Published : Saturday, September 03, 2011 00:00
Written by : Krista Angela M. Montealegre Reporter
SHANG Properties Inc. on Friday said it would spend a multibillion-peso for the construction of its retail and residential projects in Ortigas.
In a disclosure to the Philippine Stock Exchange, the property development arm of the Kuok Group in the country said it would shell out more than P12 billion for the construction of retail and residential segments of its One Shangri-La Place project.
Of the total, P3.2 billion will be allotted for the expansion of the mall, while nearly P9 billion will be spent for the development of a twin tower residential project.
The 64-story building will offer over 1,300 condominium units located atop a high-end six-level mall podium that will house over 150 luxury shops and restaurants.
The company is also gearing up for the sale of the second tower of One Shangri-La Place later this year. Since its launch in March 2010, the first tower of One Shangri-La Place has sold 431 of its 659 units, generating sales of P3.98 billion as of December last year.
An additional P2.4 billion will be earmarked to spruce up the current Shangri-La Plaza mall, carpark building and the 8.6-hectare Shangri-La Place estate.
The company expects to complete the mall expansion by 2013, while the residential component is on 2014.
In 2010, Shang Properties posted a net income of P1 billion, down by 15 percent because fewer units at St. Francis Shangri-La Place were placed on sale.
Its shares were last traded a P1.92 each on Thursday.
_____________________________________________________________
