Shangri-La 2011 profit slides to P1.1-B

MANILA, Philippines – Shang Properties Inc, the local development arm of Malaysia-based Kuok Group, reported P1.1 billion income in 2011 from condo sales, retail and office leasing.

This was slightly higher than the high-end property developer’s P1 billion profits in 2010, but still less than the P1.17 billion in 2009.

The firm did not provide additional details in its press release on Tuesday, February 21.
 
It said it “remains bullish about the local property market with 3 massive projects under construction.”

These ongoing projects this 2012 are:

• One Shangri-La Place in Ortigas Center

The twin-tower and mall on an 8.6-hectare property will feature 1,300 residential units and a 6-level mall with 150 luxury retailers.
Project cost is estimated at P12.5 billion, including P2 billion budgeted to spruce up current mall and carpark building.

• Shangri-La Hotel at Fort in Bonifacio Global City

The 60-storey and 6-star deluxe hotel will have 577 guestrooms, 97 hotel residences and 96 residential units

• Shang Salcedo Place in Salcedo Village, Makati City

The 65-storey project will have 700 residential units and has an estimated P5 billion cost.

These will be included in their current portfolio, which includes:

• The Enterprise Center in Makati (office building)
• Shang Grand Tower (high-end residential condominium)
• St. Francis Shangri-La Place (high-end residential condominium)
• Shangri-La Plaza Mall (commercial mall)

– Rappler.com