Shang Properties to spend P12.2B for Ortigas condo

MANILA, Philippines - Shang Properties, the real estate development arm of the Kuok Group of Malaysia, is forking out P12.2 billion for its newest upscale residential and shopping enclave, One Shangri-La Place in Ortigas Center.

In its disclosure to the Philippine Stock Exchange, Shang Properties said bulk of the amount or nearly P9 billion would go to the construction of the 64-story One Shangri-La Place while around P3.2 billion would be used to beef up retail space.

The twin-tower condominium will house over 1,300 units located atop a six-level mall podium that will house over 150 luxury shops and restaurants.

Target completion date of the expansion mall is 2013, while the residences are expected to be completed in 2014.

The group is also expected to spend an additional P2.4 billion to spruce up the current Shangri-La Plaza mall, carpark building and the 8.6-hectare Shangri-La Place estate.

The Kuok Group remain bullish about business prospects in the Philippines, with work on two other simultaneous projects on-going – the ultra deluxe Shangri-La at the Fort project which will have over 500 guestrooms, serviced apartments, and 97 exclusive luxury residences, and a new 62-story residential project in Salcedo Village, Makati.