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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