Alphaland sells stake in Shangri-La BGC
MANILA, Philippines—A unit of Ongpin-led property developer Alphaland Corp. has sold its 20 percent stake in the upcoming Shangri-La complex in Bonifacio Global City to the Shang Properties Inc. for a total cash consideration of P1.7 billion.
Its purchase of a 20 percent stake, in turn, allows Shang Properties to consolidate control in the project.
Shang Properties’ principal stockholder, the Kuok Group of Malaysia, is a diversified regional conglomerate with interests in real estate, trading, transportation, food, manufacturing, finance, leisure and recreation, and media.
It is best known for its Shangri-La Hotels and Resorts chain and luxury real estate unit Kerry Properties Ltd., which has extensive operations in Hong Kong and China.
Shangri-La at the Fort, envisioned to be finished by 2015, is a 60-story building comprising 576 hotel guestrooms plus hotel residences. The mixed-use business, residential and retail tower will rise along Fifth Avenue and 30th Street in BGC.
Guestrooms will range in size from 45 to 47 square metres for a standard room and between 90 and 240 square meters for a hotel residence. The Horizon Club, Shangri-La’s exclusive retreat for elite travelers, will offer a host of special amenities and privileges, including a lounge for daily breakfast and cocktails, meeting rooms, and express check-in and check-out services.
The hotel will feature over 6,800 square meters of meeting and banquet facilities including a grand ballroom, a junior ballroom, 14 function rooms, a boardroom, a business center and individual teleconferencing rooms.—Doris C. Dumlao
