Saturday, May 31, 2008 [ manilatimes.net ]
THE developer of the Shangri-La Plaza mall told the Philippine Stock Exchange (PSE) that a subsidiary purchased a lot from the Fort Bonifacio Development Corp. (FBDC).
Shang Properties Inc. disclosed that unit Shang Global City Holdings Inc. completed the purchase of a 15,120-square-meter lot in the West Super Block, a prime location within the Bonifacio Global City. The area is the future site of the unified PSE trading floor to be built in partnership with Ayala Land Inc. The unified bourse is up for completion in three years.
The Manila Times failed to reach Federico Noel, Shang Properties corporate secretary, for further details.
At end-March, the company’s consolidated net income rose 9 percent to P188.4 million year- on-year as the sale of condominium units at The St. Francis Shangri-La Place grew by 28 percent to P385 million from a year ago. Revenue was recognized based on the percentage of completion at 67.5 percent.
Rental income from Shangri-La Plaza Mall tenants rose 8 percent to P 195 million from last year due to the continuous improvement in sales of percentage-based tenants. Other income increased by P 51.5 million from last year. This growth was due to the recognition of interest of P53 million from discounting of long term receivables from sales of condominium units.
Last year, San Miguel Properties Inc. sold its entire stake of 354,386 common shares, or 29.38 percent in KSA Realty Corp. to Shang Properties for P1.812 billion. The rental income from KSA’s tenants amounting to P165 million is now folded in Shang Properties’ gross revenue for the year whereas last year the property firm just recorded its share in net income of KSA, which was under other income amounting to P15 million. -- Likha C. Cuevas-Miel
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