, is set to launch by December or January the first phase of its sprawling township dubbed "Eton Mega City' in Cabuyao, Laguna.

The project is expected to help boost activity in the southern portion of Metro Manila.

During a thanksgiving dinner for Eton clients Friday night, company president Danilo Ignacio unveiled the masterplan for "Lake Village," a 150-hectare island home development surrounded by a man-made lake. This will be the first phase of the 1,000-hectare Eton Mega City.

Ignacio said the man-made lake will cover 17 hectares and may be about 5-6 feet deep. Investors may buy lots of at least 500 square meters.

Ignacio said four to five "islands" of one hectare each would be "built" and each "island" would comprise 10 residential lots.

"We received an offer to buy one island for P100 million. If you buy 10 lots or one island, you get the naming rights," Ignacio said without naming the prospective buyer.

Foster City in San Francisco, an island built on engineered landfill on the bay, served as the inspiration for the design of Lakeside Village. Housing developments in Foster City surround an 80-hectare artificial lagoon.

Eton Mega City is envisioned to become the "Makati City of the South." The project will include a golf course and a central business district of 100 hectares, which will host office buildings and retail spaces.

The project will also include a business hotel (a four-star hotel without ballrooms), residential components (could be house and lots, townhouses, medium-rise buildings) and a school such as the University of the East, which the Tan Group owns.

Aside from its Laguna project, Eton will embark on a 34-hectare beach resort project in Mactan, Cebu. This will help boost tourism in the city," Ignacio had said. The project, dubbed the Eton Resort, will be started next year.

Balabac Resources and Holdings Co. Inc., now Eton, got the nod of its stockholders to change its business purpose into that of a property company from a holding firm.

Eton earlier said it was pouring P10 billion into residential, office and leisure projects in less than five years in a bid to become one of the top five biggest real-estate firms in the country.

The Lucio Tan Group boasts of a vast experience in property development in Hong Kong, Shanghai, Xiamen, Beijing and Guam.

[The Philippine Daily Inquirer]