Refunds for Eton’s First Homes Makati buyers?

One of our most popular articles on real estate, 7 Useful Tips when Buying a Condo Unit, cited the “reputation of the developer” as one of the key factors to consider before deciding to buy a residential property.

In that article, we wrote:

“For condos that are still in pre-selling stage, the reputation of the developer matters a lot because it ultimately determines whether the condo building will be completed. There have been cases of condo projects in the past that halted construction because the developer ran out of money. In such a case, it would be difficult to get your money back.”

Unfortunately these days, it’s difficult to assess the “reputation of the developer”. Apparently even large property development firms could face problems in delivering and turning over a property to its rightful owners.

 Cancelled but no refunds?

Take the case of First Homes Makati, a development of First Homes Inc. which is a wholly owned subsidiary of Eton Properties belonging to the Lucio Tan Group of Companies.


A PMT Forum member, alex01952, narrated that the First Homes Makati project was supposedly cancelled earlier this year but, until now, buyers who bought units in the condo, are yet to receive refunds for their payment.

PMT Forum member alex01952 wrote:

I bought a unit at First Homes Makati and have been paying for over two years. The project was officially cancelled last June 2014.

I have been following up on them ever since but they have been giving me the run around every time.

I have a lawyer friend who is trying to help, we sent a demand letter 3 weeks ago giving them 15 days to give me my money back, which amounts to P356,000 without the interest but they did not comply.

We will be giving them a visit and I’m also planning to try and file a complaint at HLURB but I doubt that will solve things. Someone advised me that suing will cost too much so I’m looking for other people with similar cases because a class action Lawsuit would be a better approach.

It’s been five months since they cancelled the project and over two years of investment loss and I’m very very frustrated and angry.

– From the forum discussion thread Eton Properties Cancelled Projects (Looking for other victims for class lawsuit)

It is understandable for these buyers to feel frustrated and angry. In the first place, the project was allegedly unilaterally cancelled, without a justifiable or acceptable reason.

Worse, the promise of refunds of payments they have already made — which these customers are legally entitled to — remain unfulfilled.

About the First Homes Makati project

first-homes-makati-eton-properties-refundThe First Homes Makati was marketed as a 2-tower condo with 32 floors each, located at Chino Roces Ave. corner Malugay St. in Makati City.  It is said to be “steps away” from Ayala Avenue and Gil Puyat Avenue, the main arteries in the country’s business district.

Units range from 18 sq. m to 28 sq. m., costing roughly between P1.6 million and P2.5 million.

The condo, if completed, would have been fully-furnished and move-in ready, targeted to “individuals and couples just starting in life”.

Unfortunately for the buyers, it seems the decision to buy a unit there was not the start of a good life, but rather of a nightmare that appears to not have an ending anytime soon.

Are you one of the buyers of First Homes Makati? What are your experiences? Tell us your stories in the comment section below or in the PMT Forum discussion thread Eton Properties Cancelled Projects (Looking for other victims for class lawsuit).

Other must-read posts!

About the Author


PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

Leave a Comment