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Shang Properties buys Phinma buildings, lots

Posted on April 01, 2011 06:54:51 PM [ BusinessWorld Online ]
SHANG PROPERTIES, Inc., the listed real estate development arm of Malaysia’s Kuok Group, bought buildings and lots from a Phinma Corp. unit for more than P600 million, a disclosure filed on Friday with the local bourse showed.
"The issuer’s subsidiary, Shang Property Developers, Inc. has agreed with Asian Plaza, Inc. and Asian Plaza I Condominium Corp. to acquire [the two companies’] real properties consisting of a condominium project including building and parcels of land located at the corner of Gil Puyat Ave., Tordesillas street and H.V. dela Costa street, Makati City," Shang Properties said.
Officials from both companies could not be immediately reached to elaborate.
"The total purchase price for the transaction is P615 million," Shang Properties added.
Net income of Shang Properties declined by 15.4% to P667.08 million in the nine months that ended in September last year from P788.51 million in the previous year.
Revenues -- which are derived from rentals and condominium sales in One Shangri-La Place and St. Francis Towers, among others -- dropped by 27.66% to P2.04 billion in the nine-month period from P2.82 billion in the previous year.
As of end-June, Shang Properties had sold a fifth of its high-end One Shangri-La Place, which will stand on top of a six-floor mall that can accommodate 140 retail outlets. It will have about 1,200 one-bedroom, two-bedroom and three-bedroom units valued at P4.9 million to P18 million per unit for delivery in 2014.
Furthermore, rental income came from tenants at the Shangri-la Plaza mall and occupants at the Edsa Shangri-la Hotel.
Expenses fell by almost half or 41% to P907.41 million in the nine-month period from P1.54 billion in the same period in 2009.
Shares in Shang Properties, a property development, real estate management and investment holding company which was incorporated in 1987 as Shangri-La Properties, Inc., were last traded on Thursday at P1.98 apiece. -- NJCM
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