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Shang Properties increases stake in mall operator

[ manilatimes.net ] June 29, 2011

Shang Properties Inc. has increased its stake in the operator of the Shangri-La Plaza Shopping Complex in Mandaluyong City.

In a disclosure to the Philippine Stock Exchange, the real estate arm of the Kuok Group of Malaysia said it has agreed to acquire the 21.28 percent of L’Hirondelle Holdings Inc. in Shangri-La Plaza Corp.

Upon completion of the transaction, Shangri-La Plaza will become a wholly owned subsidiary of the issuer. Prior to the transaction, Alliance Select owned 78.72 percent of Shangri-La Plaza.

Incorporated in 1993, Shangri-La Plaza is in the business of investing, purchasing, owning, holding, leasing and operating the Shangri-La Plaza mall. Its primary business is leasing.

The Shangri-La mall houses two department stores, Rustan’s and Crossings, theater, cinema, restaurants, fast-food outlets, boutiques and specialty stores.

Its tenants include leading international and local retailers that cater to the upscale market such as Marks & Spencer, Escada, Hugo Boss, Rustan’s, Zara, Debenham’s, Armani, among others.

Shang Properties would spend P4 billion to P4.5 billion for a new high-rise residential project located on the former Asian Plaza Building in Makati City.

The company is also gearing up for the sale of the second tower of One Shangri-La Place in the Ortigas business district later this year.

Shang Properties expects profits to be flat this year. In 2010, the property developer’s net income dropped by 15 percent to P1 billion because fewer units at St. Francis Shangri-La Place were placed on sale.

Its shares rose to P1.89 on Tuesday from P1.86 each on Monday.

Krista Angela M. Montealegre
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