Eton Properties Philippines has increased the prices of its residential condominium units starting June 2.

Danilo E. Lim, Eton president and COO, said the 5% increase was meant to cover the rising cost of cement and steel as well as the continued depreciation of the peso.

Construction costs have gone up by 20%. This translates to a 10% increase in the selling price of the buildings, he said.

"This is the first time we did an across-the-board price increase. Before, we only had periodic price increases," Lim said. "I understand that most of our competitors have done likewise.”

"Despite the price increase, we still have strong sales," Lim said during the presentation of the model units of the 34-storey Eton Parkview Greenbelt, half of which has been sold.