Shang Properties allots P23 billion for Shang Mall expansion

MANILA, Philippines - Shang Properties Inc., the local property unit of Malaysian conglomeate Kuok Group, is funneling P23 billion over the next five years to build a world-class shopping and leisure destination in the Ortigas central business district as well as a luxury hotel and upscale residential enclave in the booming Bonifacio Global City.

In an interview, Shang Properties vice-president and chief finance officer Vicente P. Formoso said the company is coughing up P11 billion to expand the Shangri-La Plaza complex and develop high-end residential condominium towers to complement its existing properties in the Ortigas Center.

Formoso said the new twin tower project, One Shangri-La Place, is a follow-up to St. Francis Shangri-La Place, which is nearly sold out since its launch in November 2005.

One Shangri-La Place, which will stand on top of the planned six-floor mall, will make available a total of 1,166 studio, one-bedroom, two-bedroom and three-bedroom units priced at between P4.9 million and P18 million each.

Milen G. Treichler, marketing manager of Shang Properties, said One Shangri-La Place sold like hotcakes during a priority sale that took place two or three weeks ago with more than 200 units taken up valued at P1.9 billion. “It exceeded our expectations. Most of them were repeat buyers, very satisfied buyers,” Treichler said, noting that some of the investors were bulk buyers.

The new shopping mall will see the addition of 22,000 square meters of net leasable retail space which will comprise mainly of high-end and iconic brands. The expansion is part of the company’s effort to provide customers with a truly VIP experience with dedicated parking facilities, stunning interior architecture, dining and a mix of haute couture fashion stores.

“What makes us distinct from other players is our commitment to provide truly world-class quality projects,” Formoso said.

He said the company’s developments use state-of-the-art building technology which has been carefully planned to make condo living more convenient.

According to Formoso, revolutionary viscous dampers, which help alleviate movement of the building caused by strong winds or earthquakes were installed in each of the two towers

For its project in BGC, Shang Properties is shelling out P12 billion to establish Shangri-La at the Fort and a high-end residential building. Located along Fifth and 30th Avenues within the new, fast-developing Taguig business district, the project will have over 60 storeys, featuring 500 guestrooms and 200 apartments.

The hotel will feature over 4,600 square meters of meeting and banqueting facilities including a grand ballroom, junior ballroom, 11 function rooms, boardroom, business center, individual teleconferencing room and a 350-square-meter high-end outdoor event area.

Shangri-La at the Fort reinforces the Kuok Group’s firm commitment to the Philippines with an expanding portfolio of business and leisure properties.