KUOK GROUP PHILIPPINES
Shang Properties earns over Php1.5 billion in lease income annually through the upscale Shangri-La Plaza mall in Ortigas Center, and the prestigious Enterprise Centerbusiness address in Makati.
In 2002, the company expanded its business portfolio by entering the residential condominium market with its first project, the Php2 billion, 46-storey Shang Grand Tower. The project was well received, completed in record time, and has since completely sold out.
Following the success of the Shang Grand Tower, the company proceeded to build its second residential project, the twin tower 60-storey St. Francis Shangri-La Place, located within its 8.6 hectare property in Ortigas Center and linked to the 5-star Edsa Shangri-La hotel and the Shangri-La Plaza mall via comfortable walkways. The project’s estimated cost is Php5 billion and is on schedule for its target completion in 2009.
In 2007, Shang Properties also purchased a 1.5 hectare piece of prime property inBonifacio Global City which is poised to become the future site of The Shangri-La at the Fort hotel and luxury residences, a 500 room hotel and residential development in Fort Bonifacio Global City in Taguig. In July 2008, Shang Properties together with Shangri-La Hotels and Resorts, announced this next project which is slated for completion in 2012.
The group continues to achieve significant progress in its core businesses. The St. Francis Shangri-La Place has hit almost Php2 billion in gross sales; occupancy rates of Shangri-La Plaza and the Enterprise Center are in the high 90’s and consistently exceed industry standards.
Other future projects include the redevelopment of the Shangri-La Place property in Ortigas Center which aims to further enhance the facilities of this integrated community. The group has earmarked over Php11 billion for its developments in the next three (3) years.
With a land bank of over 500 hectares located in Batangas, Tagaytay, Cavite, Mactan and the Fort Bonifacio Global City earmarked for future development, and total assets estimated at Php 17.2 billion, Shang Properties is poised to set the pace for premium real estate projects in the Philippines. Backed by the added value and advantages provided by its affiliates worldwide – Kerry Properties, the Kuok Group, and Shangri-La International Hotels and Resorts - and their ever-growing network of property, logistics and infrastructure assets, the company is equipped to leave an indelible mark on the Philippine landscape.