Shang Properties books brisk sales at high-end residential condominium
Thursday, 24 June 2010 00:00
Shang Properties Inc. said it has already sold nearly three-fourths of the total number of units in its high-end residential condominium project at the Ortigas central business district. Milen Treichler, Shang Properties marketing manager, said the company has sold 413 out of the 600 units, generating P3 billion in sales from the first tower of One Shangri-La Place since pre-selling began March.
"If you look at the sales of One Shangri-La Place when it was launched, 216 units were sold without any advertisements," Andres Bautista, Shang Properties president and chief executive officer, said on the sidelines of the company's annual stockholders' meeting.
One Shangri-La Place will be perched atop a six-level Shangri-La mall expansion and will offer about 1,200 studio, one-bedroom, two-bedroom and three-bedroom units priced between P4.9 million and P18 million each.
The first of the two towers is scheduled for completion by 2014.
Shang Properties intends to launch the second tower of One Shangri-La Place this year.
The company is also exploring the possibility of developing its land bank in Malugay, Makati; Fort Bonifacio, Taguig; Tagaytay; Naic, Cavite and Mabini, Batangas. "Population is growing, spending power is growing, the [overseas Filipino workers] are coming back to invest here in the country. We're very optimistic about our opportunities in the future," said Bautista.
Shang Properties, the local property unit of the Kuok Group of Malaysia, said it is also studying the possibility of doing a Real Estate Investment Trust (REIT) offering.
"We are looking into this. We need more properties with stronger recurring income and we're speaking to financial advisers regarding that," said Bautista.
If the company pushes through with a REIT issuance, Bautista said the asset mix will include the Shangri-La shopping mall and its office buildings.
Shang Properties earlier announced that it will invest P12 billion to establish Shangri-La at the Fort and a high-end residential building. The project will have over 60 storys including 500 guest rooms and 200 apartments in the fast-developing Taguig business district.
Shares in Shang Properties were least traded on Tuesday at P1.80 each.
KRISTA ANGELA M. MONTEALEGRE
Click here to go to the source of the artucle.