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Shang Properties lets go of Cavite resort operator

Posted on January 08, 2013 10:17:10 PM [ BusinessWorld Online ]
LISTED Shang Properties, Inc. has moved to divest all its holdings in affiliate Exchange Properties Resources Corp., a Cavite-based resort developer, the upscale real estate firm said in a disclosure yesterday.
The disclosure said Shang Properties “has agreed to sell its equity in Exchange Properties Resources Corp. (EPRC) to EPRC, representing 35% of the equity of EPRC.”
It did not elaborate.
Shang Properties officials were not immediately available for comment.
Prior yesterday’s disclosure, Shang Properties owned 35% of EPRC, owner and operator of Caylabne Bay Resort in Ternate, Cavite, Shang Properties’ Web site showed.
Caylabne Bay Resort is a 170-hectare resort complex formerly known as the Spanish/Mediterranean-themed Marbella resort, developed during the term of the late former president, Ferdinand E. Marcos, according to Caylabne Bay Resort’s Web site.
In 1990, EPRC acquired the old Marbella property -- which included a marina, the 67-room Pearl Condominiums, three dining facilities, and related infrastructure -- from the government’s Asset Privatization Trust and opened the development as Caylabne Bay Resort on Nov. 4, 1991. Currently, facilities at Caylabne Bay Resort include the 113-room Pearl Condominiums complex, the 150-seat El Patio restaurant, marina bar, conference rooms, business center as well as facilities for water sports, tennis, badminton, basketball, volleyball, and fishing.
As of end-2009, the complex had registered an average annual occupancy rate of over 50%, the resort’s Web site said.
Shang Properties is a property developer formed following the merger of Edsa Properties Holdings, Inc. (formerly Shangri-La Properties, Inc.) and Kuok Philippine Properties, Inc. which was approved by the Securities and Exchange Commission in 2007.
Shang Properties’ parent, the Kuok Group of Companies, has 47 properties worldwide, including in Beijing, China and Hong Kong, as well as in Singapore, Malaysia, Indonesia and other parts of Southeast Asia.
Wilfred Woo, Shang Properties board director and executive assistant to the chairman, had said in June last year that the company’s spending plan included:
• P18 billion for the 60-storey Shangri-La at the Fort, which will have 577 rooms upon completion in late 2014;
• P12.5 billion to build the 64-storey, twin tower One Shangri-La Place residential condominium;
• P5 billion for the 64-storey Shang Salcedo Place that will rise on the old Asian Plaza property along Gil Puyat Avenue that was formerly owned by Phinma Corp.; and
• P1.8 billion to renovate and expand its flagship Shangri-La Plaza mall.
Shang Properties grew its net income by 24.53% to P1.03 billion as of September last year from P827.14 million in the same nine months in 2011 due to higher condominium sales and rental revenue.
Its shares closed at P3.15 apiece yesterday, unchanged from their Monday finish. -- F. J. G. de la Fuente           
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