Property developer Shang Properties Inc. set aside P6-billion in capital expenditure for 2017, mostly to fund ongoing residential and commercial property construction.
Part of the P6-billion capital budget will be for the construction of the company’s new residential project, The Rise in Makati, Shang Properties vice president and financial controller Kin Sun Ng said in an interview after the company’s stockholders meeting on Tuesday.
The Rise is currently at 15 percent construction progress while 73 percent of inventory had been sold.
Part of the capital spending will also be for the expansion and renovation of building facilities in the Enterprise Center, the company’s Grade A office along Ayala Avenue in the Makati Central Business District.
In 2016, Shang Properties’ capital spending was at around P7 billion.
Currently, there are still no plans of developing new projects outside Metro Manila and in Pagcor Entertainment City. Also, there are no firm plans to launch any new hotel or other projects for the rest of the year.
“We’re still building The Rise… We just opened Shang Salcedo Place (SSP) and we are also looking at other projects at the moment. That we will be announcing in the near future,” said Greg Dogan, president and chief executive officer of Shangri-La International Hotel Management Ltd.
Shang Properties caters to the middle income and high-end market with its residential properties: 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 continues to be positive and hopeful for its outlook revenue this year.
“We are quite positive and hopefully we can do better than last year,” Ng said.
The company is also looking at different business opportunities and discussing with potential partners.
The company had a 2 percent gain in net income in 2016 amounting to P2.9 billion. Gross revenues stood at P11.3 billion, a 36-percent increase from P8.3 billion in the previous year.
Shang Properties’ latest development, Shang Salcedo Place, offers prime comfort and the pleasures of city living with its world-class architecture and design, and accessible location that allows for a truly luxurious city lifestyle.
The 67-story residential condo, located at the heart of the country’s business hub, Makati City, boasts of bright and spacious units, accompanied by superb amenities that promise residents the signature urban life experience that’s characteristic of Shang Properties’ residential developments.
Shang Salcedo Place is designed by the renowned Hong Kong- based architects, Wong and Tung International Ltd. Interiors are by Manny Samson of EMESAE, who has collaborated with Shang Properties to create inviting spaces that exude comfort and luxury.
“How the place would look like at first glance is important as it sets the tone for the rest of what they’re about to see,” said Samson. “It should exude class and elegance, and at the same time be warm and welcoming, because it is after all, still a home.”
The interior designer’s vision is immediately evident as one enters the lobby, which appears to be a masterpiece in itself. Brightly but skillfully lit for a cozy feel, on the ceiling is a unique arrangement that makes use of rectangular glass sheets mirroring the reflection of lights in a subtle manner. This complements the floor-to-ceiling art display and the muted patterns on the marble floor.
The spacious ballroom that can accommodate 150 people can be divided into three smaller function rooms. Warm, earth-tones dominate most of the rooms’ design and décor. The carpet design is an artful interpretation of fall leaves on the ground and is warmly lit with a contemporary-looking chandelier, with each light housed in translucent, glass-shaped sheets.
The TV room continues the attractive carpet design from the function room, which accentuates the muted Victorian prints on the couches and the sturdy wooden furniture. The yellow lights with little lampshades, assorted vases, framed photos, and flower displays make the space homier. “You’ll really notice how each area gives off an attractive, laid-back vibe that will have individuals indulging in every moment in their residence,” said Samson.
“We’ve also designed each room in a way that it connects to the city and the community outside,” he added. Also in the line-up of amenities are, of course, rooms for recreation. The state-of-the-art gym offers a stretch of exercise equipment, strategically fronting floor-to-ceiling windows to provide a peaceful view of the busy city. There’s also the extensive indoor children’s play area and the swimming pool set against lush tropical gardens, as well as male and female changing rooms, and a jacuzzi.
“Envisioning how spaces will look like, I imagine how a client would choose to live in it,” said Samson. “I put in elements that would draw them in and invite them to enjoy top-of-the-line luxury and comfort made and designed according to the lifestyle experience they deserve.”
The result of the collaborative genius of the best designers and consultants from Hong Kong, Japan, and of course, the Philippines, it’s safe to say that One Shangri-La Place creates a most luxurious escape from the busyness of the city.
This 152,000-square meter urban oasis is premier developer Shang Properties’ biggest project to date as it continues to set the benchmark in condominium design and amenities in the country.
Designed by Hong Kong-based Palmer and Turner together with one of the Philippines’ top architectural shops, Casas + Architects, this list of heavyweights is also joined by interior designer Norman Chan of BTR, a name known and trusted among Hong Kong developers and power brokers, due in large part to his talent, and the caliber of projects he’s worked on.
BTR’s current roster of clients include Hong Kong’s most upscale and luxury projects such as the Opus Hong Kong, Frank Gehry’s first building in Asia, which houses 12 exclusive apartments that count among the region’s priciest, the Azura, a 53-story Swire Properties tower; and the Altitude, a building by Kerry Properties, Shang Properties’ affiliate in Hong Kong.
“I think you’ll find that we’ve managed to achieve what we set out to do for One Shangri-La Place,” Chan says. “A warm, inviting atmosphere that retains the level of quality and luxury Shang Properties is known to always deliver.”
“Palmer and Turner’s architecture is clean and modern, and I very much follow the same principle in my designs. To create the luxe contemporary interiors, I used bold architectural forms and textures by juxtaposing wood, stone and metal coupled with very plush and rich furnishings.”
The finely wrought combination is evident throughout the space, but is first impressed upon the viewer as he enters the reception area that boast of textured walls and mounted art pieces – lavish yes, but cozy too, because of its warm, earth tones, and skillful lighting.
The ballroom, located at One Shangri-La Place’s amenities floor on the 10th level, showcases this seamless complementation the most. Chan produces a very elegant and organic design by employing a combination of textures via different materials and patterns used on the floors and walls. The feel is furthered by what can probably be considered as the focal point of the room – the magnificent chandeliers, multi-tiered and hanging canopy-like on the high ceiling.
Chan also identifies the clubhouse as one of the areas he deems most promising for residents, thanks to its lush tropical landscape environment and poolside waterfall. “The landscape around the clubhouse and the pool will be very nice.
“Designing the clubhouse floor for One Shangri-La Place was very exciting,” Chan shares. “Architecturally, the space is stunning with its high ceilings, wide open spaces, as well as intimate and private areas for many to enjoy. I think this clubhouse will be one of the best, if not the best, in Manila.”
Set to join the five-star Edsa Shangri-La hotel, the 60-floor St. Francis Shangri-La Place, and top lifestyle destination Shangri-La Plaza and its newly opened East Wing, One Shangri-La Place is targeting to top off within the third quarter of this year.