Byline: Elizabeth Sanchez-Lacson
SOARING PRICES OF CONSTRUCTION MATERIALSPARTICUlarly steel and cementare beginning to hurt local property companies.
Some are rushing to acquire raw materials several years ahead of the required schedule, while others are considering increasing the prices of their units to cover for the spike in construction costs.
Eton Properties Philippines Inc., the real estate arm of tycoon Lucio Tan, has placed orders for 10,600 metric tons of steel for P600 million.
Eton Properties president Danilo Ignacio said this would be enough for the four major projects the company was undertaking.
Ignacio said steel …