Eton Properties Philippines Inc. and Philippine National Bank, both owned by taipan Lucio Tan, have agreed to tie up with SM Prime Holdings Inc. of retail tycoon Henry Sy for the development of a mixed-use township development project in Novaliches, Quezon City.

The two companies of Tan signed an agreement with SM Prime to sell a three-hectare land that forms part of the 13.8-hectare mixed-use project, dubbed North Belton Communities, being developed by Eton. PNB owns the whole property.

SM Prime will construct a commercial and shopping complex within two years from execution of the agreement.

“Our partnership with SM in North Belton Communities is all part of the master plan to give the best value to our home buyers,” said Danilo Ignacio, president and chief operating officer of Eton Properties.

“The presence of a mall, within the project, brings in convenience and adds value to the community and its neighborhood.”

The tie-up is the second between Eton and the SM Group after the first in 2009. SM’s Super Shopping Market Inc., through SM Hypermarket, agreed to be the anchor tenant in Eton’s two-level commercial center, Centris Station, at the corner of Edsa and Quezon Avenue.

Early this month, Eton signed an agreement with Ayala Land Inc. unit Amaia Land Corp. to develop a four-hectare property in Calamba, Laguna owned by affiliate companies of the Lucio Tan group, with Eton as the development manager representing the landowners.

North Belton, Eton Properties’ first project, caters to the middle-income segment and is marketed under the Belton Communities brand. It is home to three exclusive residential enclaves, namely The Manors, West Wing Residences and West Wing Villas, that will eventually be home to 1,600 families.

SM Prime, meanwhile, said it would open today SM City Tarlac, the company’s 37th shopping mall in the Philippines and its first outlet in Tarlac.