Kuok group beefing up investments in Philippines

Shang Properties Inc. is investing about P37.5 billion in three big-ticket projects in the Philippines, reflecting the optimism of the Kuok group on the country’s upscale property market.

The newest project is a P5-billion upscale condominium project at the corners of Buendia, HV Dela Costa and Tordesillas Streets in Salcedo Village, Makati, Shang Properties disclosed to the Philippine Stock Exchange on Tuesday.

The project, to be called Shang Salcedo Village, will rise on a prime property acquired last year from the Phinma group, where Asian Bank Plaza once stood.

Shang Properties added that the 60-story “ultra-deluxe” Shangrila-La Hotel in Bonifacio Global City was now being built at an estimated cost of P18 billion. This project will also have a limited number of plush residential units for sale.

Likewise ongoing is the construction of mixed-use One Shangri-La Place in Ortigas Center at an estimated project cost of P12.5 billion plus another P2 billion to spruce up the current mall, car park building and environs.

The company disclosed that excavation of Shang Salcedo Place in Makati was now underway and that it was targeting to start selling the units by the second quarter of this year.

The 65-story residential project will offer more than 700 condominium units.

The upcoming Shangri-La Hotel in BGC will have 577 guest rooms, 97 hotel residences and 96 residential condominium units. Given the scarce number of units for sale, Shang Properties said this would become “possibly the most exclusive and luxurious condominiums in the market.”

In the meantime, the mixed-use project in Ortigas will have a twin-tower residential component offering about 1,300 units. It will also include a six-level Shangri-La Plaza mall expansion with more than 150 luxurious shops and restaurants.

In the same statement, Shang Properties said it had posted a net profit of P1.1 billion in 2011 from condominium sales revenue and retail and office space leasing.