Vol. XXII, No. 25 [ Business World Online]
Friday, August 29, 2008 | MANILA, PHILIPPINES
LISTED SHANG PROPERTIES, Inc. will start a commercial and retail building project at its Ortigas Center property in Pasig City, the company told the stock exchange yesterday.
The project will be developed with subsidiary Shang Grand Tower Corp. The property developer provided no further details. Efforts to contact company officials were also unsuccessful.
In a report to stockholders in June, the company said it had three projects lined up this year — a $250-million luxury hotel in Fort Bonifacio, Taguig City, which the company expects to complete by 2012; the redevelopment of its 8.6-hectare Shangri-La Place in the Ortigas business district in Pasig, which is in the final stage of being completed; and the expansion of its mall by another 30,000 square meters. The company said it was optimistic about replicating its performance in the first half.
The property firm posted a P218-million consolidated net income for April to June, more than a third higher than a year earlier. First-half net profit was also up by more than a fifth to P407 million, with growth mainly driven by higher rental income and revenues from condominium units.
Formerly EDSA Properties Holdings, Shang Properties leases properties to Shangri-La Plaza Corp., where it has a 79% stake, and Edsa Shangri-La Hotel. Share prices of Shang Properties yesterday closed at P1.64 apiece. — Kristine Jane R. Liu
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