SUMMARY
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MANILA, Philippines – High-end property developer Shang Properties Inc. is spending over P20 billion ($456 million) in capital expenditures from this year to 2015, mainly for residential developments and refurbishment of existing office and shopping mall projects.
The company is also looking to acquire properties in Bonifacio Global City, Mandaluyong, and Makati, Shang Properties Executive Director Wilfred Woo said in an interview following the company’s annual stockholders’ meeting, Tuesday, June 24.
“We are upbeat and optimistic about the property market in the Philippines in the coming years and we are constantly looking for other land bank to continue our development in [Metro] Manila,” Woo said.
Ongoing projects
At present, Shang Properties is building The Rise, its latest residential project in Makati. It is also completing the construction of Shangri-La at The Fort in Bonifacio Global City, Taguig; One Shangrila Place in Ortigas; and Shang Salcedo Place in Salcedo Village, Makati.
These projects will be completed by 2015 to 2016.
In May, Shang Properties acquired Alphaland Corporation’s 20% interest in Shangri-La at the Fort to boost its stake to 60%.
Shangri-La at the Fort is a premier hospitality property within the West Super Block of the Fort Bonifacio Global City development in Taguig. Designed by award-winning architects Skidmore, Owings & Merrill, it is slated for completion by 2016.
Shangri-La at the Fort will consist of a 60-storey mixed-use business, hospitality, residential, and retail tower located at the corner of 5th Avenue and 30th Street.
The company is also spending P1.7 billion ($38.77 million) to refurbish The Enterprise Center, its Grade A office building along Ayala Avenue, Makati.
It is also allotting between P350 million ($7.98 million) and P400 million ($9.12 million) to upgrade the existing Shangri-La shopping mall in Ortigas Central Business District.
With the recent completion of the east wing of the Edsa Shangri-La mall, Woo is expecting revenue from the shopping mall to increase by 30% to 35%.
In 2013, Shang Properties posted net income of P2 billion ($45.6), up 25% from the P1.6 billion ($36.49 million) it posted in the same period a year ago, while gross revenues increased 27.8% to P6.9 billion ($157.32 million) from P5.4 billion ($123.12 million).
The increase in revenues was largely driven by condominium unit sales and higher rental income from mall and office leasing operations. – Rappler.com
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