Mandaluyong–(PHStocks)–Shang Properties Inc. (PSE: SHNG) remains bullish about the local property market with three massive projects currently under construction. Shang Properties is the Philippine subsidiary of the Kuok Group, renowned worldwide for its Shangri-La Hotels and Resorts and luxury property developer Kerry Properties Ltd.
Its current portfolio of projects in the country includes the premium Grade A office building The Enterprise Center in Makati, the high-end condominiums Shang Grand Tower and St. Francis Shangri-La Place, and the upscale Shangri-La Plaza Mall.
Construction of the One Shangri-La Place, a mixed-use development located in the 8.6-hectare Shangri-La Place estate in Ortigas Center, is on-going. The twin-tower project will have about 1,300 residential units and a 6-level Shangri-La Plaza mall expansion with over 150 luxurious shops and restaurants. The estimated project cost is over PhP12.5 billion, with the company shelling out an additional PhP2 billion to spruce up the current mall, carpark building and environs.
Work on two other projects is also proceeding full speed ahead. The 60-storey Shangri-La hotel at the Fort in Bonifacio Global City is being built at a cost of PhP18 billion. The ultra deluxe hotel will have 577 guest rooms, 97 hotel residences and only 96 residential condominium units for sale, possibly the most exclusive and luxurious condominiums in the market.
Excavation of its newest project, Shang Salcedo Place, is underway. Located at the corners of Buendia, H.V. dela Costa, and Tordesillas streets in Salcedo Village, Makati, this 65-storey residential project will be built at an estimated cost of almost PhP5 billion and will have over 700 residential units. Target date for the sales launch of Shang Salcedo Place is in the second quarter of this year.
In 2011, publicly listed Shang Properties earned a net income of PhP1.1 billion from condo sales, retail and office leasing.