Posted on September 02, 2011 06:18:43 PM [ BusinessWorld Online ]
SHANG PROPERTIES, Inc. plans to spend over P12 billion to expand its mall in Ortigas Center and build two condominium towers atop it, the developer said on Friday.
Roughly P3.2 billion will be used to renovate the decade-old Shangri-La Plaza retail center, a project which should be completed by 2013, the firm said in a statement.
Shang Properties will also infuse almost P9 billion to build two 64-storey condominium towers dubbed One Shangri-La Place. The residential buildings will feature a total of 1,300 units once construction is finished by 2014.
"The Kuok Group remain bullish about business prospects in the Philippines," Shang Properties said, referring to its Malaysian-based parent firm.
The developer has been also working on a 500-room hotel in Bonifacio Global City and a new 62-storey residential project in Salcedo Village, Makati City.
Earlier, Shang Properties reported a 4.67% drop in its net income for the April-June period due to lower condominium sales, to P261.55 million from P274.36 million.
Shang Properties’ shares closed unchanged at P1.92 yesterday. -- Franz Jonathan G. de la Fuente
______________________________________________________________
