Developer Shang Properties Inc. has set aside P6 billion for capital expenditure for 2017, mainly to fund ongoing residential and commercial property projects.
Part of the P6-billion budget will be used for the construction of the company’s new residential project, The Rise in Makati, company vice president and financial controller Kin Sun Ng said in an interview after the firm’s stockholders’ meeting.
Part of the budget will be for the expansion of the Enterprise Center, its Grade A office along Ayala Avenue in Makati, and the renovation of its facilities.
In 2016, Shang Properties’ capital spending was at about P7 billion, company marketing director Milen Treichler said.
Shang Properties residential property projects cater to middle-income and high-end markets. These projects are Horizon Homes, One Shangri-la Place, Shang Salcedo Place and the upcoming, The Rise Makati. It also offers office leasing in The Enterprise Center and is also into the mall and retail business through Shangri-la Mall Plaza.
Meanwhile, the company’s business outlook for this year remains positive. —ODELINNE JAN LINA