Shangri-La Properties Inc raises P3 billion from One Shang Place sales
The Philippine Star Updated June 24, 2010 12:00 AM
By Zinnia B. Dela Peña
MANILA, Philippines - Upscale real estate developer Shangri-La Properties Inc. of Malaysia's Kuok Group has already sold over 60 percent of the first tower of its newly-launched high-rise residential offering, One Shang Place, raising over P3 billion in sales.
During the company's annual stockholders meeting yesterday, outgoing Shangri-La Properties president Juan Andres Bautista said the firm had sold 413 out of the total 580 residential units of One Shang Place in just three three months after its soft launch in March.
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One Shang Place is a mixed-use development featuring two residential towers offering a total of 1,200 units atop the six-level Shangri-La Mall expansion, which will be home to 140 retail stores. The residential units are slated for completion in 2014 while the retail component is expected to operational by 2012.
Bautista also unveiled plans for Shangri-La at the Fort, a hotel and residential project in the booming Bonifacio Global City. The project would include the development of 90 residential units, 500 hotel rooms and 146 serviced apartments envisioned to become a landmark in Manila.
"The project is 99 percent excavated, however, the design is still further being improved. Construction should resume towards the latter part of this year," he said.
Bautista said the company is looking at a total gross floor area of about 130,000 to 160,000 square meters for Shangri-La at the Fort.
To assure a steady stream of revenues, Shangri-la Properties is looking to develop several other properties, including a one-hectare lot in Malugay, Makati; 1,348 square meters in Fort Bonifacio (Taguig); 20 hectares in Naic (Cavite), 53.6 hectares in Tagaytay; and 444.9 hectares in Mabini (Batangas).
Coming off a good year, Shangri-La Properties is expected to continue its steady and stable growth in 2010.
The company reported a 29.8-percent growth in net earnings last year to P1.17 billion, the first time in its 20-year history it breached the P1-billion mark. Revenues grew to P5.51 billion from only P3.57 billion on robust sales of the St. Francis Shangri-La Place which had sold 1,080 units between its launch in November 2005 until Dec. 31, 2009.
Accumulated sales proceeds during that period amounted to over P 5.8 billion, with an accumulated GFA sold of 71,333 sqm. Already 1,133 units or 98 percent of St. Francis Shangrila Place had been sold.
Shangri-La at the Fort reaffirms the Kuok Group's firm commitment to the Philippines with an expanding portfolio of business and leisure properties. Hong Kong-based Shangri-La Hotels and Resorts, Asia
Pacific's leading luxury hotel group, currently owns and/or manages 65 hotels under the deluxe Shangri-La and mid-market Traders brands, with a room inventory of over 28,000.
The group has over 40 projects under development in Austria, Canada, mainland China, France, India, Macau, Malaysia, Philippines, Russia, Qatar, Seychelles, United Kingdom and the United States.